WINkLink is the first comprehensive decentralized oracle service to bring real-world trusted data to the TRON blockchain. As the first oracle TRON service, the project is looking to capture an emerging market of decentralized applications (dApps) across the TRON ecosystem.
The WINkLink service offers “reliable, unpredictable and verifiable random numbers” to help remove trust and improve user experiences in payment systems, decentralized finance (DeFi) and events. This is possible thanks to WINkLink's verifiable random function (VRF).
In this article, we will discuss:
What is WINkLink?
WINkLink is a decentralized oracle service operating on the network TRON🇧🇷 The project enables smart contract-enabled blockchains and decentralized applications (dApps) to bring external data on-chain. The purpose of WINkLink is to enable smart contracts to connect with real-world data for TRON-based smart contracts without compromising decentralization, security or reliability.
Furthermore, WINkLink uses three main modules in its architecture. First is the external data source. This is the data that needs to be taken to the blockchain. Data types include data from centralized exchanges, centralized oracle services, and exchange application programming interfaces (APIs). In second place is the WINkLink node. WINkLink nodes monitor on-chain requests, perform task processing, retrieve data from external sources, and publish the results to the blockchain. The third is the TRON blockchain. WINkLink nodes monitor network events inside and outside the network, trigger tasks, sign transactions that are broadcast to the network via APIs, and return results of data requests.
The platform has a modular design to allow for frictionless upgrades and integrations. Furthermore, as a decentralized oracle service, WINkLink eliminates the need for third parties and intermediaries by opting for a trustless system.
How Does WINkLink (WIN) Work?
WINkLink is used to access legitimate price data and information for Defi platforms, as the decentralized financial system is also supposed to provide prices for token trading and loan guarantee. WINkLink's built-in price oracle system offers stable and reliable price feeds for DeFi-building developers.
It provides reliable out-of-chain data for various uses. WINkLink allows developers to use any real world data such as sports and weather. Developers can create custom oracles and connect smart contracts to the real world in minutes.
It can also be used to access seated randomness, as WINkLink provides developers with a secure and verifiable randomness so that oracles can meet the various needs of DApps for random numbers. The spoof proof nature of VRF random numbers improves the fairness of random number results.
Asset management platforms can also rebalance their asset ratio by accessing the latest token prices provided by WINkLink, which makes it easy for DEX to adjust pools of funds.
Blockchain derivatives platforms can provide reliable on-chain valuation by accessing the latest prices provided by WINkLink, which helps them create synthetic assets, futures contracts or options contracts.
What makes WINkLink (WIN) different?
What sets WINkLink apart is its reputation system used in recording user ratings from oracle service providers and us.
Any reports generated by the validation system can be the main factor of reputation. Information other than this may include the users' familiarity with the oracles' brands, operating entities, and architectures.
The reputation system can provide reports obtained by other smart contracts. We also consider calculating reputation metrics outside the chain as there may be a lot of data to analyze.
For a given oracle operator, the reputation system is initially proposed as supporting the following metrics, both in the granularity of specific attribution types, and in general for all types supported by a node.
The reputation system will encourage oracle service providers to maintain higher availability and performance.
The TRON Ecosystem
Powered by the native TRX token, TRON is a “decentralized blockchain platform to support smart contracts and high throughput”. Furthermore, TRON aims to create an equitable platform for developers to create and deploy decentralized applications with minimal costs. The WIN token uses the native TRON-20 token standard TRON. Much like the Ethereum ERC-20 token standard, the TRC-20 facilitates high levels of interoperability between decentralized applications across the TRON ecosystem.
TRON commits to creating a decentralized internet that harnesses the power of blockchain applications based on smart contracts. As such, several innovative projects are building applications on TRON as the ecosystem continues to develop and thrive. In addition, TRON is among the most used smart contract compatible blocks in the industry.
WINkLink is the result of acquiring justlink.io, a TRON native oracle service. Following the rebranding to WINkLink, the project aims to serve as a bridge between the various data services and applications across the TRON ecosystem.
What are oracles?
Oracles communicate and verify real-world data on the blockchain. Smart contracts create a path for assets to move between addresses. Oracles come into play to assess whether or not the conditions of a smart contract have been met. Often, projects will use multiple oracles. Oracles gather real-world data from multiple locations and cryptographically sign it on the blockchain to ensure validity. Oracle node operators have an incentive to provide accurate data as they may lose a bet or incur penalties for inaccurate data.
Oracles are an essential component of many applications that operate via smart contracts. Oracles not only need decentralized finance (DeFi) protocols, they also have various applications outside finance. For example, decentralized weather insurance relies on oracles to provide accurate reports. In the event of a natural disaster or adverse weather, oracles can help farmers if a crop is damaged. In addition, supply chain management can benefit from using oracles with real-time traffic updates and logistics programs.
Oracle Node
The WINkLink TRON oracle network consists of multiple nodes, just like a blockchain network. All nodes have their own data source set. Oracles aggregate data from each source and send the results to the requesting address. Data requests may select multiple nodes to provide higher levels of accuracy. The owner of an oracle contract is also the oracle node WINkLink. An oracle node processes data before sending it to the requesting party and receiving oracle contract user fees.
