Oracles, as described by Cryptopedia, are novel protocols built to deliver real-world data to smart contracts that operate on blockchain technology in the most secure and reliable way possible. Needless to say, the concept of blockchain represents a self-contained, permissionless, and trustless system. However, it is important to note that it would have no real-world application if there was no way to use external off-chain data. This is exactly where the importance of decentralized protocols like QED appears.
Statistics show that there are over 77 million active users in the blockchain industry. This demonstrates a constant growth rate and innovation in the last decade. As the space grows, so does the need for improvement in every sector. QED understands that blockchain technology is primarily focused on decentralization and it is penetrating the industry with true decentralization to provide smart contracts with improved levels of security and transparency.
QED is a decentralized oracle protocol with a robust economic model that connects blockchains, smart contract platforms, and off-chain data resources. The oracle is dedicated to achieving a trustless system by distributing data points among multiple entities and modeling the blockchain network. QED aims to spearhead the next generation of oracle protocols that will deliver remarkable services to smart contracts in a fully decentralized, transparent, and open ecosystem.
QED Vs. Chainlink: The Missing Piece To The Decentralized Oracle Space
Oracles are an integral part of blockchain technology seeking to establish decentralization. However, over time, they have struggled with centralized control, as most of these protocols are governed by a central entity and serve as the sole source of data for smart contracts.
DelphiOracle is QED’s base software and is the most widely used protocol on Wax.io, the world’s most trusted blockchain ecosystem for NFTs, dApps, and video games. DelphiOracle has served as a credible multi-party source, providing smart contracts with real-time prices for asset pairings on the various blockchain networks. It has proven its relevance in the blockchain industry, and QED is built on it.
The primary purpose of introducing the protocol is to solve problems and overcome limitations inherent in existing models of oracles and blockchain systems and this can be seen in some significant differences between QED and ChainLink as in real decentralization, security, and resilience, and average refresh rate.
For instance, Chainlink is decentralized in its Oracle Network (DON) but its system requires validated third parties in the execution and claims phases which don’t fulfill the goal of true decentralization. It also tends to depreciate any cost benefits that existed for using smart contract technology in the first place. But QED remains decentralized without third parties throughout the execution phase of data delivery.
QED’s resilience also seems to be unmatched. The QED alpha product, DelphiOracle software, was the only oracle software to succeed during the Crypto Black Thursday event but Chainlink Oracles failed to deliver. Ultimately, when it comes to security, QED leads the pack. In the past year, the space has recorded over $1.3B in digital assets stolen via Oracle and Bridge hacks and a large portion of these occurred on Chainlink. Even top-tier Oracle protocols such as Pyth that is based on Solana, was recently hacked. But DelphiOracles have never been hacked and have delivered over 25 million data points to various blockchains.
In the coming months, you can expect QED to further promote scalability and interoperability in its aspiration to lead the next generation of oracle protocols.