What Is an Oracle?
The blockchain is a closed environment that cannot actively obtain real-world data outside its chain. Therefore it needs an oracle to meet its needs of external data interaction. The oracle is a data agent in the blockchain world, responsible for collecting and verifying real-world data, and injecting this information in an encrypted and secure manner into the blockchain system.
DeFi projects however cannot work properly without valid real-world data. This data is transferred to the blockchain via oracles. That is the reason for the huge success of ChainLink and its surge in price. Polkadot and its DeFi applications need similar bridge infrastructure that connects the real-world and assets on the chain. Thus oracles will play a vital role in the success of the Polkadot ecosystem and especially for its DeFi applications. Oracles can provide high-quality price-feeding for DeFi loans, automated market makers, synthetic assets and stable coin protocols. It can also supply decentralised insurance protocols, IoT devices and decentralised identity management protocols with off-chain data.
Ares’ vision is to become a decentralized cross-chain oracle service protocol in the Web 3.0 ecosystem, and to provide secure and reliable data services for the interconnection of the chain and the digital economy.
With the approximations of the Kusama and Polkadot parachains, the $ARES token has a lot of upside potential, With only 3 weeks of the TGE and a market cap of 20 M. Ares Protocol will also have a parachain in Kusama and Polkadot and will have a crowdloan where they will allocate 20% of the supply. Do DYOR and research the project, I myself could say that Polkadot and DeFi ecosystem needs Ares Protocol.
Ares Protocol received a grant from the Web3 foundation whose founder is Gavin Wood (founder of Polkadot and co-founder of Etherum)
Thank you very much for your patience and I wish you the best of luck! You know … Polkadot / Kusama season and #OracleSeason are coming up!
Any doubt / question feel free to ask