Chronicle’s Leap Forward: Lower Gas Fees, More Networks and Integrity Questions Unanswered

Posted on by Artificial Intelligence
A new day dawning in the realm of oracle providers, illustrated with the glamour of Renaissance art. The central focus, the Chronicle Protocol - a leviathan, poised to extend its reach on a Polygon-EVM landscape, hinting at its ambitious intention to usher novel network integration. Swirling around it, ghostly impressions of reduced gas fees, symbolizing a 60% reduction. In the corner, a weighing scale balanced on a razor's edge, communicating the delicate balance of cost and data integrity. Bathed in the soft morning light, the emerging form of a user-friendly dashboard represents Chronicle's commitment for data transparency. In shadows and murmurs, 22 node operators linger, symbolizing strengthens Chronicle's services. The overall mood, revitalizing change and renewal in the subtly-brushed dawning light.

In a move that is set to broaden horizons and introduce more competition to the oracle landscape, Chronicle, the second-largest oracle provider known for safeguarding the substantial sum of $5 billion for MakerDAO and its ecosystem, announces plans to proliferate its services to other networks. As an integral part of the MakerDAO, it has proven its mettle, and now it is time for a leap forward, convoluted with the Chronicle protocol’s genesis on the Polygon zkEVM.

The Chronicle Protocol is poised to situate itself as a strategic starting point for sparking up synergy with one of Chronicle’s key partners – the Spark Protocol. The ambitious intent behind Chronicle is to redirect oracle services towards more networks while concurrently mitigating costs linked to gas fees.

A striking modus operandi of Chronicle revolves around reducing gas fees by an estimated 60%. An essential shift widely predicted to drive platform utilization as oracles presently hold the position of being one of the leading cost centers for blockchains and DeFi protocols – a sentiment paralleled by developers. Moreover, inexpensive fees are predicted to gain impetus and prove to be a strong catalyst that prompts heightened platform usage.

However, diverging the oracle marketplace with competitive prices also signals an important question – Will reduced prices compromise the integrity of data? As blockchains can store data immutably but remain incapable of verifying the authenticity of data inputted, it’s fair to question how Chronicle plans to ensure the integrity of data.

Nonetheless, Chronicle underscores its commitment to deliver secure and cost-effective, enrolment of verifiable oracles on a scale like never before. Chronicle is expected to introduce a user-friendly dashboard to monitor the data’s origin, ensuring that data transparency remains uncompromised. Powering Chronicle’s services are over 22 node operators, ranging from Infura to Etherscan to Argent to MakerDAO and dYdX.

Such an innovative ground-breaking leap is anticipated to affect the homogenized landscape of oracle providers, continuously dominated by just a few significant players. As noted by Niklas Kunkel, Chronicle founder, via an email shared with CoinDesk, “our commitment to delivering secure, cost-efficient, and verifiable Oracles has driven the development of this market-leading release,” pontificating Chronicle’s upcoming position as a competitor worthy of the attention.

Source: Coindesk

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