With the smart contracts and DeFi gaining traction, the question remains will TRON smart contracts come to age at the end of this year? The smart contract revolution seems to be kicking in this year as we are reading in today’s TRON news.
The 6-week sellout of $8,000,000 Bridge Oracle IEO, TRON’s first oracle solution serves as an example and tackled the problem of injecting reliable, accurate data and most implementations lack. The project is a TRON first which means that the network is empowered to take on the DeFi revolution. TRON is one of the biggest blockchain networks which has been coded for speed and scalability. The characteristics make it a perfect blockchain for creating and executing smart contracts with a total value of locked money in DeFi surpassing the $8 billion mark as the use of smart contracts is on the rise.
For TRON this means a boom but like most smart contracts platform, the lack of a public oracle database makes it quite hard to fulfill the promise of trustlessness. These types of contracts are paperless agreements between the different parties which are locked and the coding makes sure that the terms are honored. The first party that commissions the work and has to pay what it owes but the value locked in the contract is out of the hands of the parties, assuring to the receiving one of the first parties that cannot back out.
According to the agreement, the locked amount can be released in a few pieces upon agreed goals completion to the second party or in one move once the contracts have been fulfilled. The first party is also confident that unless the objectives are complete, the receiving party can’t take away the funds. this way, these contracts become trustless giving both sides peace of mind. Oracles are in development now especially in 2020 which is why many analysts wonders will TRON smart contracts come to age this year.
I am excited to join the @bridge_oracle advisory team to be part of the first public oracle system built on Tron.
You can read more about the project here: https://t.co/22BuZiAxEG pic.twitter.com/cTDlaTtjvJ
— Mate Tokay (@MateTokay) August 19, 2020
Bridge Advisor Mate Tokay is one of the few people who acknowledged the efforts to solve the current problem. The co-founder said one issue is to make these solutions accessible for all businesses:
“Accessing external data for smart contracts will be made easy using the Bridge Oracle. It will help with making smart contracts used by more and more businesses.”
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