Will Blockchain Oracles Own The Next Crypto Bull Run?
Crypto bull runs generally offer varying opportunities across diverse sectors. However, if we are to look at percentage growth, over general appreciation, then there's always an inconsistency in value growth across crypto assets in the ecosystem.
Will it be blockchain oracles leading the waves this time?
I have reasons to believe so but shitcoins are quite a strong competitor with the launch of Bitcoin Inscriptions.
Maybe DeFi on Bitcoin will be a great marketing ploy for pump and dumps going forward with all the attention bitcoin is getting from institutional investors lately.
Institutional Funds To Pump Data Providers
Data as a currency has been a concept I've thrown around lately, this is given the evidence in how technology is affecting how and where we do business.
The world is moving closer to an era where “information” holds greater merits in business operations. In today's world, it takes access to good data to achieve great success. This is why Google is a giant, its access to consumer data at a large scale makes it some sort of digital bank transacting with data.
How does any of this relate to blockchain oracles?
Well, for starters, Google runs Google Cloud and Google Cloud is basically an oracle and is currently the default oracle of the cross-chain messaging protocol - LayerZero.
Back in September, LayerZero partnered with Google cloud to make the tech giant a default Oracle for dapps running on LayerZero.
Last I heard, LayerZero should be airdropping tokens at some point.
LayerZero being a messaging layer for blockchains - reportedly integrated with 50+ already - serves as an interoperability protocol, enably cross-chain messaging or exchange of data. With Google Cloud being a default oracle, that's a load of currency(data) being sent down Google’s den and given all recent partnerships Google has made within the crypto space - it's obvious the tech giant understands just where it needs to be to maximize revenue in the future of the Internet, business, finance and economy.
Whilst Google cloud is already a renown name across the tech industry, institutions, VCs and degens still like to get their hands or their pockets on some new toy and this is where blockchain-powered oracles come in.
The thing is - with Google Cloud, it's all centralized and may appear worrisome for many involved in crypto for the freedom it thrives to build away from traditional structures.
Having numerous blockchains alternatives is a huge step in the right direction and my guess is that so many institutional funds will be taking a bet on this.
A recent example is the Pyth Network, which has been trending lately and prompted by media outlets as the low-latency blockchain oracle. Although the amount VCs have invested in the Pyth Network remains undisclosed, the hype around it, its airdrop and all that is a tell on how the industry is moving.
One of many drivers for the blockchain oracle sector in crypto is the growing interest in tokenization, both in adoption of tokenized systems for business operations to actual use of the technology to tokenize and bring real world investments to the blockchain ecosystem.
All this puts blockchain oracles - which will play a pivotal role in the smooth delivering of global trade between the borderless crypto markets and traditional assets ecosystem.
With data providers earning more relevance as time passes, it's common to speculate that blockchain oracles could be major waves makers in the next bull run.
Posted Using InLeo Alpha