IOTA develops its own oracles for real-time data in smart contracts

The IOTA Foundation is preparing the introduction of so-called oracles to feed real-time data into smart contracts on the Tangle network.

The IOTA Foundation is planning to introduce so-called oracles to feed real-time data into smart contracts on the Tangle network , according to an official blog post from February 8th.

Tangle offers advantages

In contrast to many blockchain oracles, the Tangle with the IOTA oracles offers a number of advantages, such as free transactions and processing almost in real time. The data used by IOTA Oracles do not come from external data sources or intermediate parties for transmission, but are written directly into the Bitcoin Circuit by their publishers.

The IOTA Foundation demonstrates the functionality of the IOTA oracles in a small video. It uses an example to show a so-called first party Oracle, which receives a price feed for digital assets from Kaiko and streams it on the IOTA Tangle.

„Once transmitted, applications can use Kaiko’s corporate-quality crypto-asset market data and integrate them into any decentralized application such as an automated market maker (AMM), a credit platform or a synthetic asset exchange on the IOTA Tangle,“ explains IOTA.

IOTA leaves several years of downtrend behind

The news about IOTA Oracle and other progress seems also boost the price of its own cryptocurrency Miota which after a bottoming out of more than two years up could erupt . On February 5, the exchange rate was only 0.4367 US dollars and has risen to 1.31 US dollars in the past few days .

Coordicide is getting closer

How IOTA already on 5 February told , there is for the interim version 1.5 IOTA Chrysalis now a status page . On this you can track the progress up to the planned Coordicide release IOTA 2.0 in detail using status updates. In January, a new version of the so-called Pollen-Testnet for the upcoming version IOTA 2.0 was published . Pollen is the first of a total of three phases up to the planned coordicide with IOTA 2.0, which will be supplemented by the two phases nectar and honey, based on bee colonies .