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Usha Yadav
Jul 16, 2022
by Usha Yadav

New Decentralized Blockchain Oracle Empiric Network Raised $7M

Empiric Network

Table of contents

  1. Decentralized Oracle
  2. Advantages of StarkNet
Empiric Network, a brand-new decentralized blockchain oracle on StarkNet, raised $7 million in a fundraising round co-led by Variant. Karl Oskar Schulz, a co-founder of Empiric, claims that they will mainly use the money for employment.

Along with ecosystem partners StarkWare and Polygon co-founder Sandeep Nailwal, additional participants in the round included data partners Alameda, CMT, Flow Traders, Gemini, and Jane Street. StarkWare developed StarkNet, a zero-knowledge (ZK) rollup product that addresses scalability difficulties for the Ethereum blockchain.

StarkWare's valuation rose to $8 billion after a $100 million fundraising round in May. Schulz and Jonas Nelle co-founded Empiric Network, created through a strategic alliance with StarkWare.

Decentralized Oracle

A blockchain oracle connects smart contracts with the outside world to receive or transfer information. Traditional oracles are centralized, which means that data is gathered off the blockchain by off-chain nodes from many secret sources. The only thing the general public can see is the data's output, such as a bitcoin price or a sensor's reading. However, centralized oracles have been controversial due to the lack of transparent data. For instance, the Pyth Network oracle reported mistakenly in September of last year that bitcoin had fallen to $5,402 due to inaccuracies with two data sources.

Advantages of StarkNet

The main blockchain's high gas costs, transaction fees, and poor throughput were avoided using the centralized oracle structure, which was more practicable technologically. StarkWare's development of StarkNet enabled on-chain computations, lower transaction fees, and faster transaction times.

By using on-chain computations, it is possible to move decentralized finance (DeFi) metrics away from price feeds and toward the information valued in conventional finance, such as risk, volatility, and yield measures.

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New Decentralized Blockchain Oracle Empiric Network Raised $7M
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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