Building the Future of Finance with Web3

One of the developments in the blockchain world is the arrival of decentralized oracle solutions. These systems allow blockchain platforms to access data from external sources outside the blockchain network, such as price information, weather data, or financial data.

 

Supra Oracle is among the major providers of secure and scalable oracle solutions for decentralized applications (dApps). To note, Supra is a protocol that connects Web2 and Web3.

 

Web2 refers to the internet as it is commonly known today, while Web3 is a form of internet that relies primarily on blockchain technology. With Supra, applications from Web2 and Web3 can connect and exchange data.

 

This is possible through smart contracts and computer programs operating within the blockchain network. To understand more about Supra Oracles, from the definition to the partnership with Google Cloud, check out the following review!

 

What is Supra Oracles?

Supra Oracle is a decentralized oracle project developed on the Telos blockchain. The main focus of Supra Oracle is to connect real-world data to the Telos blockchain ecosystem.

 

With Supra Oracle, a decentralized app (DApp) built on Telos can easily access external data, such as crypto asset prices, exchange rates, air temperature, game results, and other information.

 

All of this data is routed through Supra Oracle’s network of nodes that operate in a decentralized manner. Uniquely, Supra Oracle uses a hybrid consensus mechanism to reach agreements between oracle nodes.

 

This approach combines Proof of Stake (PoS) with Congress Network, a unique feature of Telos. In addition, Supra Oracle’s token economy model utilizes a token called SUPRA.

 

SupraOracles Vision and Motivation

 

 

Quoting coinfolks.id, for ease of understanding, imagine Supra Oracles as a digital entity that grows continuously, similar to human development.

 

While not human, this entity is a complex digital financial ecosystem.

 

It comprises various components, including blockchain and digital systems, that must work together to maintain balance and experience growth.

 

The Supra acts as a coordinating center, like the brain, connecting parts like centers and branches. The goal is to facilitate overall progress and growth.

 

Supra is equipped with a sensor mechanism similar to the eyes and ears to collect information from the external environment through oracle services.

 

The collected information is then sent to Supra’s “brain”, the smart contract and automation platform, for analysis and validation.

 

Supra’s automation service serves as a governing device within this digital ecosystem. It is responsible for efficiently managing instructions and responses to the various components.

 

Regarding digital value and transactions, digital assets in Supra’s ecosystem are considered the medium that brings value. Each category of digital assets has its unique role.

 

Supra’s automation service serves as a governing device within this digital ecosystem. It is responsible for efficiently managing instructions and responses to the various components.

 

Regarding digital value and transactions, digital assets in Supra’s ecosystem are considered the medium that brings value. Each category of digital assets has its unique role.

 

Supra’s automation service becomes the central organizer that helps coordinate and respond to activities within this digital ecosystem.

 

Thus, it can be likened that Supra Oracles is a secure and scalable oracle service provider for decentralized applications.

 

Problems and Solutions Addressed by Supra Oracles 

Quoting the coinfolks.id page, Supra is a blockchain network created to overcome the fragmentation and shortcomings found in the current digital financial system.

 

The network is a hub, combining various blockchains and other digital systems while providing several integrated financial services.

 

Frequently Identified Problems

There are three main categories of problems identified in the digital financial system, namely:

 

• Data: Insufficient communication and synchronization between blockchains and other data sources hinder the development of applications involving multiple systems and blockchains.
• Value: Digital assets are often locked into a particular blockchain, inhibiting dependencies and free utilization across the ecosystem.
• Liquidity: Liquidity fragmentation provides additional complexity to trading and transactions across blockchains.

 

Solutions from Supra Oracles

• Compiles data from multiple blockchains and external sources.
• Provide a conduit for the transfer of digital assets between blockchains.
• Build an integrated liquidity pool to facilitate trading and transactions.

 

Supra Oracles Infrastructure

Supra consists of two main components, namely:

 

1. IntraLayer Network Infrastructure

It is the core of Supra that provides various services, including:

 

• Oracle service: Serves as a communication link between the blockchain and external systems.
• Cross-chain bridge: Facilitate the transfer of assets and data between blockchains.
• High-throughput blockchain network: Processes transactions quickly and efficiently.
• Smart contract platform: Opens up the possibility of decentralized application development.
• Automation services: Schedule and execute transactions automatically.

 

2. Financial Infrastructure

It is a layer that provides integrated financial services, including:

 

• Dynamic Function Market Maker (DFMM): As a dynamic cross-chain Automated Market Maker (AMM) to improve trading efficiency.
• Fiscal policy framework: A decentralized system for price regulation and network budget allocation.
• Dynamically Structured Pool Protocol (DSPP): An insurance mechanism that protects users from potential losses.
• Money Market Protocol (MMP): A modular system for more sophisticated financial management.

