Scry, a new decentralized oracle protocol, arises to combat centralization concerns in the niche blockchain oracle market. The protocol promises new enhanced interoperability by allowing users to create their independent oracles.
Oracles enable smart contracts to access and process external information as a bridge between on-chain and off-chain data. Despite their significance, the oracle market is still considered a niche market that has not matured enough, with its limited range of options.
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Chainlink, a dominant force in the blockchain oracle market, has consistently held a position among the top 15 cryptocurrencies by market capitalization for years. Its native token, LINK, is currently trading at $15.04.
Though presenting itself as a decentralized network, Chainlink faces scrutiny for its elevated level of centralization. Many say it is posing potential risks to decentralized finance (DeFi) and Web3 applications.
Crypto researcher Chris Blec previously expressed concerns about Chainlink’s centralization.
“The entire DeFi industry — VCs, DAOs, devs, everyone — is colluding to hide the fact that if five people, chosen by Chainlink, ever decide (or are forced) to go rogue, the entire DeFi ecosystem can be intentionally destroyed in the blink of an eye,” Blec said.
More about Scry Protocol
Using cross-chain data lookup, Scry users can now deploy their own oracles in a permissionless environment. Users have full control over data sources, security models, and data providers, allowing them to monetize their data by fulfilling requests. This innovation is crucial to decentralized applications (DApps) that connect with real-world data.
The Scry protocol supports arbitrary API endpoints and secure verifiable random functions (VRFs). It also supports seamless cross-chain lookups for EVM-compatible chains, including Ethereum and layer 2 networks like Polygon, Arbitrum, and Optimism. This cross-chain functionality preserves interoperability and composability for DApps across different networks.
Scry uses the Morpheus framework to integrate with any external API. The protocol introduces the concept of data liquidity providers (data LPs), establishing a decentralized data marketplace that rewards contributors. This approach ensures a competitive and incentivized data ecosystem.
Data LPs serve as decentralized marketplaces for data. They enable developers to source data from various contributors. Scry’s Morpheus facilitates a decentralized and open-market data approach, allowing developers to choose their oracle sources at the signer level. This approach empowers developers to make data decisions based on reputation and community input.
Due to its permissionless architecture and innovative approach, Scry offers a decentralized, scalable and customizable oracle solution. The protocol itself reduces reliance on a single entity and enhances data security.
Furthermore, the open-source nature of Scry encourages collaboration and innovation. It also facilitates the development of tailored oracle solutions for specific needs in a diverse and competitive ecosystem.
With features like high-scale batching, revenue earning, cross-chain data, and instant deployment, Scry pioneers a decentralized and open market data approach.
Key features of Scry include an autonomous oracle system, rapid deployment on any EVM with zero code needed, real-time feed updates, and support for various monetization structures. Scry has demonstrated scalability by providing three times the data of Link on networks like Goerli, Sepolia, Optimism, Canto, and Polygon, with the potential to scale up to 100 times.
Scry’s innovative approach extends to the use of VRFs and verifier tools, enabling autonomous determination of data, such as protocol security, current weather, or specific conditions. The protocol also supports string data for diverse applications.
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