SupraOracles is a project that focuses on providing reliable decentralized oracle services, which help bring outside data into blockchain networks securely.
What is SupraOracles
Here's how it works:
- Reliable Data Agreement: Uses a special protocol, called DORA, to make sure that different network points (nodes) agree on the data values they receive from various sources. This helps keep the data consistent and trustworthy.
- High Performance: Even when there's not much data available, SupraOracles is designed to work well and reliably. It uses multiple data sources for each node to increase its stability.
- Fallback Mechanism: If nodes can't form a consistent group based on the data, there's a backup plan in place to keep the system running smoothly.
- Resilience and Timeliness: The system is strong against disruptions and delays, ensuring that data is published regularly and on time.
In summary, SupraOracles aims to solve the problem of needing a dependable and decentralized way to bring external data into blockchain networks, overcoming issues like delays and data scarcity.
Team of SupraOracles
Joshua D. Tobkin
Co-Founder & CEO
Joshua D. Tobkin is the Co-Founder & CEO of SupraOracles, a leading blockchain oracle based in Switzerland, and Unity Chain, an innovative startup venture studio. He founded ContentMutual.com, the world's pioneer in blockchain-based content protection and monetization, and also co-founded Foodstems, a blockchain-driven logistics service for farms and restaurants. With a keen interest in emerging technologies, he has been integral in multiple projects aiming for social impact.
Jon Jones
Co-Founder and CBO
Jon Jones, a Berkeley graduate with expertise in Political Economy and Chinese, is the Co-Founder and CBO of SupraOracles and has been a driving force in the web3 space since 2016. With entrepreneurial stints as the Co-Founder of Unitychain and the founder of Blockcamp.io, Jon led blockchain advancements in Taiwan's government and corporate sectors as the President of the Taiwan Chapter of the Government Blockchain Association. Additionally, he founded the Taiwan Entrepreneur Club, a thriving community for business innovation in Taiwan.
Funding of SupraOracles
$24,000,000
Funding Round
Investors include: HashKey Capital, CoinBase Ventures, Shima Capital, Republic, Hashed Fund, Animoca Brands, Valor Equity Partners, Sound Ventures, Signum Capital, HTX Ventures, Galaxy Interactive, Prosus Ventures, Razer, UOB Venture, Sublime Ventures, SMO Capital, No Limit Holdings, FiveT, BCW Group.
SupraOracles review
Pros
Efficient Oracles
SupraOracles uses a new protocol for its oracle network to run smoothly, even when market prices are stable.
Safety Measures
The large number of oracles ensures the network is both safe and always up and running.
Byzantine Resilience
The design lets each node check many data points, so it can handle wrong information from several sources.
Fallback Option
If the main system fails, there's a backup to keep things going, ensuring no stoppages.
Node Tolerance
Simulations show the network can handle up to half its nodes acting incorrectly without failing.
Scalable Efficiency
The oracle network is built to work better and grow bigger easily.
Cons
Data Glitches
If data feeds glitch, it can throw off the oracles, as they might get wrong information.
Single Data Risk
Relying too much on one data source can create a weak spot that could bring down the network.
Hacking Threats
Hackers could target the network, and the spread of harmful software is a big risk.
Network Size
A smaller oracle network is easier to attack, making it more vulnerable than a larger one.