What is Zoracles?
Zoracles (ZORA) is a DeFi oracle platform developed by a team of skilled developers. Its main goal is to create a liquidity swap ecosystem that provides users with the data, tools, and capital they need to compete in the DeFi market. With the Zoracles protocol, users can build zero-knowledge oracles to confidentially supply data to smart contracts.
Oracle networks offer DeFi protocols price feeds, clarity, and accuracy to lock in cryptocurrency. However, most of the oracles introduced initially faced issues with connectivity and interoperability. Additionally, the oracle solutions that facilitated the connection between exchange data and smart contracts did not offer a privacy guarantee to secure the flow of information from data sources. To solve these issues, Zoracles aims to construct zero-knowledge proofs and a random oracle model to provide confidential data to smart contracts while ensuring completeness, soundness, and a zero-knowledge providing system.
According to the Zoracles whitepaper, the protocol aims to randomize the sources of information and create cryptographic proving schemes that are later verified for private data delivery. The platform seeks to shield user data from business competitors and outside manipulation. Furthermore, the protocol is based on an open oracle framework for retrieving off-chain data. An open oracle framework maximizes data security through market data APIs, reports, DApp protocols, and more. The platform aims to upgrade two smart contracts through an open oracle framework: Open Zoracles Price Data, where data is stored, and Uniswap Anchored, where the output is compared.
ZORA is the ticker name for the Zoracles platform. The token is used to provide liquidity and governance functionality. Token holders provide liquidity to Uniswap V3 and access Zora Credit Lines with an applicable score.
Zoracles believes that its platform adds value to liquidity providers across the DeFi ecosystem. The platform collaborates and expands its reach through community discussions on various social media platforms globally.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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