WIN token
The WIN token is a TRON-based TRC-20 utility token used as a base asset throughout the WINkLink crypto ecosystem. Oracle node operators receive payment in the form of WIN tokens for retrieving off-chain data, converting it into a blockchain-readable format, off-chain calculations, and uptime guarantees. Additionally, the WIN token will be required for protocol governance, allowing token holders to vote on proposals to make updates and changes to the platform.
As of this writing, the WIN token is trading for around $0,00067 with a market capitalization of $518.425 million, according to CoinGecko. In the future, the project hopes that the WIN token will provide more utility to the network and facilitate new platform features and integrations.
Data Aggregation and Security
To minimize the number of bad nodes appearing on the network, WINkLink can gather data from multiple sources to reduce the effect of abnormal data sources. In addition, the project aggregates results from distributed data sources into a single output, calculating weighted averages and removing abnormal data.
Pricing service
WINkLink Price Service provides accurate multi-currency pricing information and real-world prices via the WINkLink Price Feed Agreement. The service aims to ensure that token prices in smart contract-based applications are as close to real-world prices as possible. This is important as without a reliable pricing feed, users and developers of decentralized applications (dApps) can suffer as a result of arbitrage and smart contract attacks.
In addition, the WINkLink pricing service aggregates data from multiple WINkLink nodes to create a highly stable pricing service. Developers can obtain prices for multiple pairs of tokens. Additionally, developers can deploy their own custom pricing services for others to use in decentralized applications (dApps).
random number service
The WINLink Random Number Service is a verifiable random function (VRF) that uses a public key variation of a cryptographic hash to generate secure and reliable random numbers. Anyone with access to the public key can verify that the hash is correct. However, only the private key holder can calculate the hash.
The process begins when decentralized applications (dApps) send chain requests to random numbers via smart contracts. An oracle node outside the chain that listens to the request can attach a randomly generated number to a verified cryptographic evidence before sending it back to the VRFCoordinator oracle contract. After verification, the random numbers are published back to the dApp smart contract via a callback function.
Many applications can use this technology for tamper-proof random number generation. Furthermore, it shows a particular usefulness in blockchain-based games to assign resources and functions in a random and verifiable way.
Contract Update Service
Once deployed, no one can influence the actions of a smart contract. However, WINkLink is proposing a contract update service to improve Oracle's security. As the contract upgrade service is optional, users can decide whether or not to use it.
The service works by deploying new oracle contracts upon discovering a vulnerability. Both iterations of the oracle contract remain available for use. A flag will then be available that allows you to request contracts to choose the version you want to use. Also, by updating oracle contracts, users can avoid some of the problems presented by oracle crashes and smart contract hacks.
roadmap and future plans
In the future, we can expect the Oracle WINkLink TRON service to introduce several new security features to improve reliability. Below are some of the main services that will be developed by WINkLink soon.
Validation System
The WINkLink validation system will allow users of the Oracle TRON service to monitor the performance and behavior of oracles using on-chain data. The system will monitor the availability of oracles and log any oracles that fail or stop responding to queries. In addition, the system will verify the correctness by measuring deviations compared to other oracle nodes in the network.
Reputation System
WINkLink also plans to introduce a reputation system to record user ratings from oracle providers and node operators. Reports created with the validation system determine the reputation of a network participant. Additionally, the reputation system will use metrics such as the total number of requests assigned and fulfilled, average response times, and total amount paid in fines. This system will not only be useful in selecting a node operator for your services, but also aims to raise the bar for availability and reliability across the entire network.
certification service
Oracle nodes are at risk from Sybil attacks. Sybil attacks occur when a malicious actor attempts to take over an oracle pool, taking control of multiple nodes while they still appear to be independent. When this happens, nodes can provide inaccurate or false data to handle high-value transactions.
WINkLink is proposing a certification service that will provide endorsements for oracle behavior. Endorsements will monitor the Validation System statistics and cross-reference the answers that oracles provide with answers obtained directly from trusted sources. In addition, the service will feature fraud detection systems and will act as a way to identify Sybil attacks and other threats.
What is the Price Forecast for the WINkLink (WIN) cryptocurrency?
WINkLink pricing is forecast to peak at $0.00121 throughout 2022.
As early as 2023 according to our crypto price prediction index, WINkLink (WIN) may reach a maximum level of $0.00205, with the average trading price being $0.00153.
In 2025 according to our crypto price prediction index, WIN must cross an average price level of $0.00181, the minimum expected price of WINkLink at the end of the current year must be $0.00200. Additionally, WIN can reach a maximum price level of $0.00214.
Having said that, before making any investments, do your research, investing in cryptocurrencies is highly risky and speculative, and this article is not a writer's recommendation to invest in cryptocurrencies.
How do I buy WINkLink (WIN)?
The WIN cryptocurrency can be traded on the following exchanges:
- Binance
- OKEx
- KuCoin
- HitBTC
Conclusion
As the TRON ecosystem continues to expand, the WINkLink decentralized oracle service could be widely adopted for various use cases in decentralized finance (DeFi) protocols, insurance, internet of things (IoT), non-fungible token (NFT) gaming projects ) , and much more. Furthermore, as “the first comprehensive oracle of the TRON ecosystem”, WINkLink is well positioned to provide trusted data for a rapidly expanding ecosystem of decentralized applications (dApps).
