I wanted to share with you an exciting project that we are building – Orally. Orally is a fully decentralized cross-chain oracle factory built on top of the ICP blockchain, offering a cost-effective and easy-to-integrate solution for businesses of all sizes.
As we all know, reliable and secure data is crucial to any successful blockchain application. Orally provides a decentralized data fetching service, making the data provided by oracles to smart contracts more trustworthy. This means that with Orally, you can access real-world data in a secure and reliable way.
We are using the threshold ECDSA feature of ICP for signing transactions to send to destination chains. Threshold ECDSA enables signatures to be computed using private ECDSA keys held in a secret-shared manner by multiple parties. At least one-third of the replicas are required to generate a threshold signature using their respective key shares. This makes chain-key ECDSA signatures secure and trustworthy.
Orally also uses an HTTPS outcalls feature of ICP, enabling canisters to directly make calls to HTTP(S) servers external to the blockchain and use the response in the further processing of the canister. This alleviates the need for oracles and allows for a stronger trust model, lower fees, and a closer-to-standard programming paradigm. It makes it possible to fetch data from different sources, and send already signed transactions to the RPC of the destination chains. Meanwhile, ICP timers keep oracles on track and repeatable.
Orally makes it easy to subscribe to oracles for data feeding or automation purposes, with our platform working for different chains, making it the ultimate solution for your decentralized applications. Plus, it’s easy to integrate and compatible with various blockchains. If you don’t find a suitable oracle for your data feeding, you can create a new one that suits your needs and share it with others on our platform. Orally makes it easy to customize your data feeds.
I’m excited to see what the future holds for Orally in collaboration with ICP, and I believe that it has the potential to revolutionize the way we access and use real-world data in our decentralized applications. If you’re interested in learning more, subscribe to our social networks and join our demo whitelist.
Let me know your thoughts and if you have any questions. Thanks!