How this decentralized protocol democratizes data by enabling users to build their own oracles

Scry, a decentralized oracle protocol, enables anyone to build independent oracles with cross-chain data lookup, addressing the challenges of centralization in the oracle market and interoperability between networks.

Blockchain oracles are essential in the regular operation of decentralized applications (DApps), as they connect decentralized networks to real-world data.

Despite their undisputed importance, oracles are a niche market that hasn’t matured enough, offering a limited range of options.

The market has been dominated by the blockchain oracle network Chainlink, whose native token LINK has ranked among the top 15 largest cryptocurrencies by market cap for years.

While Chainlink positions itself as a decentralized network, market players are concerned about its high level of centralization that can compromise decentralized finance (DeFi) and Web3 apps. One of Chainlink’s critics, crypto researcher Chris Blec, once said:

“The entire DeFi industry — VCs, DAOs, devs, everyone — is colluding to hide the fact that if five people, chosen by Chainlink, ever decide (or are forced) to go rogue, the entire DeFi ecosystem can be intentionally destroyed in the blink of an eye.”

This decentralized protocol lets users deploy independent oracles

The oracle market should harness the promise of decentralization to empower users, and the blockchain industry demands a fully decentralized oracle network that enables developers to build open and adaptable oracle systems.

Scry, a recently launched oracle protocol, provides this permissionless environment for building independent oracles through an innovative approach.

Scry is a decentralized oracle protocol that empowers blockchains to access accurate external data and facilitate cross-chain communication. It is the only protocol that allows anyone to deploy fully independent oracles and monetize their data by fulfilling requests. Users enjoy complete control over their data sources and can select the security model as well as data providers that suits their needs.

Source: Scry

Scry’s oracles support arbitrary API endpoints, secure verifiable random functions (VRFs), and seamless cross-chain lookups. Additionally, the protocol supports all EVM-compatible chains, encompassing Ethereum and its layer 2 networks, such as Polygon, Arbitrum, and Optimism. The cross-chain lookup feature enables access to any EVM network, any contract and any data with a single request. For instance, users can retrieve real-time token balances, nonfungible token (NFT) ownership information, or data from any other network.

The protocol’s cross-chain functionality enables DApps to preserve interoperability and composability across various networks. This feature becomes increasingly important as the blockchain ecosystem expands and layer 2 solutions become more prevalent. Developers can directly access data from any contract on any EVM-compatible network on demand, including Ethereum and its layer 2 networks. This eliminates the need for complicated cross-chain data stitching and provides real-time data access, enabling seamless data exchange between DApps on different networks.

Thanks to the Morpheus framework that ensures support for arbitrary APIs, Scry enables developers to integrate with any external API, including public data sources, private enterprise APIs and real-world data feeds on demand. These data sources can empower DApps and foster many use cases.

By allowing anyone to create their own oracles, DeFi and Web3 projects can pick the oracles they want and batch data from multiple independent oracles to ensure redundancy and security while benefiting from unprecedented customization.

Introducing the concept of data liquidity providers

Scry attains full decentralization through a network of data liquidity providers (data LPs), establishing a decentralized data marketplace. This approach empowers developers to access data from diverse sources while fostering data contributions from individuals and entities. Anyone can become a data LP and earn rewards. Developers can procure the data they require from the signers of their choice. This distinctive approach fosters a competitive and incentivized data ecosystem.

Thanks to its innovative approach and permissionless architecture, Scry offers a more decentralized, scalable, and customizable oracle solution than traditional centralized and closed-system oracle networks. Scry’s decentralized nature eliminates the reliance on a single entity, reducing the risk of single points of failure and enhancing data security. Its permissionless architecture allows anyone to deploy oracles, fostering a diverse and competitive ecosystem of data providers. Furthermore, Scry’s open-source nature encourages collaboration and innovation, enabling the development of customized oracle solutions tailored to specific needs.