By Chronicle Protocol, the exclusive $5B+ Oracle of MakerDAO, opens access to all Web3 builders
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
Zug, September 5, 2023 – Chronicle, the second largest Oracle provider that safeguards over $5 billion for MakerDAO and its ecosystem, is proud to announce the launch of Chronicle Protocol. This release marks the first time the protocol will be available outside of MakerDAO.
Niklas Kunkel, Founder of Chronicle, co-developed the first Oracle on Ethereum in 2017 to facilitate the creation of SAI, the predecessor to DAI. Many iterations later, Chronicle Protocol remains the steadfast guardian of assets within MakerDAO. At times, this responsibility extended to securing over $10 billion, enabling Maker to solidify its role as the leading DeFi protocol and the largest on-chain lender in the space.
Chronicle seeks to address numerous challenges Oracle providers and users face while granting universal access to the decentralized protocol for all developers. Chronicle will launch first on Polygon zkEVM to service the fast-growing ecosystem and lay the foundation for integrating another of Chronicle’s key partners, Spark Protocol.
“Verifiable Oracles at scale are a critical innovation to ensure the integrity of DeFi,” emphasized Founder Niklas Kunkel. “Powering MakerDAO and Spark’s DAI money markets, Chronicle is unlocking DAI’s strategic transition to the leader in L2 ZK rollups, Polygon zkEVM.”
Chronicle Protocol will launch with a number of new and unique features:
Verifiable Data
At the core of Chronicle’s mission is verifiability. This rests on the premise that all data should be verifiable, and verification eliminates the need for trust. As a result, the protocol showcases an on-chain dashboard called The Chronicle that allows anyone to intuitively and provably track the origin of every element of data, end-to-end: creating a high integrity censorship-resistant layer for data transmission.
This is key to increasing the overall decentralization and security of the protocol and raises the bar for on-chain data transparency.
Enhanced Security
Underpinning Chronicle Protocol is a community-powered consensus network of 22 Feed node operators that includes trusted protocols such as Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX. Millions of blockchain users use these protocols daily, servicing billions of dollars of value.
Chronicle is committed to curating the highest quality network of Feed node operators that is representative of the leaders in the crypto community. This generates a positive feedback loop of increasing security and decentralization with each additional Feed. Chronicle is an Oracle for the community, powered by the community.
Cost-Efficient Oracles
Chronicle has been engineered from the ground up for a high degree of scalability. The key innovation is a next-generation Oracle cryptographic primitive called Scribe. Scribe reduces Oracle gas fees by over 60% via a clever utilization of Schnorr signature aggregation.
Having been battle-tested in Bitcoin, Schnorr cryptography solves one of the fundamental Oracle problems by decoupling the number of Feeds from the cost to verify an Oracle update.
Oracles are currently one of the largest cost centers for blockchains and DeFi protocols. This significant reduction in operation costs paves the way for the first scalable Oracles that deliver real-time and precise data without security trade-offs.
Ubiquitous Accessibility
The protocol architecture centers around accessibility, offering unparalleled flexibility for blockchain integration and a plug-and-play interface for most current Oracle users. Chronicle Oracles are blockchain agnostic and can be deployed on both public and enterprise ledgers.
A self-developed on-chain accounting system named Levier adds another layer of control to Chronicle’s end users and forms an integral part of the decentralized system. Oracle users can fund their Oracle operations directly on-chain, eliminating the need for off-chain remuneration. This user-centric approach empowers individuals who pay directly for Oracles to manage costs instantly and transparently and will be introduced shortly after launch in September 2023.
“The launch of Chronicle Protocol represents a pivotal moment in the Oracle space,” stated Founder Niklas Kunkel. “Our commitment to delivering secure, cost-efficient, and verifiable Oracles has driven the development of this market-leading release, uniquely positioning Chronicle and providing a much-needed challenger in a space dominated by a single provider.”
Chronicle Protocol pioneers an era where Oracle technology is robust, secure, scalable, and accessible to a broader audience. This launch signifies a new chapter in Oracle development, heralding a future where data is verifiable, operation costs are manageable, and the potential applications are vast.
About Chronicle Protocol:
Chronicle Protocol is a novel Oracle solution that has exclusively secured over $10B in assets for MakerDAO and its ecosystem since 2017. With a history of innovation, including the invention of the first Oracle on Ethereum, Chronicle Protocol continues to redefine Oracles. A blockchain-agnostic protocol, Chronicle overcomes the current limitations of transferring data on-chain by developing the first truly scalable, cost-efficient, decentralized, and verifiable Oracles, rewriting the rulebook on Oracle data transparency and accessibility.
Learn more about Chronicle Protocol and its transformative Oracle solutions by visiting https://chroniclelabs.org/. Stay updated by following Chronicle Protocol on Twitter and join the community in Discord.
For media inquiries:
Angus Tookey
Marketing
[email protected]
