According to the team behind the Bridge oracle, the lack of this infrastructure is currently a pain point as it limits the blockchain’s use case to a tokenization platform.
They believe that the creation of this system is crucial for attracting small businesses who may not have the means, ability or time to create their own dedicated oracles. This could help the Tron (TRX) network progress and expand in the months and years to come.
As the project’s white paper explains, “Creating a public oracle system on Tron network will cause people to be able to implement their local or small business on blockchain, as well as benefit from peer-to-peer payment methods on the Tron network using native coin and tokens.”
The Importance of Smart Contracts
Oracles make blockchains more than just a tool for asset tokenization; they also allow for the creation of a programming ecosystem. Bridge aims to deliver this connectivity, meaning that decentralized apps can finally be created for ordinary users on the Tron blockchain.
Although the Tron network has succeeded in attracting developers, the Bridge team believe that there’s more work to be done. This blockchain currently has the second-highest number of DApps worldwide at 750, a number far behind Ethereum’s 3,000. “There should be a practical solution to fill the gap, based on which Tron is enabled to outpace Ethereum and stand in first place,” the project’s white paper states. The number of active accounts on Tron could surpass that of Ethereum soon, according to Coin Metrics — a vision that Bridge hopes to build and be a part of.
The team draws parallels to the early days of the internet, when many businesses struggled to establish an online presence. This all changed when ready-to-use content managers such as WordPress and Joomla came along, as technical hurdles were dismantled for smaller firms.
When it comes to tokenomics, the oracle has issued a dedicated asset known as the Bridge token (BRG) on the Tron blockchain. This is designed to offer a more affordable option when paying for the oracle’s services, and is set to deliver a “significant” discount in comparison to paying with TRX.
An initial exchange offering event is being held on Sept. 15, 2020, during which 20% of the total supply of BRG will be sold to people around the world. The team says one of the main goals when it comes to releasing tokens is to achieve “maximum dispersion and avoiding centralization.”
The Bridge project says it has attracted some top advisors to help steer the project going forward, including Mate Tokay, the CEO of Bitcoin.com. As well as being a vocal proponent of the Bitcoin (BTC) and Bitcoin Cash (BCH) communities, he has a degree from the International Business School in Budapest. He is joined by Sydney Ifergan, an experienced marketer and crypto expert, as well as Mike McCarthy, who Bridge describes as “one of the most influential and loyal characters of the Tron community.” Bridge’s CEO is Hakan Estavi, who has been an investor in the crypto space since 2016.
Looking ahead, the mainnet is scheduled to launch in late 2020. From there, BRG will be listed on more exchanges. The fully decentralized oracle system is expected to be live in 2022.
This content was originally posted on Cointelegraph at https://cointelegraph.com/news/the-tron-network-is-about-to-get-its-first-ever-public-oracle-system