Zoracles

Zoracles (ZORA) is a DeFi Oracle platform built by developers. The platform aims to develop a liquidity swap ecosystem that empowers users with the data, tools, and capital to compete in the DeFi market. Using Zoracles protocol, users can build zero-knowledge oracles to seek to provide confidential data to smart contracts.

An oracle network provides price feeds, clarity, and accuracy for DeFi protocols to lock the cryptocurrency. Most of the oracles introduced initially in the crypto market faced issues associated with connectivity and interoperability. Moreover, the oracle solutions deployed to facilitate the connection between exchange data and smart contracts fail to offer a privacy guarantee to secure the flow of information from the data sources. Thus, to solve the issues mentioned above, Zoracles seeks to construct zero-knowledge proofs and a random oracle model to provide confidential data with smart contracts. The properties of Zoracles protocol aim to be completeness, soundness, and a zero-knowledge providing system.

According to the Zoracles whitepaper, the protocol is developed for seeking to randomize the sources of information and cryptographically construct proving schemes that are later verified for private data delivery. Cryptography is the practice of transacting securely and sending encrypted messages between two or more parties. Besides this, the platform also seeks to shield users’ data from a business competitor and outside manipulation. Moreover, the protocol is based on an open oracle framework for retrieving off-chain data. An open oracle framework is a structure that maximizes data security through market data APIs, reports, DApp protocols, etc. The platform aims to upgrade two smart contracts through an open oracle framework—Open Zoracles Price Data, where data is stored, and Uniswap Anchored, where the output is compared.

ZORA is the ticker name used for the Zoracles platform. The token is used for providing liquidity along with governance functionality. Besides, the token holders provide liquidity to Uniswap V3 and access Zora Credit Lines with an applicable score.

Zoracles believes that the platform adds value to liquidity providers across the DeFi ecosystem. Thus, the platform strives hard to collaborate and expand its reach with the help of community discussions on various social media platforms globally.