Blockchain oracles are essential for Web3 applications like Dapps to work properly and deliver due benefits to the correct users. Moreover, Blockchain Oracles also help Smart Contracts execute functions like Bidding, Escrow, Match Predictions, Crypto Futures and Options, etc.
A slight delay in data delivery can hamper the execution of several smart contracts and can cause severe financial loss. Therefore, Trustworthy Oracles are needed to bolster end-user and investor confidence.
The Problems of the Past
In recent months, we have seen how several smart contract executions did not happen due to error-prone blockchain oracles. In the case of Three Arrows Capital, a slight delay in data reporting by a popular oracle saved it from liquidation, ultimately resulting in Three Arrows capital going bust with $10B of funds.
Another issue was that of Terra LUNA 1.0, where the fall of UST Stablecoin and LUNA coin was so rapid that many exchanges reported different prices at the same time due to a lack of timely and accurate information. This incident would not have happened if there had been a fast enough blockchain oracle present.
Such incidents can wipe out your funds if your exchange uses an unreliable Blockchain Oracle. You will only know about your loss when the damage has been done.
We have brought you a list of three Blockchain Oracles that are both fast and secure. They can keep your data safe and deliver new information at blazing-fast speeds.
QED is a blockchain oracle that fulfills the requirements of safety and speed. The decentralized oracle is built to reward nodes with greater historical accuracy, ensuring efficient data delivery.
Further, the Oracle Network is based on hard external collateral, which eliminates systemic risk. It means that there will be no “bank run”(a sudden rush to sell coins and get out of the network) even if crypto prices fall.
Talking about security, QED has never been hacked, exploited or compromised. This fact is…
