Bitcoin Suisse, Steakhouse Financial and Block Analitica are all joining major oracle provider Chronicle Protocol's decentralized validator network, the firms announced on Thursday.
Given that Chronicle secures approximately 23% of the total value locked on Ethereum, the move is pitched as a way to bolster the ecosystem's security and resilience by protecting the DeFi community from an oracle hack or technical failure.
“Like all decentralized Oracle networks, Chronicle Protocol operates on the trust assumption that no more than 50% of the validators or node operators are malicious,” Chronicle wrote in a statement. “However, if a bad actor or group controls more than 50% of the validator nodes, they can manipulate the information the Oracle network reports, effectively creating a backdoor into the funds of the DeFi projects Oracle secures.”
“By only inviting reputable and proven actors to validate the network, Chronicle can offer an extra ‘proof of reputation’ layer of security on top of the innate security properties of distribution and decentralization,” the organization continued.
Oracles are entities that connect blockchains to the outside world, thus enabling smart contracts to execute based on external inputs and outputs.
Chronicle is the chosen oracle provider for a number of major DeFi projects, including Sky (formerly known as MakerDAO), Anemoy and M^0. The project started in 2017 as a part of MakerDAO’s “oracle team” to secure DAI’s predecessor, SAI, before being spun out four years later. The Chronicle protocol was launched first on Polygon zkEVM.
The protocol’s blockchain agnostic oracle tool, called Scribe, uses Schnorr signatures to help reduce gas costs essentially by enabling multiple parties to co-sign a message. It also has built-in fraud proofs so users can dispute prices and malicious acts.
Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO and dYdX are all data validators for Chronicle.
The protocol secures over $8 billion worth of funds, of which MakerDAO accounts for nearly $5 billion and Spark $3.4 billion. It is also used by Euler V2, M0 and KEEP Network, among others.
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