Friday, March 5, 2021

Ergo Unveils Oracle Solution for Cardano (ADA) to Enhance Interoperability

Ergo (ERG), the platform that aims to provide an efficient, secure, and easy way to implement financial contracts that will be useful and stand the test of time, has announced the launch of an oracle solution for Cardano (ADA) to enhance interoperability.

According to the claim of the firm in a blog post published on 9th November 2020, its oracle pools introduce a distinct approach to oracles and allows building new types of decentralized applications (DApps).

Read Also: Cardano Price: If You Want To Just Focus on Price, Buy Tron (TRX) –Charles Hoskinson Tells User

Partnership between Emurgo and Cardano Yielding Expected Results

It can be recalled that Emurgo, the commercial arm of Cardano (ADA), sealed a strategic partnership with Ergo sometimes in June 2020. This collaboration is targeted at developing solutions that are focused on highly functional decentralized finance (DeFi).

The fact that Ergo, a platform designed by former IOHK developers, has launched an oracle solution for the Cardano blockchain is proof that the partnership is beginning to produce results as expected.

According to the blog post, the new oracle solution for Cardano (ADA) is powered by the extended UTXO model of Ergo and will post data from its oracle pools to the Cardano distributed ledger through tx metadata. Ergo also asserted that one of Cardano’s stake pool operators is already leveraging its oracles.

Ergo noted:

“One of Cardano’s oracles is utilizing data provided by Ergo’s oracle pools. Marek, a Cardano Stake Pool operator, has built a simple solution for Cardano. Information from the Ergo oracle is sent to the Cardano network through tx metadata.”

Read Also: ADA Looks Ready To Recover Lost Ground as New Addresses Joining Cardano Jumps 202%

The platform also added that six data streams are currently using its NUTS oracle, making price information available in real-time for ADA/USD, ERG/USD: Coingecko, ADA/EUR, and the price of Tesla (TSLA).

Conclusively, Ergo pointed out that the new oracle will enhance the interoperability between Cardano and the Ergo blockchain since they now use the same source of data about the same crypto assets.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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