What Is Bridge Oracle (BRG)?
Bridge Oracle is an open-source project that uses the oracle system through which external data can be introduced into blockchain systems. The Oracle system is a necessity with blockchain platforms acquiring the flexibility of managing all kinds of applications and autonomous digital organizations by accessing external data. The Bridge Oracle platform is easy to use as each Oracle system has its API (application programming interface) contract.
According to its whitepaper, smart contracts are changing the world’s businesses by offering an infrastructure for creating Dapps and DAOs (decentralized autonomous organizations) to automate jobs based on blockchain technology. Due to underlying consensus protocols, smart contracts deployed on the blockchain cannot access external data. The Bridge Oracle platform deals with the problem mentioned above by offering a technology called Oracle. Oracles introduce data of the real world into blockchain technology whenever required. Decentralized platforms can only use blockchains for tokenization purposes without oracles. However, by setting oracle technology on a blockchain, smart contracts can be programmed as required and perform as DAO.
The Bridge Oracle platform offers a variety of features that users can use to fetch any time-dependent or time-independent external data into their smart contract. The platform offers customizable oracles where users can join the oracle system as an enterprise oracles service. Service providers can earn by joining to Bridge system and trading data. Users can implement various data sources integrated with the Bridge Oracle system based on their needs.
BRG is the token of the Bridge Oracle platform that runs on the Binance Smart Chain (BSC). The token aims to create a more affordable reimbursement method for users to fund for Bridge Oracle service with a significant concession compared to the BSC reimbursement method.
History of Bridge Oracle (BRG)
The white paper was published in January 2022.
