ICP.Talks: Oracles with Orally | Ep. 12 Orally
Summary
TLDROrally 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
- đ Orally Network is an onchain oracle system built on the ICP blockchain, utilizing its unique features like ECCA thresholds and HTTP outs.
- đ The project has been in development for a year, aiming to provide custom data feeds for EVM-compatible chains.
- đ Use cases for Orally Network include decentralized exchanges (Dex) and gaming projects, particularly for providing randomness which is not natively available on EVM chains.
- đą Another application is for liquidity assessment tools, where Orally Network can fetch prices from various liquidity pools across different decentralized exchanges.
- đĄ 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.
- đ ïž Developers can interact with Orally Network through a user-friendly interface and Solidity code, making it easy to integrate with their smart contracts.
- đ The team plans to expand Orally Network's reach by integrating with more chains and developing more use cases for their custom data feeds.
- đ Orally Network is also exploring cross-chain communication, aiming to address the centralized nature of current inter-chain interactions.
- đŻ The Definity Foundation aims to support more integrations, improve user experience, and help teams build on the ICP blockchain, promoting decentralization.
- đŒ The Definity Foundation provides grants for projects interested in building cross-chain applications, with funding up to $100,000.
- đ€ 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.
Outlines
đ€ Introduction to Oracle Network
The first paragraph introduces the participants of the discussion, Jennifer from the IETF Foundation and Eigor from Oracle Network, at the e Denver 2024 event. The conversation revolves around Oracle Network, an on-chain oracle system built on the ICP blockchain. Eigor explains that the network focuses on providing custom data feeds to EVM-compatible chains, leveraging the unique features of ICP like threshold signatures and HTTP calls. The project aims to offer data solutions that are not possible with traditional oracle providers, emphasizing the decentralized and permissionless nature of their system.
đČ Use Cases and Companies Utilizing Oracle Network
In this paragraph, Eigor discusses the various use cases for Oracle Network, highlighting its applicability for decentralized exchanges (Dex) and gaming projects. The primary use case mentioned is providing randomness to gaming projects, addressing the limitations of EVM chains in generating random numbers due to their deterministic nature. Another use case involves liquidity farming tools that require accurate pricing data from different decentralized exchanges, which Oracle Network can provide. Eigor emphasizes the network's ability to create custom data feeds, avoiding the need for centralized solutions and offering a more flexible approach than traditional oracle providers.
đ Future Plans and Integrations for Oracle Network
The final paragraph focuses on the future plans for Oracle Network. Eigor mentions the intention to integrate with more chains and expand the use cases for custom data feeds. Upcoming projects include a tokenization of bonds initiative and supply chain management applications. Oracle Network is also exploring a preparation mechanism for preprocessing external data and investigating chain communication improvements. The discussion touches on the importance of cross-chain communication and the potential to support more signature schemes to include non-EVM chains. Eigor invites developers to engage with Oracle Network through their documentation and showcases the network's capabilities through B2C products like a prediction market and non-custodial DCA (Dollar-Cost Averaging) platform.
Mindmap
Keywords
đĄOrale Network
đĄICP Blockchain
đĄEVM Compatible Chain
đĄRandomness
đĄCustom Data Feeds
đĄDecentralized Execution Environment
đĄPermissionless Wallets
đĄCross-Chain Communication
đĄOracle Solutions
đĄAutonomous Agents
Highlights
Orale Network is being built on the ICP blockchain, utilizing its powerful features such as ecca threshold and HTP outs.
The project has been in development for one year, focusing on providing custom data feeds to EVM compatible chains.
Orale Network's main logic hinges on the ICP platform, offering various modules for customization and data stream setup.
The network can provide randomness to game and gamify projects, addressing the deterministic nature of EVM chains.
Orale Network helps projects avoid centralized solutions by offering custom data feeds and decentralized execution environments.
The Oracle provider market is limited by the data types they can provide, which Orale Network aims to expand with custom data feeds.
Developers can interact with Orale Network through a user-friendly interface and Solidity code.
Orale Network's approach to Oracles is more focused on user-friendliness and customization than competing in price feeds.
The network uses features of ICP like the exchange rate canister, which aggregates data from multiple sources for more accurate information.
Orale Network is fully on-chain, providing a permissionless and decentralized service for smart contracts on EVM chains.
The platform is designed to be easy to use for developers, with a focus on improving the overall developer experience.
Orale Network plans to integrate with more chains and expand the use cases for custom data feeds.
The team is exploring cross-chain communication and ways to improve the developer experience in this area.
