Most Famous Oracle Projects
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
In ancient Greek mythology, oracles are the link between humanity and the gods. Humans interact with the gods through the oracle, and the gods interact with humans through the oracles. In the cryptocurrency landscape today, oracles are the intermediaries between reality and the crypto space. Users can use an oracle to retrieve any on-chain data (like polling results and match scores).
Chainlink (LINK)
This is a non-centralized oracle network that provides dependable and immutable input and output smart contracts running on different blockchains. It is made up of non-centralized nodes that can retrieve data from different sources, both on-chain (APIs and data feeds) and off-chain. The consisting network nodes will first aggregate and check the pulled data before sending it to the smart contract that is querying for the information.
Chainlink has a market capitalization of roughly $3.8 billion, and each network token costs $7.41 as of the time of writing. In 2021, Chainlink tokens rose to an all-time high of $50. Chainlink supports more than 12 blockchains, and it has more than a thousand oracle networks.
Band Protocol (BAND)
This is also a blockchain oracle network, and it started in the year 2019. The Band network supports many smart contract blockchains and is a part of the Cosmos Network.
The Band project is built on the BandChain consensus mechanism, using Tendermint’s Byzantine Fault Tolerance consensus mechanism. Furthermore, the Band Network token is worth $2, with a market capitalization of two hundred and forty-five million dollars ($245 million).
iExec RLC (RLC)
iExec is another non-centralized network that links cloud service providers to users. Any decentralized application that needs computational resources can purchase the services using the iExec network, using the network token (RLC).
This project introduced Oracle Factory in 2021, and this made it possible for users to design custom Oracle within minutes. As of now, more than fifty oracles have been designed on this network. Also, the RLC token costs $1.92 and has a market capitalization of one hundred and fifty-five million dollars ($155,000,000).
Nest Protocol (NEST)
Nest Protocol is a non-centralized Oracle network, and it was designed on Ethereum. This protocol was launched last year (2022).
The Nest Protocol makes use of different modules to provide secure and inventive solutions. This protocol aims at offering solutions to on-chain price accuracy. It does this via non-centralized incentive solutions, called the price predictor.
Since price data is susceptible to manipulation, the NEST price predictor verifies the price of the digital asset, providing timely and precise data.
API3
This is a non-centralized platform that makes it possible for decentralized applications to gain access to data and services that are not on-chain via APIs. This protocol uses a standardized and streamlined technique to incorporate global data into the blockchain apps via API connectivity.
API3 also has its own non-centralized APIs, and they are non-centralized. These APIs are also compatible with blockchain dAPIs, which function as a multiple-layer, inter-platform Oracle, that can be linked to support blockchain.
Due to the API3 unique model of the API3, this protocol may soon be competing with Chainlink. However, as of now, API3 has a market capitalization of $125 million, while its token costs $1.57.
To Investors
Oracle has made available a very important infrastructure for the blockchain. This infrastructure provided by Oracle will make sure that the market is future-proof. Therefore, looking at the growing demand for the technology, investors may want to utilize such exposure to the blockchain oracle.
