The DotOracle decentralized network has appeared to provide real-time data to blur the line between the Polkadot ecosystem and the Off-Dot world.
How does the DotOracle DeFi protocol work?
DotOracle — a real-time decentralized Oracle and Cross-chain bridge, supported by 8 chains: Polkadot, Ethereum, Binance Smart Chain, Fantom, Polygon, Avalanche, Tomochain and Casper Network. It is currently the first bridge on the Casper Network, designed to support the Avalanche subnet.
The project offers an oracle programming model that works exactly like EVM smart contracts. Any developer can use EVM compatible smart contract programming languages such as Solidity to program how smart contracts read offline data from any data source on the internet.
The decentralized network provides fast, reliable and tamper-proof external information for any blockchain network. DotOracle aims to be the blockchain that most decentralized oracles will run on and can be programmed by any developer, familiar with Solidity and EVM-compatible smart contracts in general.
Main advantages:
| 1. | Fast, secure, decentralized network. |
| 2. | Fast asset transfer confirmation with PBFT. |
| 3. | Transparency, MoonBeam Polkadot integration. |
With Dot Oracle, the transfer of assets between blockchains becomes non-custodial. Users have full control over their assets while transferring their assets from/to Dot to/from other blockchain networks.
Tokenomics:
- 33% - protocol rewards;
- 12% - team;
- 15% - marketing and partnership;
- 10% - development;
- 5% - liquidity and listing;
- 25 - sale of tokens.
All DotOracle nodes must deposit the DTO token amount into DotOracle smart contracts. Violation of the protocol leads to the burning of the amount of deposit tokens on the nodes.
The future of the coin defi system
Interoperable blockchains are the future and Polkadot is at the forefront of the revolution that is being caused in the blockchain industry. DotOracle intends to connect the Polkadot ecosystem and provide Moonbeam-based dApps with real-time data. In addition, the network aims to address Ethereum’s scalability and gas fee issues while addressing Polkadot’s liquidity issues.