Cardano and Ergo Release Oracle Core. Ergo is a proof-of-work UTXO-based blockchain protocol.
The new product, Oracle Core, will be deployed on the Ergo blockchain and they will offer people price feeds for ADA to USD and ERG to USD trading pairs. According to the latest report by Cointelegraph, Alexander Chepurnoy, one of Ergo’s core developers said that they want players in the decentralized finance ecosystems to donate funds to oracle pools. The data providers will, in turn, be rewarded with the funds from the pool.
The announcement from Emurgo was as follows;
“Today EMURGO and Ergo platform mark a historic moment for UTXO based dApps and DeFi applications. Developers may now build and run Oracle Pools on the Ergo blockchain with the joint release of our smart contracts & off-chain Oracle Core. Releasing the “Oracle Core” to the public provides all the code/tooling/smart contracts for developers to build and run one. Oracles are an integral part of allowing data outside the blockchain (off-chain) to interact and be used on the blockchain inside of smart contracts. Oracles have played a significant role in the surging popularity of DeFi services which “require access” to off-chain financial data. In-depth research led by EMURGO’s Robert Kornacki reimagined a new model – Oracle Pools – for UTXO based dApps.”
Hoskinson Proposes Decentralized Treasury Proposal to the Ethereum Classic Community
In other news, the CEO of IOHK, Charles Hoskinson, has just submitted a decentralized treasury proposal to the Ethereum Classic Community. In his recent publication, Hoskinson noted that the only way to keep the Ethereum Classic blockchain secure is by changing the current funding method with his treasury proposal. You see the Ethereum Classic blockchain has suffered another 51% power consolidation attack. However, the Ethereum Classic development team has rejected the proposal.
One of their executives had this to say about Hoskinson’s proposal;
“We do not support the treasury proposal, because a tax on miners will cripple the network. We would be asking miners to make 20% less on ETC when mining other chains are already more profitable. It will drive them away at the moment we need them, reduce the hash rate, and make the network more vulnerable. Long term, a treasury would essentially turn ETC into a private blockchain, with centralized governance and a monopoly on decision making.”
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Cardano Partners With Ergo to Release Oracle Core, a Secure Platform for Financial Contracts
- Hoskinson Proposes Decentralized Treasury Proposal to the Ethereum Classic Community
The Cardano development with assistance from IOHK is always busy working on one improvement or the other. Most of their projects don’t just paint the Cardano blockchain in a positive light. They are good for the entire blockchain community.
Their recent product, Oracle Core, was developed in partnership with Ergo. Oracle Core is laying the foundation for the next stage in Cardano’s development, Goguen. With Goguen, the Cardano blockchain will have much better financial contract compatibilities making the blockchain a leader in the DeFi community.