We are collaborating with a world-class team to develop an oracle based on real-world assets, which will enhance the verifiability of on-chain data.
In the ARKS project, an oracle is a technology used to obtain external data and inject it into smart contracts. Oracles are third-party services based on trust that can provide information and data sources related to the target market.
In the ARKS economic model, oracles are used to determine important factors such as the exchange rate and other asset parameters of USDT, which are crucial for the normal operation of the lending agreement. By using oracles, the accuracy and verifiability of this data can be ensured, allowing users to participate in the decentralized finance field with confidence.
To protect the security and reliability of oracles, ARKS uses a strategy of multiple oracles. This increases the robustness of the system and prevents single points of failure. Additionally, ARKS uses cryptographic techniques to protect oracles from malicious attacks.