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Undoubtedly, the innovation of smart contracts in blockchain technology is one of the most significant technological advancements in the world. Yet, even smart contracts would be limited without the help of oracle services for data. The information obtained from oracle services is occasionally inaccurate and unreliable. The unreliability of data isn’t the only problem these systems face. A number of these protocols also lack the necessary capacity to support large-scale transactions.
Chainlink is one of the most powerful decentralized oracles on the market. It’s a decentralized blockchain oracle based on Ethereum. Chainlink is primarily used to transfer data safely from off-chain sources to on-chain smart contacts.
Despite its goal of expanding smart contract capabilities by allowing entry to real-world data and off-chain computation while maintaining the status quo of security associated with blockchain technology, it has several limitations, many of which projects, like QED, promises to overcome.
QED oracle was designed by a team of experts as an aggregator with a distributed architecture. It has a complicated economic model that connects multiple blockchains, smart contract platforms, and off-chain data sources. QED is portraying itself as a good alternative to Chainlink in terms of finality, decentralization, security, robustness, and other crucial features. Let’s take a look to see whether that’s the case.
Decentralization in its true sense
Although Chainlink is decentralized inside its network, the execution step still necessitates the involvement of trustworthy third-party participants. This is a big stumbling block in its decentralization argument, and it reduces the cost benefits of employing smart contract technology as a result.
On the other hand, QED is completely decentralized. There is no need for middlemen during the execution phase of data distribution. It handles post-execution restitution claims, implying that the balance sheet benefits of smart contract technology are unaffected by the settlement process.
Finality
Chainlink’s average refresh rate is 120 seconds. Many Decentralized Applications will be unable to offer services that require lower data finality or higher refresh rates due to this constraint. QED can deliver data refresh speeds of 0.5 seconds when compared to Chainlink. In the machine-to-machine economy, this allows for more demanding financial market applications to exist and more automated high-frequency applications.
Resilience
When the Crypto Black Thursday event happened, Chainlink stopped sending data. According to sources, the QED alpha product – the DelphiOracle software – was the only oracle program that did not crash during the Crypto Black Thursday event. This demonstrates that the program has a high level of resiliency.
Security
Over $1 billion in digital assets have been stolen over the years, mainly through Oracle and Bridge attacks, with a substantial portion of them taking place on Chainlink.
The DelphiOracle software has never been hacked. Over 25 million data points have been supplied to several blockchains by the system
Pricing on the open market
Staking incentives dictate Chainlink collateral ratios, making it gameable, but QED allows the customer and the oracle to agree on the needed collateral before execution. You, as a client, will be able to predict the probable losses in the event of inaccurate data, and if you overprice them, the oracle will be less likely to agree to the conditions.
When you study the model used by QED, it fosters free-market pricing systems, which eliminates the possibility of game ability.
Because QED is a multi-blockchain, it can easily link oracle to smart contracts while offering minimal risk. QED believes it has excellently positioned itself as a viable alternative to Chainlink for decentralized oracles. It has shown to be an up-and-coming project to keep an eye on.
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This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.