Tron-Based Oracle Finally Launches Mainnet

Tron-Based Oracle Finally Launches Mainnet

Bridge Oracle, a TRON-based public oracle, announced yesterday that it has finally launched its mainnet. The project, which has gotten described as the first-ever public oracle project on TRON’s blockchain, will enable users of the blockchain to deploy real-world dApps on TRON.

A spokesperson from Bridge Oracle noted that “the mainnet launch will allow you to deploy real-world connected DApps using Bridge Oracle on the Tron network,” adding that “it’s about time you start to prep up by creating your DApps on Shasta and Nile test nets. We will soon be coming up with more updates.”

Smart contracts serve as the backbone of most blockchains, as they aid the creation of dApps, DAOs, and other necessary components of a blockchain. However, most of these smart contracts cannot, on their own, interact with off-chain data, which is where oracles come in.

Oracles are rapidly becoming a crucial component in any cryptocurrency ecosystem. The rise of Chainlink’s role in the decentralized finance (DeFi) industry is a testament to this fact and highlights the need for the connection of blockchains to real-world data.

While Ethereum developers were quick to solve the oracle issue with the rise of Chainlink, Tron Blockchain has been struggling with off-chain data connectivity issues because of the unavailability of an oracle. That said, Bridge Oracle aims at providing an open-source platform to solve this problem with the launch of its mainnet.

Yesterday’s report noted that the oracle would provide access to real-world access on Tron through “varied forms of APIs, as well as parsing helpers, such as XML, JSON, and HTML.”

TRXUSD – 4-Hour Chart

Key TRX Levels to Watch — March 12
Just like we opined in a previous analysis, Tron (TRX) has fallen into a consolidation range after failing to clear the $0.0514 level. TRX has been trading between $0.0546 and $0.0482 over the past few days, as trading volume and volatility elude the TRX.

That said, the current sideways momentum could persist into the coming days unless Tron bulls act on the US Budget release later today.

Meanwhile, our resistance levels are at $0.0546, $0.0556, and $0.0600, and our support levels are at $0.0482, $0.0461, and $0.0412.

Total Market Capitalization: $1.71 trillion

Tron Market Capitalization: $3.6 billion

Tron Dominance: 0.2%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.