December 31, 2021 - 6 min read
The team at SupraOracles believes that blockchain technology has the potential to completely transform the future, especially in the fields of finance, self-governance, and human coordination. Blockchain technology offers individual users and businesses the chance to completely change how they can store and manage information through the use of a digital ledger that is available to everyone around the world.
SupraOracles is looking to utilize blockchain technology and smart contracts to build the financial infrastructure of the future.
DeFi has the potential to upend the current financial markets. In traditional financial markets today, control of the global currency supply rests with banks and other centralized agencies. Blockchain technology eliminates the need for these middlemen, giving people control over their finances and financial decisions. While there is speculation that DeFi could eventually replace traditional financial systems, DeFi can work with traditional finance, completely transforming the space, with DeFi powered financial applications set to gain momentum as we move into the future.
Blockchains suffer from a peculiar problem: You cannot easily bring external data onto the blockchain due to their inherent structure. The solution to this problem is cross-chain blockchain oracles that allow blockchains to connect to external data, create communication channels or even create interoperability between multiple closed-loop systems.
However, current oracle solutions have their own set of problems. We have already seen over $1.4 billion lost to DeFi exploits in the last year. In fact, such DeFi exploits are relatively common — due to the limitations of current oracles — such as:
Blockchain oracles have long struggled with finding the right balance between scalability, decentralization, security, and finality. However, none have been able to crack the dilemma until now. Supra allows you to have the perfect balance of all four. SupraOracles is more than your typical middleware solution, with the team behind the project having brought something truly revolutionary to the market.
SupraOracles is a powerful cross-chain oracle capable of seamlessly bridging real-world, off-chain data to both public and private blockchains, enabling interoperable smart contracts. Supra offers developers a unique toolset, allowing them to create, deploy and manage their applications while also giving them superior performance and increased robustness. The solution offers instant finality, cutting-edge cryptography, and unmatched interoperability.
SupraOracles has had a significant and eventful year, with several key milestones reached and many new partnerships confirmed. These partnerships are a testament to the ongoing efforts of Supra, and the trust put into the product by other projects that have or are looking to partner with Supra.
In August, Supra announced its first major partnership with blockchain ride-hailing app DRIFE. The integration saw hyper-accurate geodata from both riders and drivers on the blockchain, thereby enabling a transition away from a traditional centralized hub that would make decisions on behalf of its participants.
Since then, SupraOracles has confirmed partnerships with some of the most innovative projects in the crypto space, such as:
In fact, Supra has announced over 70 partnerships this year, all of which you can find here.
This year saw SupraOracles be included in Mastercard’s Start Path cryptocurrency blockchain program, which was undoubtedly a momentous occasion for the founding team at Supra. SupraOracles is the only oracle solution included in the list of innovators from the blockchain space, and sees the project rub shoulders with other promising projects like Avalanche, Domain Money, STACS, and Uphold.
Joshua Tobkin, founder and CEO of SupraOracles, was invited as a Guest Contributor on Nasdaq. The article, published on the 15th of December on the Nasdaq website, talks about DeFi, and how it has become the fastest-growing sector in the crypto market. Joshua also spoke about DeFi’s oracle problem and the issues that plague current oracle solutions. They range from incorrect price reporting, oracle attacks, and how the need of the hour is an oracle solution that solves the oracle dilemma — offering scalability, security, finality, and decentralization. You can read the entire article here.
SupraOracles was also selected into the Berkeley Blockchain Xcelerator Cohort this year. The application process was one the most competitive to date, with SupraOracles going up against 199 other applications for 21 highly coveted spots. The spots included diverse verticals, ranging from metaverses, decentralized finance, crypto-investment tools, oracles, and others. Berkeley Blockchain Accelerator is a joint venture between Berkeley Haas School of Business, Sutardja Center for Entrepreneurship and Technology, and Blockchain at Berkeley.
SupraOracles also secured a grant from Polygon, with the grant being utilized towards building a bridge so that SupraOracles’ oracle solution can service their growing ecosystem. Polygon is looking to focus on key areas, such as blockchain gaming, NFTs, marketplaces, and DeFi, which are areas that SupraOracles is looking to service.
SupraOracles has received over $1M+ in non-diluted grants from a variety of ecosystems and networks including, but not limited to, Dfinity, NEAR, Tezos, and Zilliqa.
SupraOracles established its core team in 2018, then made the following important breakthroughs:
In 2019, Supra confirmed their novel Ledger design and early consensus algorithm performance results and continued research and development into Web 2.5 consumer applications. Supra also started work on a non-custodial DeFi platform, while successfully applying its consensus algorithm. 2019 was rounded off with the initial setup for the Entropy Foundation and Supra Labs.
In 2020, Supra completed its core consensus protocol research, established the Entropy Foundation, and began applying their consensus algorithm to solve the Oracle problem.
In 2021, SupraOracles expanded significantly and grew to a team of over 40 individuals. The technology, product, and marketing teams were all bolstered significantly — with experts from around the crypto space — in preparation for a series of upcoming product launches.
In 2022 and beyond, SupraOracles is gearing up to hit the following milestones:
SupraOracles is on track to launch an alpha testnet in the first quarter of 2022. The testnet will enable Supra to demonstrate the throughput, oracle data stability, and finality. Supra also plans on holding an event for potential users where it will demonstrate the technological capabilities of the product. Afterward, Supra will enter the testnet phase — and once the necessary tests and preparations are completed — the team at Supra will finally launch their solution on the public mainnet later in the year.
The team at Supra has managed to reach several significant milestones during 2021, from important achievements regarding product development — to closing significant partnerships with companies across a host of industries — and being selected for the Mastercard Global Startup program. This is just the beginning for SupraOracles, with the project having significant rollouts set for 2022. It will focus upon the SupraOracles testnet, mainnet, and set its eyes on enterprise solutions as well.
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