People familiar with the Ethereum ecosystem may have heard of a project called Oraclize. This particular project is used as a data carrier for decentralized applications on the Ethereum blockchain. Earlier today, the company reached over 100,000 mainnet transactions. An important milestone for an oracle service running for nearly two years now.
Oraclize is Hitting Major Goals
It is good to see services such as Oraclize finally gain some of the recognition it deserves. The world’s leading oracle service has been around for nearly two full years now. It provides on-demand data carrier services for all decentralized applications on the Ethereum blockchain. Since smart contracts can’t gather data on their own, Oraclize can be of great value. Moreover, the entire service is enforced by cryptographic proofs, creating a trustless system.
Quite a few applications make use of the Oraclize ecosystem so far. Stackexchange, vDice, proof of Identity and the Youtube Contract are just a few examples. All of the contracts making use of this trustless data carrier service have generated over 100,000 mainnet transactions. That is a major milestone for an oracle service. It also highlights the growth in popularity of Ethereum Dapps as a whole. Even though it took the project nearly two years to get here, they are still the leading oracle service in the world right now.
Rest assured the popularity of Oraclize will only continue to grow. Decentralized applications are only just now beginning to gain some market traction. Once the whole world sees what the technology offers and how it works, 100,000 transactions over two years will seem like a breeze. An efficient and trustless data carrier with on-demand accessibility can be an invaluable addition to the Ethereum ecosystem as a whole.
Moreover, smart contracts are becoming more complex as time progresses. A lot of these contracts will require external data, which the initial technology can’t retrieve on its own. With Oraclize, that becomes a trivial issue. As smart contracts become more mainstream, so will on-demand oracle services. It is believed the Ethereum Enterprise Alliance will elevate smart contracts to the next level. Oraclize will be a key part of this change, that much is evident.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.