Seal-Oracle, or SEOR, is an exciting new project emerging in the blockchain oracle space. The platform is still under development, but the team is making quick progress, having received grants and confirmed partnerships with Polygon and Polkadot in months.
SEOR is a platform heavily reliant on the blockchain, a technology that has gone from a fringe idea to the front pages of tabloid newspapers in just over a decade. Even established tech giants like Amazon and IBM are looking to implement blockchain into their operations.
There have been hundreds of blockchain success stories since Bitcoin's creation in 2009, like Etherum and Cardano, to name a few. Yet, the technology is considered nascent. Some problems still elude even the most innovative blockchain developers.
One of which is external data retrieval. Data can only be recorded on a blockchain if the blockchain's consensus mechanism recognises it. So, any external data like the temperature in Los Angeles or the current price of Bitcoin needs to come from a trusted source.
But trusted sources of data are, for the most part, centralised. And importing data from a centralised source runs counter to the whole idea of blockchain. No matter how reliable, any centralised data source becomes a single point of failure if relied upon supplying real-world data to a blockchain.
Which is Why We Need Decentralised Oracles
Decentralised oracles get blockchains and smart contracts the data they need by aggregating data from multiple, independent data sources. This makes it crucial to bridge information from the real world with our blockchain networks.
Blockchain oracles can retrieve almost any data a blockchain could need. For instance, tomorrow's weather forecast in Singapore, today's LIBOR rates, or the average price for a studio apartment in downtown Manhattan.
All of this external data is vital for DApps and smart contracts. Without oracles, many blockchain-based DeFi services and DApps fall to pieces pretty quickly. Or they cease to be anywhere near as helpful as they could be.
Blockchain oracles address an essential issue. Accordingly, several decentralised oracles are building faster connections to a blockchain platform for the real world.
And as the oracle space has grown, several new and innovative projects have started emerging from the oracle space, one of which is Seal-Oracle.
SEOR (SEAL-ORACLE) is Part of a New Generation of Decentralised Oracles
SEOR is a low-code development platform(LCDP) for oracle data. The entire ecosystem has been designed to be modular, versatile, and work across multiple platforms.
By using a modular framework, SEOR enables developers to create bespoke, customised oracles to suit their needs precisely. New-users will build using visual tools rather than manually writing code or paying someone to write code for them, the project does allow custom coding as well.
SEOR's customised oracles can retrieve data like breaking news, stock process or even use third-party applications like random number generators. Developers can use the retrieved data for DApps, DeFi, SocialFi and more.
One of SEOR's standout features is its cross-chain contract gateway, which simplifies the problematic and expensive bridging process and eliminates the need for smart contracts on multiple platforms.
SEOR is built on Substrate, which is Polkadot's modular blockchain building framework. In time, this will help SEOR network communicate with other projects in Polkadot's ecosystem.
What are SEOR's Long-term Objectives?
SEOR's goal is to support our migration from web 2.0 to 3.0.
In case this move is news to you, web 3.0 is the third generation of the internet. Our current internet is web 2.0, which is also called the "Social Web".
In web 3.0, all our data will be fully decentralised and shared across the world blockchain technology, and blockchain-related services like oracles will be the foundation of web 3.0.
SEOR's strong focus on web 3.0 applications directly led to several meaningful partnerships, including the Web 3.0 Foundation.
SEOR's Partnerships and Funding
Being the new kid on the block has not held the SEOR developers back one bit. The team has already built several partnerships with big names in the crypto space, including Polygon, Polkadot, and the Web 3.0 Foundation.
Web 3.0 Foundation
The Web 3.0 Foundation funds research and development teams contributing to the growing tech stack for Web 3.0. SEOR will be among the first oracle projects contributing to the Foundation's growing Web 3.0 tech stack.
In April this year, SEOR received support from the Foundation as part of the 9th wave of funding, alongside 47 other development teams.
Web 3.0 Foundation's flagship product is Polkadot; a vast network of interconnected parachains that link to its main chain
By collaborating with Polkadot, SEOR can develop and innovate much faster than they otherwise could.
Polygon, or MATIC, provides developers and creatives with tools for crafting, issuing, and managing digital assets on Etherum blockchain.
SEOR partnered with Polygon in September, launching a low-code platform beta on the Polygon Testnet, called MATIC-Mumbai, which ended on October 7th. The beta helped fix some initial bugs before the mainnet launches, and the beta participants were paid in early supporter tokens.
The SOER team recently secured an investment from X21 Digital.
X21 is an established blockchain consulting and investing company that will help SEOR expand by providing the team with strategic advice and guidance.
SEOR's Public Beta
SEOR's first public beta kicked off on September 1st and wrapped up on the 15th.
The two-week trial centred around an NFT-ID platform, letting users store NFT verification of their identity documents.
Beta participants and contributors shared a pool of 80,000 SEOR tokens.
The SEOR roadmap is pictured below.
The team hasn't released the token launch details yet, but the image below outlines how the token will be distributed.
To learn more about ReSource, visit the following links:
This is an innovative ORACLE, and it's an essential building block for the evolution of web3. I've managed to secure a position through a vested sale on the TRUEPNL platform, and I will be looking at another investment at TGE or IDO.
This will be part of my 10-year #HODL portfolio.
I will be updating the PNL page soon to reflect my position.
Investment 6 | 9 years, 10 months to go...