Last updated on June 21st, 2022 at 05:30 pm
Mutually beneficial collaborations are essential in the blockchain space, and two leaders have partnered up to consolidate their operations. Algoracle, the Algorand blockchain’s foremost oracle service, has announced a partnership with peer-to-peer social dApp 2i2i.
The partnership intends to drive the growth and adoption of decentralized communication methods via an Oracle system. Both the innovative platforms on Algorand are set to release functionalities to achieve the aforementioned objective.
2i2i is the first-ever decentralized social media platform built on Algorand. It creates a social haven that incentivizes interaction between people. 2i2i’s social interaction is based on a two-tier system; the Host and the Guest. The host receives incentives in the form of coins to interact with others on the platform, while the guest pays the host. Guests decide on the individual that they want to interact with and pay them with coins for their time.
Algoracle is developing decentralized oracle networks that act as a bridge between Algorand-based applications and other blockchains, as well as the real world.
Smart contracts on Algorand depend on information to function effectively, and the required data is accessed via the decentralized oracle system that Algoracle offers. It connects several platforms to a diverse set of feeds such as cryptocurrency, sports, weather, stocks, and much more. Platforms have the freedom to customize their feeds.
Algoracle’s oracle architecture prioritizes security, which is why it was designed to be decentralized, with many feed providers working simultaneously and designated community members ensuring their effectiveness. The system runs on the principle of checks and balances. Additional security layers are also incorporated.
“We love how many ways a decentralized oracle network can be used in the Algorand ecosystem,” says Algoracle’s CEO, Abdul Osman, about the partnership. “2i2i is a perfect example of a creative use of computation abilities for the oracle layer. Imagine an incentivized social dApp that has all the benefits of a worldwide decentralized network!”.
For more information about the Algoracle and 2i2i partnership, visit about.2i2i.app or follow on Twitter @2i2i_app, and Algoracle.ai or follow on Twitter @Algoracle.
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