Blockchain

Empiric Network – Oracle Platform On StarkNet Raises $7M Led By Variant

Empiric Network, a new decentralized blockchain oracle on StarkNet, has raised $7 million in a funding round led by Variant. 

In a funding round that was co-led by Variant, $7 million was raised for Empiric Network, a brand-new decentralized blockchain oracle on StarkNet. According to Karl Oskar Schulz, a co-founder of Empiric, the funds will be used mostly for employment.

A blockchain oracle connects smart contracts with the outside world to retrieve or send out information. Traditional oracles are centralized, meaning off-chain nodes go out and find data from multiple undisclosed sources and aggregate that data off of the blockchain. The result of the data, such as a cryptocurrency price or the readout of a sensor, is the only publicly visible item.

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, which was created through a strategic alliance with StarkWare.

StarkNet advantage

The centralized oracle structure was more practical from a technological standpoint, avoiding the high gas, or transaction, fees and slow throughput of the main blockchain. StarkWare’s creation of StarkNet provided lower fees, improved transaction speeds and the ability to perform on-chain computations.

On-chain computations open the path to move decentralized finance (DeFi) metrics beyond price feeds and toward the types of data valued in traditional finance, such as risk, volatility and yield metrics.

“Let’s give DeFi the data it needs to really mature and become better. And that’s computational data,”

Schulz said

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

Victor

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

45 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

2 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.