DUBAI, United Arab Emirates, June 15, 2023 (GLOBE NEWSWIRE) -- OKX Ventures, the investment arm of the second-largest crypto platform by trading volume and Web3 technology company OKX, has issued updates for the day of June 15, 2023.
OKX Ventures Releases Report on the Role of Oracles in the Web3 Narrative
OKX Ventures has released a new report on the role of oracles, the middleware that allows a blockchain to communicate with off-chain data, in the Web3 narrative, following Vitalik Buterin's recent article on the subject. The report, entitled: 'How blockchain oracles will help shape Web3's future narrative,' highlights the crucial role that blockchain middleware, such as oracles, will continue to play as long as off-chain data remains valuable. The research piece also notes that the increase in dApps and protocols will drive the expansion and demand for oracles.
The 'Oracle Insight' report acknowledges Chainlink's dominant position in the market and notes that it will be difficult for any other protocol to break its monopoly in the short term. However, the report also identifies notable innovative protocols and narratives emerging in various sub-segments of oracles, such as Layer-2 protocols, NFTs and decentralized identifiers (DIDs). OKX Ventures believes that it is virtually impossible for the oracle space to be monopolized by one major player in the long term, considering incremental market demand and other emerging factors.
OKX Ventures holds the core belief that there is still great potential for the development of oracles and an enormous market space to be explored. This includes further integration of AI and machine learning technology with off-chain computing, non-standard on-chain asset valuation and other blockchain applications.
For further information, please contact:
Media@okx.com
About OKX Ventures
OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform's latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
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