Friday, February 26, 2021

IOTA Introduces Oracles Solution. This is why it’s Different from Existing Competitors

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.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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