Cardano’s (ADA) official commercial arm EMURGO unveils “Oracle Core” to drive smart contract adoption.
“Oracle Core” to Help Developers Build and Run Oracle Pools
After having successfully launched the Shelley upgrade, the Cardano ecosystem is now gearing for the highly-anticipated Goguen era that will bring greater smart contract and decentralized applications (dApp) adoption within the community.
Against that backdrop, EMURGO has released its latest product development dubbed Oracle Core for the Cardano developer community.
With the help of Oracle Core, developers will now be able to build and run their own oracle pools on top of the Ergo blockchain. For the uninitiated, oracle pool is a new model for UTXO-based dApps developed via extensive research led by EMURGO’s Robert Kornacki.
Essentially, oracle pools generate accumulated oracle data with built-in theoretical incentives for oracles to provide accurate data points. These pools better the existing oracles and are a reminder of the growing importance of oracles in the wider blockchain and the cryptocurrency industry as the link that enables on-chain smart contracts to access off-chain financial data.
EMURGO’s Oracle Core will provide blockchain developers all the necessary tools such as code, tooling, and smart contracts to build and run oracle pools. Notably, Oracle Core marks a significant moment in the history of UTXO-based dApps as they allow technically-savvy users to earn crypto for running smart contract infrastructure.
Shelley Done, Goguen Next
The partnership with the Ergo Foundation is particularly significant as it has already deployed two public oracle pools ADA/USD and ERG/USD that are freely accessible.
The announcement reads in part:
“The actions taken by the EMURGO-Ergo partnership thus far are some of the foundational first steps to providing efficient DeFi products & services for UTXO-based blockchains such as Cardano and Ergo.”
“For Cardano, the oncoming Goguen era in Cardano’s continuing development is poised to bring smart contract functionalities which aligns with the oracle pool development work undertaken by the EMURGO-Ergo partnership to eventually provide DeFi services and more, on Cardano in the future.”
For the uninitiated, Goguen is phase 3 of Cardano’s roadmap toward complete decentralization and a self-sustaining smart contract platform.
While Shelley provided the smart contract infrastructure to the Cardano ecosystem, Goguen will focus on making it ready for the development and deployment of enterprise-grade dApps.