Kaiko, a provider of institutional-grade cryptocurrency market data, today announced a partnership with Algoracle, the first native oracle service on the Algorand blockchain. Kaiko’s cryptocurrency market data will be integrated with Algoracle’s decentralized oracle network, available for use in smart contracts.
Decentralized oracles play a major role in the DeFi economy, and robust oracles are the key to the growth of a blockchain such as Algorand. Oracles enable real-world data to be used in smart contracts on a blockchain, a requirement for executing financial processes that rely on external price data.
Kaiko + Algoracle
Even though layered smart contracts can be powerful tools, they are still limited to the information provided on the blockchain upon which they are built upon.
Once Algoracle completes its decentralized oracle infrastructure, Algorand-based applications will be able to subscribe to Kaiko’s rich suite of cryptocurrency data offerings for use in smart contracts.
Algoracle started as a winner in Encode’s Algorand fall hackathon, before going on to receive the Algorand foundation’s Price Oracle Supa Grant to build out the service.
“We believe data providers should be able to offer their services directly to Algorand based applications, and we are excited to begin testing the infrastructure to allow institutional-grade providers like Kaiko to connect with Algorand applications.”
– Algoracle CEO, Abdul Osman
Algoracle hyper focuses on keeping accurate and up-to-date real-world data on a smart contract with as little infrastructure as possible (enough to move data and secure the system). To ensure the data is fully decentralized, Algoracle keeps the collection and aggregation mechanisms as decentralized as possible.
More information on Algoracle’s architecture can be found in its latest whitepaper.