Yesterday LiquidApps, a company that develops tools for the EOS, Ethereum and Bitcoin blockchains, announced LiquidOracles, an oracle-based project similar to the one offered by Chainlink.
#dApps use oracles to fetch data from the web and other external sources.
With LiquidOracles, first-generation oracles like #Chainlink can now provide data in a fully decentralized way to dApps on both #EOS and #Ethereum, using LiquidLink.https://t.co/uP7Vu9R7Ch pic.twitter.com/XNv3HZ9L9g
— LiquidApps (@LiquidAppsIO) August 4, 2019
By implementing LiquidOracles in the dApp network, the developers can access third-party data in a customisable way in order to adapt to smart contracts.
By accessing a trustless data feed and integrating the various APIs from the outside world into the blockchain, it is possible to expand the scope and applications of smart contracts, such as the use of statistical data, data on the prices of assets and services, interactions with payment instruments and even with IoT (Internet of Things) devices.
- On-chain procurement of services: compared to Chainlink which offers some off-chain services such as SLAs (Service-Level Agreements), LiquidOracles runs everything on-chain;
- On-chain, custom verification of data by dApps: developers will have customised control. Data from the oracle that is on-chain is verified and therefore the dApp using this system has a higher level of reliability;
- Custom trust levels for dApps: with this system, it is possible to use different sources to invoke the requested service and then select the most suitable source for certain information;
- Flexible pricing structure: as far as costs are concerned, it is possible to use the staked tokens of the dApp. This does not exclude other default methods or quotas;
- Resistance to lazy “freeloading” oracles: there may be a possibility that a lazy oracle will see the response of the competent oracle and copy the response to avoid calling other APIs. The solution offered by LiquidOracles is built so that it doesn’t have to consume much latency despite the use of freeloading;
- Open, straightforward oracle creation and usage: one aspect that distinguishes Chainlink is that to use the system it is necessary to first be approved and suitable hardware is needed to manage the complexity of the code. With LiquidOracles this doesn’t happen because it is possible to use the program in a free and open way without any restriction of links and resources to use;
- Integration with other services in the LiquidApps suite: this solution integrates perfectly with other solutions developed by LiquidApps, such as LiquidAccounts, LiquidDNS, LiquidLink and LiquidScheduler.