Oracle on XDC - R&D

,

As mentioned in one of the previous posts here on the forum, the dApp is currently evaluating the possibility of deploying MetalSwap contracts on the XDC blockchain, a leading network in the realm of Real World Assets.

One of the essential elements for enabling MetalSwap’s transition to a new blockchain is undoubtedly finding a well-developed ecosystem of decentralized Oracles that can support the operation of our hedging contracts.

After some research, I want to share the list of all the Oracles I have found available within the XDC network, hoping to assist the development team in their evaluations.

According to my research, there are four decentralized Oracle protocols currently active on XDC:

  1. Ankr
  • Ankr integrates the XDC Network into its Remote Procedure Call (RPC) service. This integration aids dApps, particularly in areas like trade finance and real-world asset tokenization. Ankr’s XDC RPCs are crucial conduits, enabling the seamless transmission of on-chain data between XDC nodes, dApps, and end-users.
  1. Plugin
  • Plugin is another Decentralized Oracle Network built atop the XDC Network. This Oracle platform ensures tamper-proof data, empowering smart contracts to execute high-complexity computations with utmost reliability. It’s noteworthy because it is built specifically for XDC.
  1. Umbrella Network
  • Umbrella Network extends critical data feeds to the XDC Network and its ecosystem of applications and protocols. By providing developers access to a diverse array of reliable data sources and tailored solutions, Umbrella Network ensures that decentralized applications on the network can efficiently utilize vital information to serve their community.
  1. Razor Network
  • Razor Network is the last decentralized and permissionless Oracle network on XDC. At present, it’s the smallest in terms of usage but remains very interesting.

I hope this initial analysis of the XDC Oracle ecosystem can be helpful for development on this chain.

If anyone in the community thinks I might have missed someone or something, please let me know.

Thank you,

Diego

2 Likes

Excellent analysis, @Diego.crv ! This kind of research is crucial for evolving the project towards a new reality, especially considering that oracles are a key component. Your contribution greatly helps in providing a clear view of the available options and supporting strategic decisions. This is the right spirit in a community.

Personally, I find the move towards the XDC blockchain to be an excellent strategic decision for MetalSwap. Transitioning to a platform that supports greater integration with real-world activities and offers robust oracle solutions could significantly improve our efficiency and reliability.

Great job!!

2 Likes

Interesting topic, I’m sharing a few thoughts and questions:

  1. Ankr’s Smooth Integration: Since Ankr is integrating XDC into its RPC service, how seamless do you think it will be to deploy there? I mean: are there any specific challenges we should anticipate in terms of performance or compatibility with MetalSwap’s smart contracts?

  2. Plugin’s Data Management: Has there been any detailed analysis on how Plugin handles prices, especially under high load scenarios? Ensuring reliability during peak times is crucial.

  3. Umbrella and Razor Networks: Umbrella Network’s diverse data sources sound promising. Do we have insights into the types of data most relevant for MetalSwap? - and - how Umbrella ensures the accuracy and timeliness of this data? Also, while Razor Network is currently the smallest, it could be a hidden gem.

  4. General Ecosystem: Given the options, what would be the best approach to evaluate these Oracles in your opinion? Should we consider pilot integrations with each of them to assess performance, or is there another methodology to prefere?

I agree with Pierfox’s point about the strategic benefits of moving to the XDC blockchain. The potential for greater integration with real-world assets could open up new use cases and markets for MetalSwap.

Looking forward to hearing more and contributing to this interesting development

1 Like