SEOR: Seal Oracle
A Customizable Low-Code Development Oracle Data Platform
The Blockchain Trilemma
As blockchain technology continues to gain traction in pursuit of mass adoption, different cryptocurrency projects have prioritized different aspects of what is famously known as the blockchain trilemma. Coined by Russian computer scientist and Ethereum co-founder Vitalik Buterin, the blockchain trilemma revolves around three concepts at the heart of cryptocurrency, namely: decentralization, scalability and security.
- Decentralization is one of the main battle cries of blockchain technology. Veering away from traditional centralized finance where customers surrender control of their assets to banks and rely on a single centralized entity, Decentralization was the driving force behind the conception of Bitcoin and other early cryptocurrencies as a more transparent alternative to centralized finance. Unfortunately, decentralization usually comes at the expense of speed. Since multiple nodes are needed to reach consensus in order for a transaction to go through, the process can be slow.
- Scalability is a project’s capacity to handle increasing number of transactions and growing complexity as the demand rises without compromising the quality of service. This is a must if a project hopes to have a chance of achieving mass adoption. However, there is often a trade-off in order to achieve sustainable scalability and that is opting for a more centralized approach.
- Security is the blockchain system’s ability to withstand attacks, bugs and other issues. It is especially paramount in blockchain technology as the space is continuously evolving, exposing itself to risks of hacks and manipulations of vulnerabilities within the source code. Oftentimes, a decentralized and scalable system comes at the expense of weak security.
Thus far it has continued to be technologically impossible to maximize all three of these simultaneously without compromising on one. The trilemma lies in the inherent problem that by increasing the quality of any one element, some of the benefits of the other two aspects must be sacrificed . Cryptocurrency projects today continue to try to find the optimal balance between all three in order to maximize each of their benefits.
The Need for Oracles
Oracles are computer programs that connect data from the outside world (off-chain) with the blockchain world (on-chain) . Oracles feed smart contracts with the information they need to execute, converting off-chain data into an accessible format. If a smart contract needs to know the value of an asset, that data is delivered by an oracle. The accuracy and relevance of the data determines the value of the smart contract, whatever its use. If the data provided is wrong as the result of manipulation or simply wrong implementation, the smart contract loses its value. Furthermore, if the data trail is not auditable and the methodology and sources are not transparent, the source of the error can’t be corrected easily . This is why oracle design is so important.
The Market Today
The current mainstream oracle protocol is a single decentralized or centralized network that only supports either Layer 1 or Layer 2 (on-chain or off-chain data sources), which causes various bottlenecks in data acquisition and verification. Additionally, only request/response is used out of the three most commonly used operation modes, which cannot provide full support for DAPPs in multiple application scenarios. Thus, the traditional oracle protocol does not have much infrastructure innovations, with limited focus only on application layer improvements. At present, most of the oracle protocols emphasize the need to join their ecosystem in order to be used freely, and there are no available cross-chain solutions for multi-chain integration .
The SEOR Offer
The SEOR network is stepping up to meet the current market challenges through its decentralized system based on the Polkadot Ecosystem, providing a common data protocol of unified off chain data for different blockchain systems. It provides accurate data for various DeFi applications with different architectures, different technologies, and main chain projects. SEOR adopts a hierarchical and modular microservice architecture to split the oracle network into a multi-layer three-dimensional network. Seal-Oracle empowers users and enables their projects with advanced blockchain and smart contract technologies. It provides a modular and flexible blockchain technology platform that enables developers, entrepreneurs, enterprises, and individuals to easily take advantage of blockchain and smart contract technologies.
The Seal-Oracle ecosystem is designed to be modular, versatile, and cross-platform by providing a unique and versatile Layer 2 technical framework. This enables users of the Seal-Oracle ecosystem the flexibility to achieve their design goals and benefit from its versatility. In particular, entrepreneurs can benefit from Seal-Oracle through low-cost solutions that help small businesses and startups integrate blockchain technologies and innovative smart contracts into their projects.
Cross-Chain interoperability of smart contracts through the “cross-chain contract gateway” is also one of the most compelling benefits of the Seal-Oracle platform as it enables various stakeholders to access and leverage the opportunities from multiple chains. Complicated bridging processes are simplified, eliminating redundancies and allowing for multi-linked data and asset exchange. It enables businesses and entrepreneurs to take advantage of new product features, multi-chain access, and advanced blockchain technologies without the need for middlemen .
Soaring with SEOR
Blockchain-based projects have always been ambitious in their goals, especially when it comes to breaking free of the impossible triangle of decentralization, scalability and security. SEOR believes that scalability and security can be achieved while leveraging on decentralization. The SEOR network prioritizes partnerships with entrepreneurs and investors in navigating a rapidly growing blockchain space and seizing new market opportunities. As a dynamic SEOR community, it is committed to bring about a new era of the future eonomic ecosystem.