February 02, 2024 - 2 min read
The Supra team is excited to announce that our decentralized Oracle (DORA) price feeds are live on the IoTeX Mainnet. These feeds provide real-time, accurate market data essential for the effective operation of decentralized applications on the IoTeX platform.
DORA price feeds allow dApps to access the information they need, when they need it, without the burden of unnecessary data processing. This streamlines operations and reduces transaction costs, making it more economical for developers and users.
Supra’s Distributed Oracle Agreement (DORA) is a key innovation that focuses on improving interoperability and integrating real-world data into blockchain networks. DORA’s main function is to accurately gather and verify real-world data, effectively tackling issues like Byzantine faults. It operates through a network of interconnected nodes, emphasizing data integrity and fault tolerance, crucial for the reliable functioning of smart contracts in Web3 environments.
DORA is seamlessly integrated with Supra’s Moonshot consensus mechanism and the distributed Verifiable Random Function (VRF), enhancing both security and operational efficiency, particularly in fluctuating market conditions. This integration is important for ensuring the accuracy and dependability of data from various sources, addressing the challenge of distributed agreement in Oracle networks.
Additionally, DORA is instrumental in Supra’s broader technological advancements, including the HyperNova initiative, which seeks to develop a seamless cross-chain consensus mechanism. By ensuring the relevance, integrity, and synchronization of data for blockchain applications, DORA boosts the reliability and effectiveness of smart contracts. This makes it an essential tool for the DeFi sector, where precise and timely data is critical.
IoTeX distinguishes itself as a DePIN-optimized modular blockchain platform, offering full compatibility with EVM chains and other major L1/L2s, ensuring seamless integration and interoperability with a broad spectrum of blockchain applications.
W3bstream technology on IoTeX uses zero-knowledge proofs to bridge off-chain data securely with on-chain applications. The platform’s vision of connecting the real world to Web3 is reflected in its substantial achievements: fostering a community of over 300,000 members, 200 partners, and 1,200 developers.
As a leader in the Decentralized Physical Infrastructure Network (DePIN) sector, IoTeX powers real-world applications and provides verified, trusted device data insights for the entire DePIN sector. Moreover, Oracle price feeds, secured by Supra’s DORA, are now available on the IoTeX network, enabling developers to request real-time price updates efficiently.
Supra excels in creating decentralized Web3 services, prioritizing scalability, security, and swift transaction completion. Their developer toolkit, complete with extensive guides and technical whitepapers, is crucial for comprehending and effectively utilizing these tools.
If you’d like a more hands-on experience to learn how to leverage real-time off-chain price feeds from SupraOracles in your DePIN dApps built on IoTeX, feel free to have a look at this guide.
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