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.
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
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