<\/p>\n
Chronicle, the oracle specialist on MakerDAO, has launched a standalone protocol in a bid to bring about transparency on the oracles that connect different blockchains.\u00a0<\/p>\n
Several years in the making, the effort is intended to build on Chronicle\u2019s presence as an oracle provider, having $5 billion of assets at its disposal on Maker \u2014 marking Chronicle as the second-largest provider of oracles, behind Chainlink.\u00a0<\/p>\n
Chronicle\u2019s total value locked (TVL) in its oracles stood at around 21% of the total asset pool on Friday, with Chainlink controlling approximately 48%.\u00a0<\/p>\n
The team, according to Kunkel, has been setting up instantaneous oracle data feeds that track precise pricing and trading. Kunkel was an early member of MakerDAO<\/a> and has been working with another alumnus on his new project.\u00a0<\/p>\n According to Kunkel, who launched the first oracles on Ethereum<\/a> in 2017, oracles have for too long operated as \u201cblack boxes,\u201d spitting out data with varying degrees of accuracy. In doing so, they publicly offer, by design, little insight into how that data was generated \u2014 absent someone having the technical skills taking the time to compile it themselves.\u00a0<\/p>\n One central initiative behind Chronicle, he said, is to demystify those data sets, tracking them on more granular levels and also providing free, easy to access dashboards that allow users to tap into the oracles\u2019 collective computing power in new ways.\u00a0<\/p>\n \u201cThe crypto ecosystem developed incredibly quickly,\u201d Kunkel said. \u201cWe spent all of this money and time and blood, sweat and tears to build these decentralized and transparent blockchains, and then we spent all of this money and blood, sweat and tears on building these decentralized protocols.\u201d<\/p>\n For some reason, when it came to infrastructure, we just cut all of the corners, and all this infrastructure in crypto is just like a black box \u2014 particularly for oracles,\u201d Kunkel continued. \u201cNo one understands how they work under the hood. And they\u2019re just fortune tellers that serve up data or prices and are accepted at face value, because [people] trust the brand, and that\u2019s really antithetical to the entire ethos of, \u2018Don\u2019t trust, verify.\u2019\u201d\u00a0<\/p>\n Kunkel\u2019s first oracle was designed to support SAI, which preceded Maker\u2019s DAI<\/a> stablecoin. The oracles built to sustain SAI<\/a> are still functioning, he said.\u00a0<\/p>\n Chronicle Protocol is launching on Polygon zkEVM, the layer-2 scaling solution for Ethereum that launched in March.<\/a> It also plans to use zkEVM technology, which allows for smart contract proof and execution without revealing transaction details on Ethereum\u2019s mainnet, to partner with Spark Protocol.\u00a0<\/p>\n Read more:<\/strong> Maker to spark \u2018new explosion of DAI\u2019 with custom lending market<\/a><\/p>\n The protocol\u2019s dashboard, dubbed the Chronicle, \u201callows anyone to intuitively and provably track the origin of every element of data, end-to-end: creating a high integrity censorship-resistant layer for data transmission,\u201d a statement said.\u00a0<\/p>\n It\u2019s powered by a consensus network consisting of 22 node operators, including those running on Infura, Etherscan, Gnosis, MakerDAO and dYdX<\/a>.\u00a0<\/p>\n The project has been touting cost savings from its oracles, which Kunkel said are the least-expensive on the market. He attributes that to its primitive, Scribe, which he said is \u201chyper-scalable,\u201d as well as \u201ccompletely transparent and verifiable.\u201d<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Chronicle, the oracle specialist on MakerDAO, has launched a standalone protocol in a bid to bring about transparency on the oracles that connect different blockchains.\u00a0 Several years in the making, the effort is intended to build on Chronicle\u2019s presence as an oracle provider, having $5 billion of assets at its disposal on Maker \u2014 marking […]<\/p>\n","protected":false},"author":2,"featured_media":150219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-150218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=150218"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150218\/revisions"}],"predecessor-version":[{"id":150225,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150218\/revisions\/150225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150219"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=150218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=150218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=150218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n