Definity Foundation aims to support more integrations and improve user experience by updating documentation and tooling.
The foundation is also focused on helping teams become more decentralized and providing grants for cross-chain applications.
Orale Network is part of the Definity Foundation's ecosystem, which offers developer grants and supports projects building on ICP.
The platform is building showcase products to demonstrate the B2C potential of its Oracle solutions.
Orale Network is experimenting with autonomous agents and economist functionalities to further enhance its offerings.
Transcripts
awesome hi everyone I'm here with eigor
from orale Network and I'm Jennifer from
theity foundation and today we'll talk
about what orale network is we're here
at e Denver 2024 thank you so much eigor
for taking the time yeah thank you so
much yeah my name is eigor happy to be
here awesome so tell me a little bit
more about orally Network yeah orally
network is uh onchain oracles which
builds fully on ICP blockchain we
already building it for one year and we
utilizing such a powerful feature of ICP
as ecca threshold uh like HTP outs and
we combine all this feature uh together
and our project start to be impossible
to implement and that's why we built it
on ice speed and uh the main idea that
we can provide any different custom data
feeds that projects needs to evm
compatible chain so uh main logic Hing
on ICP we have a different modules which
people can uh like customize in
different ways uh like set up different
data streams and provide it to evm
compatible chain like smart contract on
that chain awesome to tell me a little
bit more about what companies are using
orally Network what are their use cases
yeah for example use case uh like Dex or
G gamey projects can use us uh the most
simple one is uh just providing
Randomness to some game gamify project
to uh because uh on some evm chain it's
not possible to generate any Randomness
because of deterministic nature of chain
in general and that's why we are we are
able to generate some Randomness and
provide to uh on ICP and provide through
like unpredictable BLS signature and
provide to a VM chain but also another
point for example some projects need to
have like interesting approach to under
ceriz liquidity for Farmer tool so it's
like some special decks and uh they
going to utilize our uh approach to get
the prices of different liquidity pools
from different dexes and they going to
use this price for under calized uh like
user to give him like some Stables on on
on collateral of liquidity pool so
basically Uh current Oracle provider is
very limited by data types that they can
provide and we so we focus more on uh
not like to compete in price feeds but
generate another approach this custom
data feeds and we help different
projects to avoid any centralized um
solution for themselves because uh right
now if uh like project have a
non-trivial problem regarding external
data providing external data for their
business logic they start researching
Oracle Market realize that nobody can
feed their requirements and that's why
they start building their own
centralized solution for that so it's
our IDE idea
customer and we focus on helping them so
it sounds like you're really providing
them with data that is reliable and
accurate and that is because it's
completely on chain yeah it's completely
on chain and yeah it happen in like we
don't have any centralized services at
all and yeah people firstly set up
different custom feeds that they need
and then nobody can control it and
nobody can control permissionless
wallets which execute and provide
different uh data to like contracts on
the VM chain because um yeah it's like
something like that course we utilize
like all the features that ICP have in
in
Minion yeah can you elaborate a little
bit more on how you're building this an
ICP why did you decide to build or rally
on IC as opposed to another tech staff
mhm yeah it's a good question and
actually uh it's not possible to build
on another chain so that's why we built
it on ICP cuz we utilize like you can
like deliver data from external sources
on your kister your smart contract you
can uh sign this data with a private
permissionless key and send to like some
air PC providers through the same HTTP
out call uh and uh yeah it's pretty much
it and also I really like like in ICP uh
like the way uh for developers it's
super understandable and super easy to
use in comparison with other like nonm
chains and also like team of ICP uh
doing such a great job like uh they
creating like a management canister
which in the future doesn't control by
anybody but they Implement super nice
helpers for that so we utilize one of
them is called exchange rate canister so
exchange rate canister utilize like 10
plus different sex together and um page
data from it and some Forex providers
and other providers and then um like
make this aggregation by thems and I can
just ask them like can you bring this
data please for me uh yeah it's it's
super awesome
so it sounds like you really like the
permission permissionless layer of ICP
yes exactly yeah it's it's uh it's like
how uh uh it's like decentralized
execution environment when you where you
can build like what whatever you need in
fully deted
manner awesome and can you walk me
through like if I'm a developer right
now why user service how do I interact
with orally network uh yeah uh we built
like it's fully in fully
uh we try to do it like in super
friendly uix for that for developer and
uh we can we have some like U developer
experience where they can interact with
us through just a solidity code asking
our contract on their chain and we will
deliver data for them or you can go to
