Incorporating off-chain, real-world data is crucial to the functionality of decentralized applications that believe outside information.

Most applications and platforms got to integrate data that's not available on-chain which is where oracles come in. Oracles essentially act as a bridge between the 2 ecosystems by supplying verifiable data to decentralized applications. IOTA, one of the most important and most-used blockchain networks in the space, is introducing oracle capabilities to rival some of the top projects currently available.

IOTA has released its own decentralized oracle

With decentralized oracles acting as an important component to a blockchain projects’ success, applications like Chainlink have risen to the top. This new offering will provide Chainlink new competition. as IOTA Oracles “will offer a complete solution for organizations to send data on to the Tangle (IOTA’s network protocol).”

The Problem with Current Oracles

While most new decentralized oracles can provide data to smart contracts, there comes the central problem of data integrity. Although it's going to be easy to integrate data into a given smart contract or dApp, users got to be able to verify that the data they're receiving is reliable.

If someone implants the incorrect information, it could lead to some really terrible results for participants on the network. Considering the likelihood of manipulatable data, users can receive incorrect results and take on additional unnecessary risks. it's with this in mind that the IOTA team created the oracle.

What Does IOTA Oracles Accomplish?

Besides bringing verifiable, real-world data within the blockchain sphere, IOTA’s Tangle offers some significant advantages not seen across other blockchain oracle solutions.

One of the most important factors for users and application developers is that IOTA transactions are feeless, meaning anyone can freely exchange data with none stakeholders paying exorbitant fees. IOTA transactions also can hold a large amount of data in comparison to other networks, making it quicker and easier to deliver data near real-time.

There are more advantages too. Gathering data using IOTA nodes is extremely efficient, allowing a more straightforward process than could be experienced across different platforms. On top of this, IOTA oracles support a wide array of security and data structuring capabilities, not limiting applications to rigid parameters.

We’ve also seen an explosion in Decentralized Finance (DeFi) throughout the last year. With no signs of slowing down, developers and users may prefer to switch to platforms like IOTA to maximize the faster and cheaper transactional capabilities, especially now that it's its own oracle.

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