Empiric Protocol Raises $7 Million In Funding Round
- Additionally, Alameda, CMT, Flow Traders, Gemini, and a host of others also participated in the Empiric Protocol funding.
In a bid to expand its team, a newly established decentralized blockchain oracle, identified as Empiric protocol, has gathered about $7 million in a funding round.
Reportedly, the round was led by Variant. Additionally, Alameda, CMT, Flow Traders, Gemini, and a host of others also participated in the funding.
Empiric and the Decentralized Oracle Industry
Notably, the newly-developed oracle was jointly established by Jonas Nelle and Schulz. More so, its development ensued through a strategic collaboration with Starkware, a popular provider of scalability, security, and privacy for blockchains.
Occasioned by its product known as StarkNet, StarkWare helps to check all kinds of issues associated with scalability, particularly on Ethereum.
Additionally, it helps to avail subscribers with reduced fees, enhanced acceleration of transactions, and the capacity to affect computations on-chain. With these computations, users navigate a way to take DeFi metrics above existing price feeds.
Similarly, it helps to provide a kind of data esteemed to traditional finance. This product, as revealed, attained a mouthwatering $8 billion in value shortly after raking in $400 million in funding last May.
Reportedly, the Empiric protocol planned to explore all sources enveloped in decentralized data.
This data, according to findings, revolves around crypto exchanges, and huge market makers among others. In an effort toward achieving such a plan, the protocol collaborated on varieties of heavyweights within the crypto space.
Now, some of those partnered by this protocol participated in this $7 million funding and are deploying their data on-chain.
“Let’s give DeFi the data it needs to really mature and become better. And that’s computational data,” said Schulz.
Worth noting that a blockchain oracle functions by linking smart contracts, particularly with the external realm. This, according to findings, is geared towards accessing or relaying information. Now, oracles can either be centralized or decentralized. As for centralized oracles, they are mostly traditional.
Here, off-chain nodes surf for data through numerous anonymous sources. Afterward, the obtained data is aggregated off the blockchain. As programmed, the outcome of the data obtained, including the prices of cryptocurrencies, remains the only element made public.
This feature associated with these oracles ferments a series of questions, particularly on its lack of transparency. For instance, errors enveloped in data sources allowed for a false reportage of the Bitcoin crash late last year.
Schulz echoed the weakness associated with centralized oracles. According to him, they are not as trustable as decentralized ones. Through decentralized oracles, like Aave, the contract remains on-chain and becomes grossly auditable, Schulz added.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
