The blockchain industry comprises several facets and protocols including oracles that keep the space running. They provide real-world and real-time data to both digital contracts and distributed ledger technology, given that these blockchain technologies cannot obtain data without help from another source.
There’s no arguing that blockchain technology and smart contracts are the greatest and most refining innovations around the world. However, they depend heavily on oracle services for data. Sometimes, the data obtained is inaccurate and inauthentic. Inaccurate data is not the only problem these technologies face. Some of these protocols also lack the bandwidth to foster smooth transactions on a large scale.
For example, Chainlink is widely regarded as one of the leaders in the decentralized oracle space. It may be an industry-standard oracle network. Although the oracle is striving to expand the capabilities of smart contracts by enabling access to real-world data and off-chain computation while maintaining the security and reliability guarantees inherent to blockchain technology, it comes with several limitations, many of which other players such QED are set to overcome.
To address these limitations and offer solutions, QED Oracle was built by a team of experts as an aggregator with decentralized infrastructure. QED creates a balanced commercial environment for users and oracles to operate within decentralized protocols. Its use of bonded external capital avoids systematic risk and related issues.
The Battle of the Best Oracle Solutions
QED is capable of filling the gap in the crypto space with an amazing robust economic model connecting multiple blockchains, smart contract platforms, and off-chain data sources. With reference to oracle accuracy, finality, decentralization, resilience, security, and other key factors, QED is poised to be steps ahead of Chainlink and it is safe to say the protocol is a great alternative.
In terms of finality, QED can provide data refresh rates of 0.5s unlike the average refresh rate for Chainlink which is 120s. This is a lot faster than novel oracle protocols such as SupraOracles that can only achieve finalities of 3-5 seconds. Instead of limiting many decentralized applications that cannot deploy services that might demand lower data finality or faster refresh rates, QED allows more demanding financial market applications to exist and more automated high-frequency applications that are expected in the machine-to-machine economy (IoT).
Chainlink also suffers from issues in terms of achieving true decentralization. Although it claims to be decentralized in its network, it requires the intervention of trusted third parties for the execution phase. It turns out its architecture is commercially inappropriate and unscalable. On the other hand, QED is truly decentralized. It requires no intermediaries throughout the execution phase of data delivery and deals with restitution claims post-execution and this means the balance sheet benefits of using smart contract technology is not affected by resolution processes.