Will The Launch Of Chronicle Protocol Be A Game Changer For Blockchain-Based Services?
Chronicle, the second-largest oracle provider, is set to extend its reach beyond the MakerDAO ecosystem, launching a new protocol to make oracles available on various networks. The Chronicle Protocol will initially roll out on Polygon zkEVM, which represents a thrilling innovation in the realm of Ethereum ETH/USD-compatible blockchain technologies.
As CoinDesk reported on Tuesday, this expansion is aimed at servicing the rapidly growing ecosystem and laying the groundwork for integrating Chronicle's key partner, Spark Protocol.
Will crypto boom in 2024? You can gain direct insights from industry experts at the upcoming Benzinga’s Future of Digital Assets event, set to take place in New York City on November 14, 2023. Don’t just be a passive observer; be an active participant in these discussions. Don’t miss out on this opportunity – secure your early bird discounted tickets now!
Oracle networks, such as Chronicle, are pivotal in providing reliable data to blockchain-based services and products. The Chronicle Protocol is expected to use an estimated 60% less gas fees compared to other providers, a crucial factor in driving platform usage.
Chronicle will also introduce a dashboard allowing users to trace the origin of required data, enhancing on-chain data transparency. The service will utilize data supplied by over 22 node operators like Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX.
See Also: Altcoin Apocalypse: Crypto Expert Warns Of $60B Market Crash That Could Affect Dogecoin, Shiba Inu, Tonco
Chronicle founder, Niklas Kunkel, emphasized the significance of secure, cost-efficient, and verifiable Oracles for the integrity of DeFi. He added, “Our commitment to delivering secure, cost-efficient, and verifiable Oracles has driven the development of this market-leading release.”
Photo by stockphoto-graf on Shutterstock
Read Next: Fine art investing isn't a multi-millionaire exclusive anymore. You can partially own curated pieces worth tens of millions today. Click here to explore Benzinga's selection.