Oracle Empiric Network Launches With $7 Million Funding Round

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Oracle Empiric Network Launches With $7 Million Funding Round

Oracle Empiric Network Launches With $7 Million Funding Round
Empiric Network is a decentralized oracle on StarkNet. (Getty Images)
Source: CoinDesk
1657967540 16 Jul / 10:32

The new decentralized blockchain oracle on StarkNet, Empiric Network, has secured $7 million in a fundraising round led by Variant. Karl Oskar Schulz, the co-founder of Empiric, told CoinDesk in an interview that most of the funds will be used for employment.

Among the other investors in the round were data partners Alameda, CMT, Flow Traders, Gemini, and Jane Street, as well as ecosystem partners StarkWare and Polygon co-founder Sandeep Nailwal.

StarkWare developed StarkNet, a zero-knowledge (ZK) rollup solution that addresses scalability difficulties for the Ethereum blockchain. The company was valued at $8 billion following a $100 million fundraising round in May. Schulz and Jonas Nelle co-founded Empiric Network, which was created in conjunction with StarkWare.

A blockchain oracle links smart contracts to the outside world to retrieve or transmit data. Traditional oracles are centralized, which means that off-chain nodes collect data from several unknown sources and store it off-chain. Only the result of the data, such as the price of a cryptocurrency or the output of a sensor, is exposed to the public.

However, the absence of open data has generated worries over centralized oracles. In September of last year, for instance, mistakes in two data sources prompted the Pyth Network oracle to mistakenly claim that the price of bitcoin had fallen to $5,402.

“[Centralized oracles] you can kind of see, like Bank of America lending and borrowing. It works. You can trust it,” told Schulz. “But it’s not like Aave and Compound where the entire contract is on-chain. You can audit it.”

Empiric Network desired to access the fundamental decentralized data sources, including bitcoin exchanges and significant market makers. To put their proprietary data on-chain, the business secured relationships with some of the most prominent names in the industry, including several investors in the current investment round.

Technologically, the centralized oracle structure was superior, avoiding the main blockchain’s high gas or transaction costs and sluggish throughput. StarkWare’s development of StarkNet enabled cheaper transaction costs, faster transaction times, and on-chain calculations.

On-chain calculations pave the way for the expansion of decentralized finance (DeFi) metrics beyond price feeds and into the data valued in traditional finance, such as risk, volatility, and yield measures.

“Let’s give DeFi the data it needs to really mature and become better. And that’s computational data,” said Schulz.

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