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Klaytn’s Orakl Network: A Decentralized Oracle For The Klaytn Ecosystem

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On April 4, it was reported that the Korean blockchain platform Klaytn planned to launch the decentralized oracle machine network Orakl Network designed specifically for Klaytn, wh

Klaytn’s Orakl Network: A Decentralized Oracle For The Klaytn Ecosystem

On April 4, it was reported that the Korean blockchain platform Klaytn planned to launch the decentralized oracle machine network Orakl Network designed specifically for Klaytn, which would give priority to providing new data feeds according to the needs of DApp in the Klaytn ecosystem, and only collect fees in the form of KLAY. Every time Orakl Network provides data to DApp on Klaytn, some of the fees collected will be burned.

Klaytn will launch a decentralized oracle machine network Orakl Network

Introduction

Klaytn, the Korean blockchain platform, announced the launch of its decentralized oracle machine network, Orakl Network, on April 4th, 2021. The Orakl Network is designed to prioritize the provision of new data feeds to DApps in the Klaytn ecosystem and only collect fees in the form of KLAY.

What is Orakl Network?

Orakl Network is a decentralized oracle machine network developed specifically for the Klaytn ecosystem. Its primary purpose is to provide reliable real-world data to DApps on the Klaytn blockchain. Oracles are used in blockchain applications to bridge the gap between the off-chain world and the blockchain by providing external data.

How Does Orakl Network Work?

Orakl Network works by aggregating data from various sources and processing them through smart contracts to provide reliable data to DApps. It uses a unique consensus algorithm that ensures accuracy and eliminates manipulation of data by malicious actors.

Benefits of Orakl Network for Klaytn Ecosystem

The launch of Orakl Network is a significant development for the Klaytn ecosystem, as it allows DApps to access reliable data feeds from various sources. The network is also more cost-effective compared to other oracle solutions, as it only collects fees in the form of KLAY tokens.

Fee Burning Mechanism in Orakl Network

Every time Orakl Network provides data to a DApp on Klaytn, the network collects fees in the form of KLAY tokens. However, a portion of these tokens is burned, reducing the total supply of KLAY tokens in circulation. This fee-burning mechanism contributes to the overall stability and long-term value of the KLAY token.

Future of Orakl Network

With the launch of Orakl Network, the Klaytn ecosystem is set to attract more developers and investors, as DApps on the Klaytn blockchain can now access reliable real-world data. The cost-effectiveness and transparency of Orakl Network also make it an attractive solution for developers looking to build on Klaytn.

Conclusion

The launch of Orakl Network is a significant milestone for the Klaytn ecosystem, as it enables reliable data feeds for DApps and contributes to the overall stability of the KLAY token. As the use of Orakl Network grows, we can expect more developments and innovations in the Klaytn ecosystem.

FAQs

**Q1)** What is an oracle in blockchain applications?
**A1)** An oracle is a third-party service that provides external data to a blockchain application.
**Q2)** How does Orakl Network ensure data accuracy?
**A2)** Orakl Network uses a unique consensus algorithm that ensures accuracy and eliminates manipulation of data by malicious actors.
**Q3)** What are the benefits of Orakl Network for developers building on Klaytn?
**A3)** Orakl Network is cost-effective, transparent and provides reliable data feeds, making it an attractive solution for developers looking to build on Klaytn.

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