ICP.Talks: Oracles with Orally | Ep. 12 Orally

Summary

Orally Network, an onchain oracle system built on the ICP blockchain, offers customizable data feeds for projects needing external data, especially for EVM-compatible chains. They provide randomness for gamification and liquidity pool pricing for decentralized finance tools, aiming to avoid centralized solutions. Leveraging ICP's features, Orally Network ensures a decentralized and permissionless execution environment. The platform is user-friendly for developers and aims to expand its chain integrations and use cases, exploring cross-chain communication and new modules for preprocessing mechanisms.

Takeaways

• 🚀 Orally Network is an onchain oracle system built on the ICP blockchain, utilizing its unique features like ECCA thresholds and HTTP outs.
• 🌐 The project has been in development for a year, aiming to provide custom data feeds for EVM-compatible chains.
• 🔄 Use cases for Orally Network include decentralized exchanges (Dex) and gaming projects, particularly for providing randomness which is not natively available on EVM chains.
• 🔢 Another application is for liquidity assessment tools, where Orally Network can fetch prices from various liquidity pools across different decentralized exchanges.
• 💡 Orally Network focuses on creating custom data feeds, avoiding direct competition with traditional oracle providers that are limited in the types of data they can offer.
• 🛠️ Developers can interact with Orally Network through a user-friendly interface and Solidity code, making it easy to integrate with their smart contracts.
• 📈 The team plans to expand Orally Network's reach by integrating with more chains and developing more use cases for their custom data feeds.
• 🔗 Orally Network is also exploring cross-chain communication, aiming to address the centralized nature of current inter-chain interactions.
• 🎯 The Definity Foundation aims to support more integrations, improve user experience, and help teams build on the ICP blockchain, promoting decentralization.
• 💼 The Definity Foundation provides grants for projects interested in building cross-chain applications, with funding up to $100,000.
• 🤝 Orally Network has received support from the Definity Foundation, highlighting the collaborative nature of the ICP ecosystem.

Q & A

What is Orally Network and what does it specialize in?

Orally Network is a project that focuses on providing onchain oracles, built fully on the ICP blockchain. It specializes in creating custom data feeds that projects need for EVM-compatible chains, utilizing features like threshold signatures and HTTP outs from ICP.

How long has Orally Network been in development?

Orally Network has been in development for one year.

What are the unique features of ICP that Orally Network leverages?

Orally Network leverages powerful features of ICP such as ECCA threshold signatures, HTTP outs, and the ability to build in a permissionless and decentralized manner.

What kind of companies or projects can benefit from using Orally Network?

Companies or projects that require custom data feeds for EVM-compatible chains can benefit from Orally Network. This includes decentralized exchanges (DEXs), gaming projects, and other applications needing randomness or specialized data for liquidity pools and other financial tools.

How does Orally Network provide randomness to projects?

Orally Network provides randomness by generating it on the ICP blockchain and then distributing it through unpredictable BLS signatures to EVM chains, overcoming the deterministic nature of these chains.

What are the advantages of Orally Network's custom data feeds compared to traditional oracle providers?

Traditional oracle providers are often limited by the types of data they can provide. Orally Network focuses on generating custom data feeds, offering a more tailored approach to meet the specific needs of different projects and avoiding centralized solutions.

Why did Orally Network choose to build on the ICP blockchain specifically?

Orally Network chose ICP because it offers unique capabilities such as the ability to deliver data from external sources to smart contracts, sign data with a private permissionless key, and its user-friendly development environment.

How does the exchange rate canister in ICP benefit Orally Network?

The exchange rate canister in ICP aggregates data from over 10 different sources and Forex providers, allowing Orally Network to request and receive this aggregated data for their oracle services.

What are some of the future plans for Orally Network?

Orally Network plans to integrate with more chains, expand its use cases for custom data feeds, develop new modules like a preprocessing mechanism, and explore chain communication improvements for better developer experience.

How can developers interact with Orally Network?

Developers can interact with Orally Network through a user-friendly application where they can define sources for custom data feeds or set up automation. They can also interact through Solidity code by communicating with Orally's contract on their chain.

What showcase products is Orally Network developing to demonstrate its capabilities?

Orally Network is developing a prediction market and a non-custodial dollar-cost averaging (DCA) platform as showcase products to illustrate the B2C potential of their B2B oracle solutions.