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SAN FRANCISCO – (BUSINESS WIRE) – The rise of DeFi in 2020 has spurred a huge wave of growth in the blockchain industry, which is exemplified in the exploration of possible blockchain applications that have gone deeper from on-chain to off-chain data.
The blockchain industry has long been hampered by the limitations of smart contracts by not being able to interact directly with external systems. This is where blockchain oracles come into play.
What is an Oracle Blockchain?
Simply put, an oracle is a one-way digital proxy that can query and verify data from the real world and transmit the encrypted data to smart contracts. However, most oracles on the market are now centralized, which exposes the corresponding smart contracts to the risk of a single point of failure and undermines the benefits promised by their decentralized nature.
JustLink: the first official Oracle project of the TRON network
JustLink is a decentralized Oracle project developed by the JUST Foundation. JustLink is the first decentralized blockchain oracle on the TRON network that can securely power smart contracts with real-world data, including but not limited to loan prices, stablecoin exchange rates, derivative prices, market estimates, etc.
JustLink is the answer for Chainlink on the TRON network. The timing of its launch couldn’t be better as it meets the demands of TRON-powered smart contracts for external data, which liberates the entire TRON ecosystem.
For developers, JustLink is a more secure and cost-effective option for deploying a wider variety of DApps (decentralized applications). For TRON, as the ecosystem will expand exponentially, JustLink will further fuel the growth of TRON-based projects.
JustLink Powering JST: Connecting the real with the virtual
JustLink’s mission is to bridge the gap between the real and digital world and to connect virtual space and reality. As an essential component of the JUST ecosystem, JST is the pricing pool for JustLink to interconnect different use cases and ecosystems. JustLink powers JST in many ways.
1. Margin penalty system
JustLink introduced a margin mechanism to curb the dishonesty of the nodes. In a centralized Oracle model, users can keep private enterprises in check, but there should still be security measures to ensure that the nodes act faithfully. A certain amount of JST tokens must be reserved as a margin so that the node can receive and process a request for data. If the node data is abnormal, the margin will be removed and refunded to the data requester as compensation. JustLink uses game theory to motivate nodes to provide accurate data, otherwise the nodes will be fined.
JustLink’s margin system has increased market demands for JST and has opened up more possibilities for JST use cases. Data value can be calculated more accurately with JST rewards and penalties.
2. Synthetic activities powered by the ecosystem
The most popular use case for oracles is the price feed system, which features synthetic resources as the most important application. Oracles allow smart contracts to understand data outside the platform, and DeFi protocols use this data to determine which assets can be taken as collateral. JustLink compensates for TRON’s weakness in this area: As the first decentralized oracle on TRON, JustLink will leverage its TRON-based stable energy cost model and superior transaction processing capacity to bring more types of synthetic assets to life in a short time. This is also expected to increase the demand for JST applications to keep the price fair.
TRON founder and BitTorrent CEO Justin Sun says, “JustLink is the equivalent of Chainlink on TRON, the birth of which marked a milestone for the TRON ecosystem. JustLink will lead a new boom cycle in DeFi applications powered by TRON, which will further benefit and invigorate the entire TRON ecosystem. It is fair to say that JustLink is a landmark project destined to revolutionize the entire DeFi industry. ”
How to join JustLink
You can choose to do the following depending on the role you want to take on in the JustLink ecosystem:
For the implementation of the JustLink contract: http://47.252.73.5:8085/v1/doc/deploy.html#%E5%87%86%E5%A4%87%E5%B7%A5%E4%BD%9C
For using the JustLink pricing service in DApps: price of the service
For details on JustLink implementation: http://47.252.73.5:8085/v1/doc/architecture.html#justlink-%E8%8A%82%E7%82%B9%E6%A8%A1%E5%9E%8B
Telegram: https://t.me/joinchat/PDRBbhkNbOJd_6DJS4lRoA
Github project: https://github.com/just-defi/just-link
Team email: [email protected]
Support email: [email protected]
About JUST
JUST is the first DeFi project on TRON, which aims to build a TRON-based stablecoin lending platform. It is also the first project on LaunchBase under Poloniex, the world’s leading digital asset exchange platform leading the Top 3 in trading volume.
JUST has a double token system. The first token, USDJ, is a stablecoin pegged at 1: 1 with USD. It is generated by binding TRX to CDP on JUST. JST, the other token, is used for interest payments, platform maintenance, voting to participate in governance and other campaigns on JUST.
