- Hedera announced that it would offer access to Supra’s decentralized oracle price feed on its network.
- Hedera (HBAR) investors have not reacted strongly to this news as it is down 3.8% in the last 24 hours.
Hedera network has announced an integration that allows users to access Supra Labs’ decentralized Oracle pricing feed via the DORA (Distributed Oracle Agreement) protocol. This comes after Python Network announced the launch of more than 400 real-time price feeds on the Hedera network published by the Crypto News Flash.
According to the report, application developers would have access to real-time data to enable application reliability while helping users make rational decisions. It is important to note that Supra’s DORA provides and verifies real-time price feeds from reputable sources while simultaneously identifying the “Byzantine or collusive behavior that influences competitors.”
As a distributed, low-latency Oracle service, Dora offers both pull and push subscription models designed for developer use. The report further reveals that Dora is integrated with the innovative Moonshot consensus mechanism and distributed VRF, to optimize performance in terms of latency, network reliability and fallback mechanism in the period of volatility. Supra is working on HyperNova, an upcoming bridgeless cross-chain consensus mechanism. The Oracle has largely contributed to the Web3 ecosystem through application interoperability and functionality.
Oracles play a critical role in enabling cross-chain interoperability and improving the functionality of Web3 applications, because smart contracts do not have native support for these features and do not share security guarantees with other chains. Supra Oracles steps in to validate and transmit data efficiently, expanding the capabilities of smart contracts.
Merits of Hedera that attract projects to its network
Hedera, on the other hand, prides itself on being an open-source and Proof-of-Stake ledger that uses the asynchronous Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm. The EVM is reportedly optimized to produce speed and scalability.
It was also created to enable the seamless implementation of smart contracts using Web3 environments, libraries and tooling. Developers mainly prefer Hedera for its accessibility to advanced tools such as intuitive APIs, EVM equivalence, and extensive tooling.
Most importantly, transactions facilitated on the Hedera network have fixed fees with an average cost of $0.001. According to the report, the settlement time is approximately 3-5 seconds. Furthermore, the network can process more than 10,000 transactions per second.
The Hedera-supported Oracle price feed provides enhanced security through the Supra’s DORA. The updates are retrieved on demand, eliminating unwanted interactions in the chain to save costs and promote flexibility. Supra’s Pull model can be found on both the Hedera Testnet and Mainnet. However, the Push model is only available on Testnet. According to the announcement, it would be available on the mainnet later.
It’s time to unlock the power of real-time data on Hedera. Supra’s DORA price feeds provide the reliability, security and cost-effectiveness you need to build advanced applications. Use this Oracle integration to inform user decisions, optimize your applications, and push the boundaries of your solution on Hedera.
Hedera’s efforts in this area are clearly reflected in its recent integrations, including the addition of BitGo to its prestigious Board of Directors. This was previously reported by Crypto News Flash. The token (HBAR) has also developed positively in response to these developments, rising 86% in the past three months.
At the time of writing, Hedera (HBAR) was trailing 3.8% in the last 24 hours, trading on $0.115978. In the last seven days, investors have only one 2.7% return on investment, extending 30 days of profit 62%.