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Cardano: Hoskinson outlines how developers will foster Oracle adoption

  • Company IOHK consolidates partnerships to offer customizable oracle services on the Cardano (ADA) network.
  • Stake pool operators will be the access point for off-chain information for smart contracts on Cardano.

IOHK’s CEO Charles Hoskinson has made an “Oracle Special” on his YouTube channel. There, the inventor of Cardano explained the fundamentals necessary for the functioning of smart contracts, and their relationship with oracles, the mechanism that allows them to operate by obtaining off-chain information.

Hoskinson talked about the partnerships IOHK has been building to provide the Cardano network with oracle services. The most important cooperations have been established with Wolfram Alpha and Singularity. Together with its partners, IOHK has chosen to offer Cardano users and developers an innovative oracle service with great power of choice and customization.

With over 30 years of research and development, Wolfram Alpha offers its customers a search engine connected through its programming language to one of the most extensive data sources in the industry. The programming language is called Wolfram and, according to Hoskinson, is used by Amazon, Google, Apple, and a large majority of the Fortune 500 companies.

Wolfram Alpha, Singularity, and the stake pool operators (SPOs) are interconnected components that will power the mechanism and infrastructure of smart contracts on Cardano. Hoskinson said that Cardano’s corporate branch, Emurgo,  has been testing “a lot of cool stuff” with its partners.

IOHK will build an API to make stake pool operators the access point that will allow smart contracts to “talk to the outside world”. By using Singularity’s network with the Wolfram platform, Cardano will be able to receive verifiably true, computable, and accessible information. Hoskinson stated:

Oracles are only as good as the source and availability and computability of information. So you have all the information you want, it’s there when you want it, and there’s a way to determine that it looks good. In layer 2, you need the ability to access the information even if it’s available at the source (…) SPOs provide that.

Developers take control of Cardano (ADA)

Speaking about the source of the information, Cardano’s inventor said that it can come from many sources: the SPOs, Chainlink, a federation of actors, among others. Through its cooperations, IOHK has also proposed to create an infrastructure that will allow SPOs to give an interface for smart contracts to operate by making the off-chain information fit the required format.

Developers of smart contract-based protocols and applications will have the option of accessing information with Wolfram to obtain highly specialized information. But they will also be able to choose to use Cardano’s “generic framework”. Cardano’s development company will build this infrastructure in 2021.

IOHK’s goal is to give developers and users total control over their smart contracts with multiple sources of easily accessible information. Hoskinson believes this is one of the key components to build Cardano’s DeFi capabilities and added:

Now it has come to the point where we are at the right time to build an interface. Of course, we will try to compete within that interface and give many generic interfaces so that people have their own solutions (…).

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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