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GateChain Launches GateOracle – A New Decentralized Oracle Feature

Wed, 04/13/2022 - 09:00
GateChain Launches GateOracle – A New Decentralized Oracle Feature
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GateChain, the next-gen public blockchain founded by crypto exchange Gate.io, launched a new oracle feature with Chainlink. This “GateOracle” feature will be integrated into GateChain’s system operations for advanced data interoperability, GateOracle. The GateOracle provides real-world data to smart contracts running on the GateChain

What is an oracle?

Blockchain oracles are smart contracts that provide blockchain-based entities with real-world data. Applications that are deployed on the blockchain exist in a silo. This could be problematic for DeFi or betting applications that need instant access to real-time data feeds. An oracle acts as a bridge between the blockchains and the external worlds to provide this crucial data. 

Since oracles are a vital component of the modern DeFi ecosystem, they must be robust and free from manipulation. Truly overcoming the oracle’s vulnerabilities necessitates decentralized oracles to prevent data manipulation, inaccuracy, and downtime. Chainlink’s decentralized oracle network (DON) combines multiple independent oracle node operators and multiple reliable data sources to establish end-to-end decentralization. With its superior product offering, Chainlink has become the premier blockchain oracle service in the world.

What is GateOracle?

Deployed by GateChain via Chainlink, the GateOracle allows users to use GateOracle Data Feeds to connect smart contracts to asset pricing data such as the ETH/USD feed. Every price feed has its own peculiar function and an on-chain address. Contracts can read pricing data from each address, allowing these data feeds to use the aggregated data from various independent GateOracle node operators.    

About GateChain

GateChain is a next-gen public blockchain that builds an enterprise-class secure and efficient decentralized digital asset storage, distribution, and trading ecosystem. The main features of GateChain are as follows:

  • GateToken (GT): GT is used for paying transaction fees and for staking purposes within the network. Users can also send and receive GT as a pure payment token.
  • PoS: The GateChain uses the proof-of-stake (PoS) consensus mechanism to maintain network health.
  • Asset Issuance: Users can use GateChain to issue their own tokens.
  • Multi-Sig: An account can be shared by multiple individuals. This is suitable for both enterprise and family use.
  • Asset Safe Storage: The vault account system and clearing mechanism ensure 100% security from asset theft, private key loss, and abnormal transactions.
  • EVM Compatibility: GateChain is compatible with Ethereum Virtual Machine (EVM). This ensures that developers can easily port their Ethereum dApps on GateChain. Additionally, GateChain users have account support for both Ethereum and GateChain assets.
  • GateBridge: A decentralized swap function with the liquidity pool concept. Anyone can create a cross-chain liquidity pool with GateBridge. It has already integrated with blockchains like Ethereum, GateChain, Polygon, BSC, Heco, OKExChain, and Klaytn.

About Gate.io

Gate.io is one of the world’s leading cryptocurrency exchanges, offering users access to most of the leading cryptocurrencies. The platform has over 10 million users worldwide and boasts a comprehensive ecosystem of products and services. The main Gate.io exchange offers trading on spot markets and futures, margin, and contract trading in certain markets in compliance with local regulations.

Besides standard crypto trading, Gate.io also offers users the opportunity to invest in NFTs through the company’s dedicated NFT Magic Box platform. The wider Gate.io ecosystem includes its dedicated GateChain ecosystem and access to DeFi products through Hipo DeFi, custodial services through Wallet.io, investments through Gate Labs and Gate Ventures.

Disclaimer: 

Please be noted that Gate.io may not be able to provide full scale service in certain markets and jurisdictions, and Gate.io may restrict or prohibit the use of all or a portion of the Services from Restricted Locations, such as the United States of America, Canada, Iran, Cuba. For the latest list of all the restricted locations, please read the User Agreement “Section II Eligibility” via https://www.gate.io/docs/agreement.pdf.

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