Today, we're pleased to announce the upcoming launch of the INSTAR DeFi Oracle! For the past two years, Insights Network has worked in stealth with our partners at Partisia and Sepior to bring to market secure data oracles that control the privacy and security of data and transactions on blockchains.
The INSTAR DeFi Oracle is the latest use case demonstrating our work together
Insights Network is a blockchain data exchange provider and the addition of Data Oracles encompasses an expansive amount of use cases. First, we're launching the DeFi oracle so that the INSTAR token will now be liquid on Ethereum without changing the overall supply of the tokens, enabling Ethereum network users to easily swap for INSTAR tokens, create liquidity pools, and transfer INSTAR back and forth from the INSTAR mainnet to use on the data exchange at instars.com. To use the Oracle, INSTAR tokens will need to be staked. In V2, the oracle will provide a bridge from EOS Main-net to Ethereum. Following that, any non-ethereum project will be able to stake INSTAR tokens and use the oracle to bridge their cryptocurrency asset across blockchains and the various DeFi economies.
Bridging Tens of Billions of Dollars Worth of Non-Ethereum Assets to the DeFi Economy
As displayed above, the INSTAR DeFi Oracle will act as a bridge from the INSTAR Blockchain to the Ethereum Network, allowing INSTAR, and soon to be any other Non-Ethereum Blockchain asset to participate in the DeFi economy on platforms such as Uniswap. Eventually, the same functionalities available to users on Uniswap, will be available to users on the INSTAR Network, which is far more suitable for DeFi marketplaces due to transaction volume capabilities and no-fee transactions. The Ethereum Network has been congested and fees to send Ethereum and ERC-20 assets have grown as high as $6 / transaction in the past month. This is unsustainable and the INSTAR Oracle is ready to help scale DeFi.
Why INSTAR Oracle Vs. Others?
As mentioned at the beginning of this post, the product development of the INSTAR DeFi Oracle is a collaboration between the three entities, Insights Network, Partisia, and Sepior. The oracle is a combination of the INSTAR Blockchain, smart contracts, and the Sepior™ ThresholdSig Key management technology. The Oracles will be secured by a decentralized network of split key managers, with the total number of split key managers expanding over time to continue to make the Oracles non exploitable. Sepior is backed by Japan's largest holding Company, SBI. The ThresholdSig Key technology has been built over the last decade, and undergone many audits which prove its security. The technology is so trusted by SBI, it is being used for the upcoming SBI owned Japanese Cryptocurrency Exchange for Institutional investors, VC Trade.
Next Up: More Oracle Use Cases
Together with Partisia and Sepior, we're launching an entire suite of privacy preserving data oracles that solve for many enterprise use cases. We're calling this joint initiative "Privacy Blockchain". The Privacy Blockchain (PBC) project is an all-purpose platform for blockchain-agnostic ZK computations. The unique mix of blockchain technology and ZK computation offers a transparent orchestration of ZK computation on-chain, off-chain and across blockchains.
The INSTAR DeFi oracle is in test net and will be live in under 45 days! Reach out if you're interested in getting involved with our new Oracle Technology.