Chronicle Protocol: Opening Up Access to Web3 Builders
Chronicle Protocol, the second-largest Oracle provider in the blockchain ecosystem, is now making its Oracles available to all Web3 builders. Previously, Chronicle’s Oracles were exclusively used by MakerDAO and its ecosystem. However, with this new development, Chronicle is expanding its reach and collaborating with Polygon Labs to make its Oracles accessible on Ethereum and Polygon zkEVM.
An Interview with Niklas Kunkel, Founder of Chronicle Labs
In an interview with Niklas Kunkel, the Founder of Chronicle Labs and former member of IBM Research and MakerDAO, he shared insights into Chronicle and its goals. Kunkel’s background includes working on the Hyperledger blockchain at IBM Research and co-developing the first Oracle on Ethereum while at MakerDAO.
Driving a New Paradigm for Verifiable and Cost-Efficient On-Chain Data
Kunkel explained that Chronicle Protocol aims to address the limitations of current Oracle protocols in terms of transparency, verifiability, and operational cost. He highlighted that Chronicle’s approach emphasizes market-leading operational cost, security, decentralization, and transparency. By opening up access to their Oracles beyond the Maker ecosystem, Chronicle believes they can not only compete with incumbents but also contribute to the development of truly decentralized systems.
The Importance of Verifiable Data in Oracles
Kunkel emphasized that current Oracle protocols often lack verifiability, operating as “black boxes” that deliver data without transparency. In contrast, Chronicle’s protocol focuses on verifiability by allowing users to track data end-to-end through their dashboard called The Chronicle. They ensure direct querying of markets by their validators instead of relying on data aggregators. This approach enables historical and real-time verification of the data reported by their Oracle.
Future Plans for Chronicle Protocol
With the expansion of their protocol, Chronicle plans to integrate with various chains, starting with EVM chains. They will initially launch with a subscription model and prioritize chains with high total value locked (TVL) and customer demand. Additionally, Chronicle will continue to work on developing an Oracle solution for real-world assets (RWA), leveraging their expertise gained from MakerDAO’s on-chain RWA deployments.
About Chronicle Protocol
Chronicle Protocol is a leading Oracle solution that has secured over $10 billion worth of assets for MakerDAO and its ecosystem since 2017. Their blockchain-agnostic protocol aims to overcome the limitations of current data transfer on-chain by providing scalable, cost-efficient, decentralized, and verifiable Oracles. By prioritizing transparency and accessibility, Chronicle is reshaping the landscape of Oracle data.
Hot Take: Revolutionizing Oracles for Web3
Chronicle Protocol’s decision to open up access to its Oracles beyond the Maker ecosystem marks a significant step in revolutionizing the Oracle space for Web3 builders. By prioritizing verifiability, transparency, and cost efficiency, Chronicle aims to challenge incumbent Oracle protocols and contribute to the development of decentralized systems. With their focus on integrating with major chains and expanding into real-world asset Oracles, Chronicle is poised to make a lasting impact in the blockchain ecosystem.
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