- Hedera has announced that it would provide access to Supra’s decentralized oracle price feed on its network.
- Hedera (HBAR) investors have failed to react strongly to this news as it fell by 3.8% in the last 24 hours.
Hedera network has announced an integration that would allow users to access the decentralized Oracle price feed of Supra Labs through the DORA (Distributed Oracle Agreement) protocol. This comes after Python Network announced the launch of over 400 real-time price feeds on the Hedera network as published by the Crypto News Flash.
According to the report, application developers would have access to real-time data to enable application reliability, while assisting users in making rational decisions. It is important to note that Supra’s DORA provides and verifies real-time price feeds from reputable sources while protecting the “Byzantine or collusive behaviors that affect competitors.”
As a distributed, low-latency Oracle service, Dora offers both pull and push subscription models designed to fit the use of developers. The report further discloses that Dora is integrated into the innovative Moonshot consensus mechanism and distributed VRF, to optimize performance in the areas of latency, network reliability, and fallback mechanism in the period of volatility. Supra is working on HyperNova, an upcoming bridgeless cross-chain consensus mechanism. Its Oracle has largely contributed to the Web3 ecosystem through the interoperability and functionality of applications.
Oracles play a pivotal role in enabling cross-chain interoperability and enhancing the functionality of Web3 applications, as smart contracts lack native support for these functions and share no security assurances with other chains. Supra Oracles step in to validate and transmit data efficiently, extending the capabilities of smart contracts.
Merits of Hedera that Attract Projects to its Network
Hedera, on the other hand, prides itself as an open-source and Proof-of-Stake public ledger that makes use of the asynchronous Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm. Its EVM is reported to have been optimized to produce speed and scalability.
It is also created to enable the seamless deployment of smart contracts using Web3 environments, libraries, and tooling. Developers mostly prefer Hedera due to the accessibility of advanced tools such as intuitive APIs, EVM equivalence, and comprehensive tooling.
Most importantly, transactions facilitated on the Hedera network have fixed fees with an average cost of $0.001. According to the report, its settlement time is around 3-5 seconds. In addition, the network can take more than 10,000 transactions per second.
The Oracle price feed supported on Hedera ensures improved security via the Supra’s DORA. The updates are retrieved on-demand, eliminating unwanted on-chain interactions to save cost and encourage flexibility. The Pull model of Supra can be found on both the Hedera Testnet and Mainnet. However, the Push model is only available on the Testnet. According to the announcement, it would be available on the mainnet later.
It’s time to unlock the power of real-time data on Hedera. Supra’s DORA price feeds offer the reliability, security, and cost-effectiveness you need to build cutting-edge applications. Use this orOraclentegration to inform user decisions, optimize your applications, and push the boundaries of your solution on Hedera.
Hedera’s effort within the space is evident in its recent integrations including the addition of BitGo to its prestigious Governing Council. This was formerly reported by Crypto News Flash. Its token (HBAR) has also moved positively in reaction to these developments with a surge of 86% in the past three months.
As of press time, Hedera (HBAR) was down by 3.8% in the last 24 hours, trading at $0.115978. In the last seven days, investors have only managed a 2.7% return on investment, extending its 30-day gain to 62%.