our application and an userfriendly
um uh application you can Define for
like um sources from like custom data
feeds or set up in automation on like
another module or doing another thing so
yeah we focus more on making like
oracles more like user friendly to use
what's next for rally network uh next is
going to be huge we're going to
integrate with much more chains we going
to un board like uh um more more use
cases for those custom data Peds because
it sounds like cool but nobody
understands actually what it is and
we're going to find with real projects
like um Germany project about like
tokenization of bonds uh another like
interesting like Supply Chain management
some interesting cases use cases how we
can help them so it's going to be huge
and also we we are exploring uh our next
modules like prepation mechanism where
uh projects will be able to like through
our like uh um application uh just
deploy like a separate algorithm for
preprocessing mechanism it will deployed
as a separate contract and could be used
for as a mle war for external data and
their smart contract uh like it's like
playground for that and uh um also we
are looking in way of CH chain
communication because we explored like
market and understood that firstly um
all this Cur chain communication is
fully Central centralized and then uh we
want to focus on developer experience of
everything like that that's amazing I
think here at the hackathon we've had
had a lot of people ask us about cross
chain communication um and can they do
that ICP so I think that'd be a really
great use case um as well as know we
also would love to help you guys um
think more about you know adding more
chains cuz you know we're also doing a
lot of re at Affinity we're also doing a
lot of research um on adding different
signature schemes so that would unlock
um other chains not just only Bitcoin
and evm uh so tell me a little bit more
about know if anyone want to get started
or rally what's the best way to do that
uh to get started using us or yeah
what's the best way to get started on
our rally ah uh check our documentation
I think it's like dog dogs. or network
uh yeah it's the best way like or yeah
it's the best way actually and and check
out our um like application where you
can set up everything like that and also
I wanted to mention that we also like uh
started building a showc products uh so
like because like Oracle is B2B solution
and we started building like showcase
products to Showcase some B2 in b2c way
how how project can utilize our powerful
features and we one of the it's a
prediction Market when you like make
predictions and uh like like some kind
of insurance uh out uh against like
weather uh and another one use case is
non-custodial DCA where you can uh uh
set up like automation that I want to
buy like for one 1,000 USD um Bitcoin
each month and it will be like executed
for you automatically in noncustodial
way well you're also experimenting with
like autonomous agents uh Economist what
autonomous agents as well oh okay okay I
think that's a common term that I would
uh I actually would uh describe what
you're saying in terms of like um you
can pretty much how this automated like
functionality
M cool awesome is there any questions
that you want me to ask and record uh
yeah yeah how how how definity
Foundation what's the goal on this year
for definity foundation okay oh that's a
question for
me yeah so um yeah can you just repeat
that question uh yeah what's the what's
the like main points of topics to grow
for defin Foundation this year yeah
sound like talking to you I think that
we would love to support uh more
Integrations uh think like supporting
more signature schemes so we can unlock
uh other like EOS blockchain ecosystems
um as well as we really want uh to
improve the user experience um we're
doing a lot of work uh towards updating
documentation updating the tooling with
bfx uh and we also want to just get more
people to understand the abilities of
building costuming applications you've
already been a great example of showing
us know how it's so easy to build a
Crossing application and still stay on
your chain right because ICP cancer
smart contract uh can communicate not
only ICP but Bitcoin and evm like you
just mentioned and therefore you don't
need
to let go of the chain or the ecosystem
that you're currently on but still just
make it easier for you to develop and of
course uh I think you know there teams
like you that really understand that um
and of course um just like helping more
teams
uh be more on train I we hear here at e
Denver that uh they want to be more
decentralized they want you know be
close to the uh ethos of being on train
so helping them with decentralized front
ends on train encryption and much more
mhm yeah sounds amazing actually I also
wanted to mention that really def the
foundation it helps their guarantees as
I'm also guarantee of the P Foundation I
a lot of help like in like Tech
technological way just like direct
communication with different parts of uh
ICP and uh yeah and help like they help
like buy for us some external teams
which help us in different ways it's
awesome yeah thank are you also a grand
team by the way yeah yeah we already
like yeah yeah I also we've got to like
three Grands fun yeah awesome so our
rally is also a grand te as well uh we
have a developer grants program where we
support amazing projects that want to
build on ICP uh defin Foundation
provides a grants for 5,000 25,000
$100,000 grants as well so if you have a
cross train application that you're
interested in building you please apply
and be part of the ecosystem DL rally
Network thank you so much for having me
thank you thank you so
much
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