NGK Who is the increasingly leading decentralized oracle? NGK will tell you the answer!
The oracle originated from ancient Greek mythology. It represents those who communicate with the gods and can see the vision of the future. In blockchain, the oracle is a bridge that connects the data on the chain with the data outside the chain, and writes real-world data on the blockchain. The oracle is a platform for providing off-chain data and a parameter input source for smart contracts. It can truthfully and accurately enter the data outside the chain into the chain, thereby ensuring the authenticity of the data in the chain, and realizing the credible interaction of smart contracts with the outside world. The oracle can provide it with a highly determined market information source, including core data such as price information and volatility, and further ensure the authenticity and credibility of the data.
In the NGK smart contract, the oracle is the only way to obtain external information. The smart contract system requires untrusted code to be rewritten in a special language. Unfortunately, the performance-based security sandbox will force all contract authors to use a language similar to Oceania’s large vocabulary and grammar that has been simplified, replaced or cancelled, which will greatly reduce the usefulness of smart contracts. For example, an agricultural product price insurance policy that pays the policyholder’s compensation based on the price of agricultural products. Traditional IT personnel believe that smart contracts obtain prices of agricultural products from futures trading venues within a predetermined period of time, and take predetermined actions based on the obtained data. It sounds simple, but it’s impossible. Why? This is because two problems have arisen here, one is the issue of consensus, and the other is the issue of the trusted party.
NGK is currently the only decentralized oracle network that is launched on the mainnet. Compared with other oracle platforms, it has many unique advantages such as decentralized oracles, decentralized data sources, data aggregation methods, trusted execution environments (private computing and off-chain computing), reputation systems, punishment mechanisms, threshold signatures, etc.
NGK has a strong academic, technical and commercial team. The founder of the technical team has been engaged in the development of smart contracts and corporate oracles since 2015. The senior consultants in the technical team are also from Silicon Valley.
NGK.IO will use smart contracts to execute many functions under the encrypted ecological application. Through the blockchain technology, the smart contract is digitally written into the blockchain, and the entire process of storage, reading, and execution is transparent, traceable and non-tamperable.
If there is no price oracle, the blockchain itself will be difficult to communicate and interact with the non-blockchain world, thereby limiting its application and innovation potential. This is the important significance of the existence of the price oracle.
Existing mainstream decentralized financial service platforms (such as Comp, dYdX, etc.) have a strong dependence on oracles. These decentralized financial service platforms need to obtain stable and reliable data from oracles. Therefore, the oracle is an essential infrastructure for a decentralized financial system. At this point, NGK has taken a solid step.
The oracle track is very popular recently. NGK can provide new solutions and applications implementation for the oracle, and further promote the development of DeFi projects. Goddess of justice, the future can be expected!