The goal of the release is to provide the blockchain developer community with critical tools such as code, tooling, and smart contracts, to build and run oracles pools, the partners say.
On the heels of the Aug. 22 release of Ergo Explorer 2.0.0, the platform and EMURGO announced its joint release of smart contracts and off-chain “Oracle Core” for UTXO-based dApps and DeFi applications.
The global blockchain solutions company EMURGO initially gained traction when it became the first third-generation blockchain to emerge from a research-first driven approach and has now introduced its latest for the developer community.
Oracle Core is a byproduct of EMURGO’s and Ergo’s strategic technical partnership, they said in a press release. A proof-of-work, UTXO-based blockchain protocol, Ergo was designed as an efficient and secure financial contracts platform.
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EMURGO also announced the appointment of its head of research and development, Robert Kornacki, to the board of the community-driven The Ergo Foundation, which promotes the widespread adoption of the Ergo Platform blockchain protocol and a decentralized financial infrastructure.
Kornacki conducted comprehensive research to reimagine Oracle Pools, a new model for UTXO-based dApps.
Using built-in theoretical incentives so oracles can provide accurate data points Oracle Pools generate accumulated oracle data, an attempt to upgrade current oracles. Oracles have a significant role in allowing data, off-chain, outside the blockchain, to interact with and used on the blockchain inside of smart contracts. Oracles have also played an integral part in the rising popularity of DeFi services, which “require access” to off-chain financial data.
Developers who use Oracle Core can now build and run personal Oracle Pools on top of the Ergo blockchain. Ergo hopes that the Oracle Core will provide the blockchain developer community at-large with critical tools such as code, tooling, and smart contracts, to build and run oracles pools.
“Technically competent users,” the press release noted, “now have the ability to earn crypto for running core smart contract infrastructure,” which is considered a significant moment in UTXO-based dApps history.
EMURGO, the official commercial arm for Cardano, “is taking a structured approach to providing important building blocks for the expansion of decentralized financial services leveraging smart contract functionalities,” said EMURGO CTO Nicolás Arqueros in a statement.
On the horizon for the EMURGO-Ergo partnership are DeFi products and services for UTXO-based blockchains.