The new project says it provides the first publicly available Oracle system on the TRON network so that real data can be entered into smart contracts.
According to the team behind Oracle Bridge, the lack of this infrastructure is currently problematic as it limits the blockchain use of the token platform.
They believe that creating this system is critical to attracting small businesses that may not have the resources, capacity, or time to create their own Oracle. This could help the Tron Network (TRX) grow and expand over the coming months and years.
As indicated in the project announcement: “Creating a publicly available oracle on the Tron network will allow people to carry out their local or small business on the blockchain, as well as take advantage of peer-to-peer payment methods on the Tron network using their own currency. And tokens.”
The importance of smart contracts
Oracles makes blockchains more than just a symbolic activation tool; It also enables the creation of an environmental programming system. Bridge aims to provide this connectivity, which means it is finally possible to create decentralized applications for regular users on the Tron blockchain.
While the Tron network has managed to lure developers, the Bridge team believes there is still a lot of work to be done. The blockchain currently has the second largest number of DApps in the world – 750, which is much less than Ethereum 3000. “This should be a viable solution to bridge the gap, based on which Tron can bypass Ethereum and take first place,” he says in the project’s technical document. According to Coin Metrics, the number of active accounts on Tron could soon exceed Ethereum – a vision Bridge hopes to fulfill and which it is a part of.
The team draws parallels to the early days of the internet, when many companies struggled to establish their online presence. That all changed when full content admins like WordPress and Joomla came along with the removal of technical barriers for small businesses.
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When it comes to tokens, Oracle has released a special asset known as Bridge Token (BRG) on the Tron blockchain. This is to offer a lower cost option when paying for Oracle services, and to provide a “significant” discount on paying with TRX.
The first exchange offer will be made on September 15, 2020, when 20% of BRG’s total will be sold to people around the world. The team says one of the main goals when issuing tokens is to achieve “maximum allocation and avoid centralization”.
The Bridge Project says it has brought in several senior advisors to advance the project, including Mate Tokai, Bitcoin.com’s CEO. In addition to being an active advocate of the Bitcoin (BTC) and Bitcoin Cash (BCH) communities, he holds a degree from Budapest International Business School. He is joined by Sydney Evergan, a veteran marketer and cryptographer, and Mike McCarthy, whom Bridge describes as “one of the most influential and loyal characters in the Tron community”. Bridge CEO is Hakan Estavi, who has been investing in the crypto space since 2016.
In the long term, the flagship network is slated to launch at the end of 2020. After that, BRG will be listed on several exchanges. Fully decentralized Oracle is expected to be launched in 2022.