The TRON network has just received its first oracle, JustLink.
JustLink was created by the JUST Foundation, and it will connect TRON to the real world.
The move will benefit everyone, including users, developers and even TRON itself.
The TRON network has just received its first block chain oracle, JustLink. The project – a decentralized oracle developed by the JUST Foundation – has recently gone live and will allow exploration of potential block chain applications that penetrate deeper into the off-chain data.
TRON’s first oracle goes live
The DeFi sector has skyrocketed in 2020, not only in terms of the number of projects, but also the interest of investors and even the prices of the emerging tokens.
This new trend has taken the crypto world by storm. Thanks to oracle networks, such as the newly introduced JustLink, intelligent contracts will no longer be limited by the impossibility of accessing data from third-party systems.
To put it simply, oracles are a digital one-way proxy that can request and verify data from the real world. This data can then be entered into intelligent contracts in encrypted form.
Why did TRON need a decentralized oracle?
One problem with oracles is that the vast majority of them are centralized, and their use would expose intelligent contracts to a single point of failure. All the benefits of decentralized intelligent contracts would therefore be compromised and possibly nullified.
For this reason, JUST Foundation decided to create JustLink – a decentralized oracle based on the TRON network. Because it is decentralized, JustLink eliminates the risk associated with using centralized oracles, while retaining all the benefits.
Basically, JustLink is the TRON version of Chainlink. The project is also very timely, as the demand for external data within the intelligent TRON contracts is growing. In addition, JustLink is also a more secure and convenient option for developers. They will be able to use a greater variety of dApps.
Finally, the TRON ecosystem will benefit as well. It will be able to expand exponentially thanks to this new contact with the world outside its own ecosystem, and continue to drive the growth of its own projects.