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.

Outlines

00:00

🤝 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.

05:01

🎲 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.

10:02

🚀 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.

Keywords

💡Orale Network

Orale Network is an onchain oracle system built on the ICP (Internet Computer Protocol) blockchain. It utilizes features like threshold signatures and HTTP outs to provide custom data feeds for projects on EVM (Ethereum Virtual Machine) compatible chains. This system is designed to offer reliable and accurate data, eliminating the need for centralized solutions and promoting a decentralized execution environment.

💡ICP Blockchain

The ICP (Internet Computer Protocol) blockchain is a decentralized platform that enables the creation of scalable and secure applications. It is known for its unique features, such as its ability to support canisters (smart contracts) that can communicate with other blockchains and its focus on a permissionless and decentralized execution environment.

💡EVM Compatible Chain

An EVM (Ethereum Virtual Machine) compatible chain is a blockchain network that supports the execution of smart contracts in the same way as Ethereum. This compatibility allows developers to deploy and run Ethereum-based smart contracts on different blockchain networks without significant modifications.

💡Randomness

Randomness in the context of blockchain refers to the generation of unpredictable and unbiased outcomes, which is crucial for certain applications like gaming or decentralized exchanges. Since blockchains are deterministic, they often struggle to produce true randomness, making oracles like Orale Network essential for providing this service.

💡Custom Data Feeds

Custom data feeds are tailored information streams provided by oracles to smart contracts or decentralized applications. These feeds can include various types of data, such as market prices, sports results, or any other relevant information that a project might need to function.

💡Decentralized Execution Environment

A decentralized execution environment refers to a system where the execution of code and transactions is not controlled by a single entity or a small group of entities. Instead, it is distributed across a network of nodes, promoting trustlessness, security, and resilience against manipulation.

💡Permissionless Wallets

Permissionless wallets are digital wallets that do not require permission from a centralized authority to use. They allow individuals to interact with blockchain networks and smart contracts freely, promoting an open and accessible financial ecosystem.

💡Cross-Chain Communication

Cross-chain communication refers to the ability of different blockchain networks to interact and exchange data with each other. This enables the creation of more versatile and interconnected applications that can leverage the strengths of multiple blockchain ecosystems.

💡Oracle Solutions

Oracle solutions are services that provide external data to smart contracts on a blockchain. They are essential for enabling blockchain applications to access information from the real world, as smart contracts cannot directly interact with off-chain data sources.

💡Autonomous Agents

Autonomous agents are software programs that can operate independently, making decisions and executing actions without continuous human intervention. In the context of blockchain, these agents can automate tasks, manage resources, and facilitate transactions in a decentralized manner.

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