Smart contracts have been a crucial part of the cryptocurrency industry ever since 2015 when Ethereum was launched. The project introduced them to the crypto world that was focused solely on trading and investing up to that point, and so discovering the ability to develop all kinds of other products thanks to smart contracts changed the industry forever.
Thanks to them, we now have things like dApps, DeFi protocols, NFTs, metaverses, decentralized stablecoins, blockchain games, and all kinds of other things. However, this led to another problem. Smart contracts are self-executed, meaning that they are established under certain terms, and once the terms are met, they send transactions and move to the next stage of the contract. The problem, however, comes from the fact that they are blockchain-based, and so they don’t have access to the off-chain data.
This means that they don’t know when the terms were met, and so they cannot be executed unless that data is somehow brought to the blockchain and made available to them. This led to the creation of oracle protocols, such as WINkLink, whose job is to deliver reliable off-chain data to the blockchain.
How Does WINkLink (WIN) Work?
WINkLink is the first comprehensive oracle of TRON’s ecosystem. It is important for blockchains to have reliable oracles because, despite being excellent storage systems where data is immune to tampering, it is easily verifiable and fully encrypted — blockchains are still stuck in their own ecosystems, and incapable of accessing external information on their own.
This means that they need a separate system that would feed them data from the real world, and WINkLink’s oracles act as such a system for the TRON network. The project is feeding trusted price data to TRON, meaning that all of its DeFi platforms can gain access to it. With accurate data offered to the users and projects alike, TRON can also boost the number of its use cases, attract more users, developers, and projects, and continue to grow.
Also, the project can be used to access random number generators, which is extremely useful for TRON’s gambling dApp-dominated decentralized application sector.
What Problems Does WINkLink (WIN) Solve?
Thanks to WINkLink, smart contracts and similar blockchain processes are able to function, as it acts as the ultimate solution for delivering off-chain data to the blockchain within TRON’s ecosystem. Its service brings the following solutions.
Integrating the real world with the blockchain space
This is the biggest and most important contribution that the project makes. Information is crucial for the blockchain processes involving smart contracts to function, as explained above. So, in order for any smart contract on TRON to function properly, it requires reliable data that can be delivered in real-time, which is where WINkLink comes in.
Providing reliable data
Of course, having data delivered is of little worth if that data isn’t reliable and trustworthy. Otherwise, no one would use TRON’s smart contracts and would simply migrate to a network that offers a better alternative. This is why WINkLink is withdrawing data from the most trusted sources, compares it and ensures that it is truthful and reliable, and only then feeds it to the contracts in order to let them get executed
Enhance the trust in blockchain processes
By offering reliable data, the project is helping the blockchain industry by ensuring that it only conducts 100% decentralized, trustworthy processes. With a system set up in a way to ensure that only real, reliable data is delivered and used for smart contracts’ self-execution, WINkLink is ensuring that users do not have to do their own fact-checking to make sure that the contract operated properly. Simply put, it enhances the trust in blockchain processes and makes sure that they are always true, which encourages individuals and companies to start using the TRON blockchain and its contracts for personal and business purposes.
Boosts the growth of TRON’s ecosystem
Naturally, by proving to the world that TRON’s smart contracts are reliable and that the data they use is truthful and fresh, the project is actively contributing to the growth of the TRON ecosystem simply by proving that it can be trusted and that it is profitable, with good oracles, good data, and functional contracts. This can mean a world of difference when it comes to things like the DeFi sector, where lending and borrowing depend so much on accurate prices. As impactful as that is, it is only a single example of a situation where accurate data plays a crucial role.
Benefits of WINkLink (WIN)
Of course, WINkLink’s benefit to the TRON ecosystem, blockchain technology, and smart contracts is undeniable. However, let’s take a look at what can the project do for you, specifically.
Get accurate prices
Accurate prices are important for the trustworthiness of the network, yes. However, they are also extremely important for you. Imagine if you borrow money from one of the lending protocols in TRON’s DeFi sector. The smart contracts would use the current price feed to calculate how much you are eligible to give, how big your collateral needs to be, and how big of an interest you need to pay. All of this can vary extremely much, especially in the crypto industry, where prices skyrocket and crash very easily.
Depending on the amount that you are working with, even the slightest price changes can have massive consequences, which is why it is extremely important for you too to have accurate prices involved in the system and the processes that are working behind the scenes.
Governance
Finally, WINkLink’s native cryptocurrency, WIN, will be the governance token of the WINkLink oracle network. That means that owning it can allow you to participate in the decision-making involved with the project, so you can have a real impact on the project as an active member of its community and its supporter.
Bottom Line
WINkLink is one of those projects that do not attract a lot of attention to themselves but are crucial for the overall processes within a blockchain ecosystem, and for that reason, we believe that this project is absolutely worth a second look and your attention as an investor and a supporter of one of the most important projects that TRON has to offer.
