DotOracle offers a decentralized network that connects the real world to the Polkadot ecosystem by providing a decentralized oracle service to feed information to Polkadot in real time. In addition, DotOracle is also looking to create a network liquidity layer that transfers digital assets back and forth between Polkadot and other smart contract platforms, especially Ethereum.
Decentralized project DotOracle
Unlike other EVM-compatible blockchains, Dot Oracle adds an Oracle Data Layer to the multi-level architecture of the system. Dot Oracle provides developers with the ability to program their own oracles, using the most popular smart contract development language, Solidit.
With DotOracle, 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. Any Dot Oracle nodes must deposit a certain amount of DTO tokens into DotOracle smart contracts. Violation of the protocol leads to the burning of the amount of deposit tokens of the nodes.
Other features:
| 1. | Dot Oracle uses a highly reliable distributed consensus protocol, Practical Byzantine Fault Tolerance (PBFT), to reach an agreement between network nodes. |
| 2. | Dot Oracle can provide services as long as 2/3 of the network nodes are online. |
| 3. | Dot Oracle — a decentralized network of independent nodes that is censorship resistant. |
DTO — the utility token of the Oracle Dot network. Dot Oracle nodes must lock a certain number of DTOs in order to become a Dot Oracle network validator. The DTO block will be truncated if the corresponding node does not follow the protocol.
Blockchain bridge between Ethereum and Polkadot
In addition to providing Moonbeam dApps with real-time information, DotOracle also acts as a non-custodial decentralized liquidity bridge network that allows users to instantly exchange cryptocurrencies between the Ethereum and Polkadot blockchains.
Decentralized money markets and liquidity protocols can use DotOracle to pool network assets, thus creating a much more comprehensive decentralized marketplace.