IOTA Introduces Oracles Solution. This is why it’s Different from Existing Competitors
Solomon Odunayo
2 min read
IOTA Foundation launches native, feeless, instant, and decentralized oracles solution.
Going by the official blog post by IOTA Foundation, bringing the external off-chain world with on-chain mechanisms is the major reason behind the release of the oracles solution.
Meanwhile, IOTA has addressed the problems associated with blockchain oracle systems in a reconsidered way. This is why IOTA’s newly introduced Oracles solution is different from competitors’.
Read Also: IOTA Foundation Joins EU-Funded Project to Protect E-Commerce Platforms from Cyber-Attacks
IOTA’s oracles come with no cost and it’s powerful. They possess the capability to process a considerable amount of data. They also fetch data efficiently.
IOTA oracles support a lot of security and data structuring methods. Therefore, the next stage of progress will include the direct provision of data to Tangle, the core data structure of IOTA’s DLT.
In this regard, IOTA Foundation has invited all interested developers to try its oracle solution with applications that broadcast off-chain data to a decentralized system.
Read Also: IOTA Inching Closer to Complete Decentralization
IOTA Protocol’s Real-World Solution
Based on the real-world benefit of IOTA’s protocol, the Foundation has confirmed the approval of its protocol for a nation-wide project in Germany. With a focus on safe autonomous driving, IOTA’s oracles will power smart city infrastructure.
IOTA Foundation tweeted, “We’re incredibly excited to see IOTA be used as the DLT protocol in another real-world project. Funded by the German Ministry of Transportation BMVi with an 11m€ grant, ETOGRUPPE is creating smart traffic infrastructure for safe autonomous driving.”
Project ALFRIED is funded by the German Federal Ministry of Transport and Digital Infrastructure (BMVI). It has already started in Friedrichshafen. The project aims to create a sensor-powered system of traffic management to prevent smart cities from road congestion.
Meanwhile, its creators said it’s certain that the results of this project can be applicable in intercity transport, including the self-driving car segment.
Read Also: Cypherium Partners with Chainlink to Provide Smart Contract Oracles to Global Enterprise
Moreover, IOTA’s director of engineering, Jakub Cech, has published on Twitter a number of open positions in the IOTA Foundation. The team wants to add research engineers, technical writers, and software developers.
Follow us on Twitter, Facebook, Telegram, and Download Our Android App
HeraldSheets.com produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us easily with Herald Sheets Facebook Messenger App. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.