 

$SUPRA Token: The Heart of the Ecosystem

Quoting coinfolks.id, the $SUPRA token has an important role as an element that provides value across the Supra ecosystem.

 

It performs various complementary functions, driving growth and facilitating the continuous evolution of the network.

 

The main functions of the $SUPRA token include:

 

• • Token Staking: Strengthening network security through financial incentives. Holders of $SUPRA can stake their tokens to validate transactions and receive rewards. This measure aims to encourage positive actions and maintain the sustainability of the decentralized network.
  • Work Token: Entitles token holders to contribute to the network and be rewarded. These contributions can be in the form of providing computing resources, validating transactions, or storing data.
  • Gas Fee Token: Used as a gas fee to enable transactions on the network. Users pay $SUPRA tokens to utilize services such as Oracle, VRF, bridging, automation, value transfer, and smart contract transactions.
  • Subscription Token: Provides more affordable access to Supra’s services. Token holders can stake $SUPRA to obtain discounts. This strategy aims to reduce supply and stimulate service usage.
  • Data Access Token: Opens the door for access to real-time and blockchain data from various platforms. The $SUPRA token serves as a decentralized data center.
  • Governance Token: Plays an important role in setting the direction of the platform through soulbound-related NFTs. Its function is to ensure that decisions are taken by committed parties and prevent takeover by a limited group of individuals.

 

SupraOracles Roadmap

 

 

Quoting the coinfolks.id page, the Supra blockchain oracle project has announced its plan to organize a public sale of SUPRA tokens. The sale event is scheduled for October 25 at 15:00 to increase participation in the blockchain network.

 

A total of 50,000,000 SUPRA tokens will be offered in this sale. At the start of the Token Generation Event (TGE), investors will receive 10% of the total tokens directly.

 

Meanwhile, the remaining 90% will be distributed gradually over the next 18-month period.

 

With a 5% monthly release, SUPRA’s token sale is designed to be accessible to investors, with a minimum investment requirement of $200 and no maximum limit.

 

In addition, Supra has a detailed strategy for distributing the remaining 10,000,000,000 SUPRA tokens, namely:

 

• Validators will receive 21% of the total tokens in return over a long time span of 15 to 21 years. This approach is designed to improve the security of the Oracle network.
• A total of 17% of the tokens will be allocated to the Foundation, which will be used to develop and maintain the Supra ecosystem and Web3 data. The distribution will take place over seven years, starting with a 6-month delay period and continuing with quarterly openings.
• Founders and consultants will receive 16% of the tokens. This includes a 12-month hold period, with an annual release rate of 20% of tokens to be awarded annually for the first 2 years, then increasing to 30% annually for the next 2 years.
• An allocation of 3.85% of the tokens will be earmarked for exchange liquidity and made available as needed.

 

Partnership with Google Cloud Platform

As the premier provider of secure and scalable oracles for decentralized applications (dApps), Supra officially announced a strategic partnership with Google Cloud.

 

The partnership aims to provide fast and reliable price feeds to Web2 and Web3 financial markets. Supra’s oracle token will utilize Google Cloud’s infrastructure and expertise through this collaboration.

 

It aims to give decentralized applications (dApps) access to real-time price data from various sources, including exchanges, OTC crypto markets, and various data providers.

 

A representative from Google Cloud added that the partnership with Supra will allow dApp developers to access real-time price data from various sources.

 

This is expected to help them build decentralized finance applications that are more reliable and efficient.

 

Conclusion

In conclusion, Supra Oracles is important in redefining digital finance by facilitating connectivity between Web2 and Web3. Supra Oracles provides secure and scalable oracle services and enables trusted data exchange between decentralized applications.

 

On the other hand, Supra Oracles’ great potential lies in its ability to make the internet more decentralized, transparent, and secure.

 

Through strategic partnerships, the implementation of blockchain technology, and several integrated services, Supra Oracles has made a major contribution to transforming the financial ecosystem towards a more decentralized model that provides trust to users.

 

As a disclaimer, all information presented above is a general summary and interpretation of the role and potential of Supra Oracles in the digital finance industry.

 

Please understand that the above information is subject to change depending on market factors and technological developments.

 

Therefore, readers need to conduct in-depth research before making any financial or investment decisions on Supra Oracles to obtain more detailed information about this technology.

 

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