Living Lucid: How Altr’s Trusted Oracles Unlock Access to Luxury and Liquidity
or·a·cle
/ˈôrək(ə)l/
a priest or priestess acting as a medium through whom advice or prophecy was sought from the gods in classical antiquity.
Lucidao Oracles: Blockchain oracles are entities that connect blockchains to external systems, thereby enabling smart contracts to execute based upon inputs and outputs from the real world.
It’s clear that throughout the history of the world — and technology, more specifically — the concept and definition of an Oracle has changed…and evolved. What started as a mythical deity who prophesied on the future and humanity’s fate has evolved into a new kind of beacon for providing information and delivering technological solutions to, as their predecessors did, better humankind.
As it has throughout history, Oracles can also mean different things in blockchain. We should start by saying that what you may have heard or learned about Oracles in blockchain will be quite different from the Oracles we utilize at Lucidao and our first dApp, the luxury collectibles marketplace, Altr. But first, let’s provide a short lesson on what “conventional” Blockchains do and the purpose they serve.
Decentralized Blockchain Oracles 101
Industry-leading decentralized Oracle Chainlink enables web3 networks to transmit real-world data across chains between independent nodes, allowing data to flow from an off-chain source to an on-chain one via the execution of smart contracts. Let’s use a popular example to understand this further: John and Jill want to bet on an F1 race. They both bet $100 each. The $200 total is held in escrow by a smart contract. Once the race ends, how would the smart contract know whether to release the funds to John or Jill? In this case, blockchain Oracles would be required to receive the race’s outcome and securely deliver that data to the blockchain. The smart contract is executed after that action, and the winner receives their cash.
Blockchain Oracles that perform this kind of action leverage smart contracts to enable instant “decisions” (Pay John or Jill) on the blockchain through real-world data (who won the race) that they transmit across web 2.0 legacy systems. Another example of such a system could be the stock market or, in the case of John and Jill’s F1 race, the sports industry. In decentralized finance (DeFi), Decentralized Oracles solve a common problem whereby such essential off-chain information as price data would not be readily accessible by smart contracts. One of the key advantages of the blockchain is that it is separated from external systems that may infiltrate the network’s security. Oracles act as a trusted intermediary to provide information securely and reliably, creating the ability to migrate key data between virtual and physical environments. Win-win.
The Lucidao & Altr Oracle
While their purpose and identity are very different, Lucidao’s Oracles and Oracles from systems like Chainlink share some similarities. For starters, both Oracles help provide a sort of asset. In Chainlink’s case, the asset is accurate real-time data; in ours, it is a verified, readily-available physical good or service. Oracles from Altr, our freshly minted dApp, consist of some of the world’s most respected purveyors of luxury collectibles, from luxury automobiles to the world’s rarest watches and wine. While most blockchain Oracles transmit trusted real-world data across blockchain nodes, Lucidao’s create access to the goods on our marketplace between the buyer and seller. Our Oracles help verify that these items are legitimate due to our vetting process, where each Oracle must be voted on by the DAO and have a historical record of operating in good standing.
As blockchain oracles power a bridge between digital and real-world information, Lucidao also helps power a bridge between cryptocurrency, our customers, and the ability to purchase IRL collectibles. It’s a similar flywheel effect where value is transmitted between the virtual and physical — just in a different form.
Want more of a sneak peek at who we’ll be working with? One example of the Oracles who will be part of our network is The Watch Boutique, one of the world’s leading curators, sellers of luxury watches, and communities of enthusiasts and traders with outposts across Europe and the United States. Just look at their online inventory for a sample of the value our marketplace users will soon be able to access. From the rarest Rolex Paul Newman Musketeers to Patek Philippe and Cartier, the Watch Boutique’s collection and expertise are second to none.
Access and Information, Reimagined
luxury space has a history of being subject to counterfeit goods, faulty information, unexpected issues with quality, and a lack of immediate access. Lucidao and Altr’s Oracles help solve all of this. We know that the items held and released by the Oracles we work with are legitimate due to our extensive appraisal process, which also verifies the current quality and condition of every item sold. Additionally, once you pay for a luxury item on Altr, you are instantly granted an NFT representing the product, minted by the Oracle. Oracles hold the item in their secure caveau, so you know it’s ready and waiting when you want to claim it — no delays, second guesses, or false promises.
Following the full launch of the Altr marketplace, you can expect to hear, learn, and see a lot more from Altr’s Oracle network, which consists of some of the world’s most renowned brands and luxury inventories. In the coming weeks, you’ll have the opportunity to “meet” and hear from them firsthand during an upcoming Twitter Spaces.
We plan to leverage this best-in-class network of Oracles alongside key Altr partners, like Polygon and its co-founder Sandeep Nailwal, a trusted supporter and advisor to our platform, to help maximize value, access, and opportunity between the digital and physical worlds.
Just like Lucidao and Altr are establishing a new pathway for products and technology that bridges the digital and physical divide, our Oracles are carving a new path for transmitting trust, access, and luxury you can wear on your wrist and drive down the road.
Don’t forget to follow our channels to keep up to date:
- Discord: https://discord.gg/lucidao
- Telegram: https://t.me/lucidao
- Twitter: https://twitter.com/Lucidao_
