Zoracles (ZORA) Review
Zoracles was designed to provide confidential data to smart contracts. We have developed our oracle solution by randomizing the sources of information and cryptographically constructing proving schemes and verifications for private data delivery. Our approach can address the oracle problem of accessing off-chain data for smart contracts while providing a high degree of security using abstract proofs. Most decentralized oracle networks haven’t developed zero-knowledge proofs or any data privacy. Their focus has been creating adapters or cryptoeconomic incentives for staked validators. Our view of the oracle mechanism in DeFi is fundamentally different than many projects. We view the software as a commodity that should perform an important service. Security, accuracy and reliability should be the foremost responsibilities of any oracle network. To date, none of the current solutions adequately address all of the aforementioned requirements. The focus on this paper will be detailing our end-to-end approach to securing oracle data and the cryptographic techniques required to provide strong privacy guarantees. Specifically, Zoracles will leverage zero-knowledge proofs for confidential data delivery to smart contracts and verifiable random functions to randomize data sources. Applying these cryptographic capabilities to an open oracle standard will provide a comprehensive model that can be applied to various protocols. Initially, when the oracle problem became an obstacle for smart contract functionality, the solutions developed focused on connectivity and interoperability for various blockchains. Our intention is to extend the functionality by providing privacy measures that can expand the use cases for smart contracts.
We believe the next step for smart contract adoption is supporting robust enterprise business processes. This can be achieved by applying cryptographic proofs to oracles that ensure their data is shielded from business competitors and outside manipulation. As shown below, our solution is an end-to-end design that leverages zero-knowledge proofs and a verifiable random function to achieve confidentiality of data.
Open Oracle is a framework for retrieving off-chain data. We believe over time the industry will converge to a solution that has the least amount of friction and maximizes data security. Open Oracle offers both. The structure of Open Oracle, as shown below, is divided between market data APIs, reporters/posters & dApp protocols. As demonstrated in the chart, the data flows from a given exchange (which is signed with a public key), to solidity contracts that will process the data on-chain with shielded inputs and finally used by a dApp protocol.
|Acceptable currencies||USD, BTC, ETH|
|Zoracles Price||$876.05 USD|
|Market Cap||No Data|
|Circulating Supply||4,748 ZORA|
|Tokens exchange rate||–|
|Minimal transaction amount||–|
More about Zoracles (ZORA):
Compound released Open Oracle and Tezos recently applied many attributes in their oracle solution. Our contribution will be developing strong privacy-preserving technologies that provide adequate security assurances for widespread enterprise adoption. It is important to note that Open Oracle’s mission is to provide a solution that many dApp protocols can adopt and standardize the process of retrieving off-chain data. Also, it can be used as a SDK and framework for building other data feeds such as weather, sports or any other API endpoint.
Open Oracle’s design will be instrumental for future projects because they can easily tap into a trusted oracle solution that is currently used in production by large dApp protocols such as Compound and smart contract platforms such as Tezos. The Tezos Harbinger implementation of Open Oracle demonstrates the flexibility in the design with KMS. Zoracles is further extending the work of Open Oracle by building our solution within a similar framework. Moving forward, this SDK will allow for quick development and implementation by protocols needing secure price feed data. It should not be understated that the simplicity in the design decisions by Open Oracle allows for any data feed to be considered for smart contract execution. DeFi projects can select different API endpoints,
signers and reporters to plug into Zoracles while still maintaining the security benefits of our solution. This will be attractive to enterprises that have billions of dollars to secure and need bank-level security measures to ensure confidentiality for clients. Also, the Open Oracle framework provides for data signed by any public key to be considered in calculating a median value. The result can be aggregated and compared to a time-weighted average price that is determined by Uniswap v2. This measure protects the integrity o Zoracles Protocol against price manipulation.
A zero-knowledge proof or protocol is a way by which one party can prove to someone that they know a value without revealing any additional information aside from the fact that they are know the value. Zoracles protocol provides confidential data to smart contracts with the construction of abstract cryptographic proofs that do not reveal any information to the receiving client or verifier.
There is an additional challenge working with zero-knowledge oracles. Values stored in the view contract need to be homorphically hidden to retain privacy for the entire data delivery process. This presents an interesting obstacle that was addressed as a main ingredient of zero-knowledge proofs in Reitweibner’s paper in encoding values as a polynomial problem. “The program that is to be checked is compiled into a quadratic equation of polynomials: t(x)h(x) = w(x)v(x), where the equality holds if and only if the program is computed correctly. The prover wants to convince the verifier that this equality holds.” Zoracles protocol will homorphically hide exchange values with an encryption function that the verifier will use to satisfy all the elements of a zero-knowledge proof. This step is critical in forming an end-to-end solution that is privacy preserving.
The use of abstract cryptography to create probabilistic proofs with ZoKrates is a powerful way to compile flattened code and generate proving keys for API data and verification contracts for smart contracts. Moreover, leveraging ZoKrates ensures that our proofs satisfy key attributes of Zk-Snarks including succinctness, non-interactivity and most importantly the platform provides a quick way to deploy arguments of knowledge.
In addition to reviewscenter.net will try to provide their observations and make the best review here. But this monitoring is not complete without your comments, messages and reports. So post your comments on the investment system provided at the end of each post or email email@example.com
reviewscenter.net is not a financial and investment system and it never enter into the investment services’s area. Our main task is to provide the correct payment for hyips and their related data. reviewscenter.net has no responsibility for your investments. Do your investment with more observation and investigation.
Zoracles (ZORA) Scam or Not?
Read articles you may want: