Oracle Coins are cryptocurrencies that focus on providing decentralized and reliable data to blockchain applications. By using Oracle Coins, smart contracts can utilize data from external sources to perform complex tasks, thus overcoming the limitations of smart contracts. In this article, we will present the Top 10 Oracle Coins of 2024.
1. Chainlink (LINK)
is a cryptocurrency that aims to connect smart contracts with real-world data and external APIs. The project aims to overcome the limitations of smart contracts by providing a reliable and secure way to utilize external data. Chainlink utilizes "oracles" that collect real-time data and send it to the Ethereum blockchain network. This enables smart contracts to perform complex tasks that rely on data outside the blockchain network.
The LINK token plays a crucial role in the Chainlink platform. It serves as the fuel for the ecosystem, requiring users to have LINK tokens to access the network's functionalities. LINK holders can also participate in the Chainlink network as node operators and are rewarded for their contributions in LINK tokens.
2. Band Protocol (BAND)
Band Protocol (BAND)
is a cryptocurrency project that focuses on providing decentralized oracle solutions for blockchains. The project allows developers to securely and reliably integrate external data sources into smart contracts. Band Protocol utilizes a network of validators who validate and verify data before it is inputted into the blockchain network. This ensures the necessary reliability and prevents data tampering or manipulation.
The native utility token of Band Protocol, the BAND token, is used as a staking mechanism, allowing users to stake their tokens to function as validators in the network. As a reward, these validators receive new tokens and transaction fees. Additionally, the BAND token is used to reward validators for data verification and providing reliable information. Lastly, the BAND token serves as a payment within the network for processing transactions and paying fees.
3. API3 (API3)
is a project that focuses on providing decentralized oracle solutions for blockchains. The project enables developers to securely and reliably integrate external APIs into smart contracts. API3 ensures a secure data source, protected against fraud by utilizing decentralized air-gapped oracles. API3 connects directly with trusted API providers, guaranteeing data integrity in a transparent manner.
Holders of the API3 token can participate in the governance process and contribute to the development and evolution of the protocol. Additionally, the API3 token is used as a reward mechanism for node operators who make their APIs available to the network. By receiving API3 tokens, node operators are incentivized to provide high-quality data and contribute to the network's reliability.
4. Phala Network (PHA)
Phala Network (PHA) is a cryptocurrency that focuses on providing privacy solutions for decentralized applications (dApps) on blockchains. The project enables developers to process sensitive data securely and confidentially without compromising user privacy. Phala Network aims to provide a privacy-first infrastructure for dApps, giving users control over their personal data and privacy.
The PHA token serves as the native token of the network and has various use cases. Firstly, the PHA token is used as a means of payment within the network, requiring users to use PHA tokens to pay transaction fees and access network services. Additionally, token holders can benefit from voting rights within the governance system, allowing them to participate in the decision-making process regarding upgrades and adjustments to the platform.
5. AirSwap (AST)
focuses on providing decentralized, peer-to-peer (P2P) exchange and trading solutions on the Ethereum blockchain. The project aims to enhance the traditional exchange experience with a simple, secure, and transparent trading protocol. AirSwap utilizes the Swap protocol, which operates on smart contracts, enabling users to trade directly with each other without intermediaries. The protocol ensures that users have complete control over their private keys and avoids the need to deposit tokens on a centralized exchange.
The AST token allows users to pay for transaction fees and network fees. AST token holders can also participate in the governance process of the network, allowing them to vote on the development direction and upgrades of the AirSwap protocol.
6. Flux (FLX)
is a promising cryptocurrency that focuses on providing DeFi services to users worldwide. The project aims to create an open and transparent financial system accessible to everyone, regardless of their location or financial background. Flux utilizes blockchain technology to enable users to lend, borrow, save, and stake without intermediaries. Through the use of smart contracts and tokenization, Flux allows users to manage and trade their digital assets with full control and ownership.
The Flux token, FLX, plays a crucial role in the cryptocurrency ecosystem. As a utility token, FLX is used as a governance token, allowing holders to participate in the decision-making and direction of the network. By holding FLX, users can vote on proposals and changes to the protocol. Additionally, FLX plays a role in providing liquidity and is used as collateral for loans and trading on the Flux platform. By owning and using FLX, users can benefit from lower fees, higher rewards, and participate in various DeFi activities offered by the platform.
7. Tellor (TRB)
is an oracle coin that focuses on delivering reliable and decentralized data feeds to blockchain applications. The project aims to ensure the reliability and accuracy of data within smart contracts, allowing users to rely on external data sources without intermediaries. Tellor provides a decentralized and secure oracle network, which is essential for applications such as DeFi and other decentralized applications requiring reliable external data.
Using the TRB token, users can pay for receiving data feeds from trusted sources. Users can use TRB as collateral to submit and verify data. TRB token holders can participate in the governance of the platform, allowing them to vote on network upgrades, changes, and other significant decisions.
8. iExec RLC (RLC)
iExec RLC (RLC)
is a blockchain-based platform that focuses on facilitating decentralized cloud computing. The project aims to provide a secure and cost-effective infrastructure for distributed applications, enabling users to share and trade computational power, data storage, and other IT services. iExec utilizes oracle technologies to integrate and provide off-chain data to smart contracts, allowing decentralized applications to access accurate and real-time information. iExec offers a distributed and trusted platform that combines the benefits of cloud computing with the advantages of decentralization.
With the iExec RLC token, the RLC token, users can pay for the usage of iExec services. Users need to pay RLC to obtain computational power, data storage, and other services within the platform. Token holders can stake RLC to act as oracles, verifying and providing data from external sources to decentralized applications.
9. UMA (UMA)
is an innovative cryptocurrency that focuses on creating decentralized financial products through synthetic assets. The project aims to provide an open and accessible financial system in which participants can create and trade synthetic derivatives without traditional financial intermediaries. UMA utilizes smart contracts on the Ethereum blockchain, allowing users to design customizable and programmable financial contracts known as "Universal Market Access." With UMA, users can create and trade new financial products such as synthetic stocks, bonds, futures, and more.
The UMA token plays a significant role within the UMA ecosystem. UMA is a governance token, providing holders with the ability to participate in the decision-making process and influence the development direction of the platform. By staking UMA tokens, users can create and trade new synthetic assets on the UMA platform. Stakers earn rewards in the form of UMA tokens, incentivizing their participation in the network and providing liquidity.
10. WINKlink (WIN)
is a blockchain-based cryptocurrency that aims to transform the gaming and gambling industry through decentralized oracles. The project aims to provide fair and transparent gaming and gambling experiences to users worldwide, utilizing blockchain technology to ensure game and payout integrity. WINKlink uses decentralized oracles to integrate live data feeds into games and dApps, giving users access to real-time and fair information. With WINKlink, gamers and gamblers can enjoy a secure and trusted environment with a high level of transparency and fairness.
WIN functions as a utility token, meaning it is used as the primary currency for transactions within the WINKlink platform. Users can use WIN tokens to play games, place bets, and receive payouts on the WINKlink platform. Additionally, WIN tokens can be used to earn and receive rewards for participating in the community.