The Heartbeat of Cardano.

An Allegory of a Permissionless Oracle Network on Cardano: SaaS3

SaaS3 leverages Permissionless oracle Network (PoN) to eliminate the security issues to protect on-chain assets and logics. Any kind of web2 API can be deployed as an oracle on SaaS3 in a permissionless manner.

Before we dive into the SaaS3 proposal for the Cardano ecosystem, let’s review oracles and why blockchain tech needs them. Oracles are complex computerized systems connecting off-chain data with the blockchain world (on-chain). They present a way for blockchain to interact with external data by acting like an application programming interface, API, to the world outside blockchain.

These systems are important for the overall growth and better performance of blockchain applications because there are many cases where closed blockchain systems need to communicate with outside data – especially where we have smart contracts that directly deal with real world events. An oracle, therefore, should query, verify, and authenticate external data as it relays it to the closed system so that it can be used to validate a smart contract.

The Oracle Conundrum SaaS3 Solves

The main issue at hand is that there is no decentralized oracle solution that allows to bring real world data easily, instantly and securely onto the blockchain. To solve this, SaaS3 aims to connect real-world data feeds and computation to blockchain in a decentralized, secure, and permissionless manner. Developers can easily deploy different Web2 API on SaaS3’s decentralized serverless runtime (dRuntime) in a permissionless manner, making oracles similar to smart contracts.

 With SaaS3’s solution, Cardano Dapp developers don’t have to rent centralized AWS servers to host their oracle network or get data from centralized permissioned oracles like Chainlink and API3. SaaS3 gives developers a platform where they can deploy customizable oracles to support more data sources from a trustless off-chain computational network – SaaS3 serverless decentralized Runtime.

The Team Behind SaaS3

The project is led by five core members with a combined experience that spans across divergent tech fields and multiple years.

Steven Wong is the project’s General Manager and Technical Specialist tasked with the running of the business in terms of idea formulation, innovation, Whitepaper formulation, design of blockchain architecture, and overall business development. From his LinkedIn profile, you can see that Wong kicked off his programming age at the tender age of 14 and now has a Ph.D. in Computer Science among other notable accolades.

Rocky Joeng’s role is that of the CTO and is responsible for Business Idea & Innovation, Co-authoring of Whitepaper, Architecture/ Algorithm Design for dAPI / dRuntime, Product Management, and is the Research & Technology Resources Provider. He too has a Ph.D. in Computer Science and has previously worked as the Chief Scientist of Singapore’s Smart City Project.

The project’s lead developer is Israel Goytom and his responsibilities include Business Innovation, dAPI Development, and is also the Technology & Partner Resources Provider. Israel is the co-founder and CTO of Chapa and has been a previous researcher in MILA, Google Brain.

Nael Hailemariam is SaaS3’s project manager that works on project management, partner sourcing, and resource provision. He is the co-founder and CEO of Chapa.

Daksh Joshi is a famed blockchain product manager, developer, and DeFi analyst working as SaaS3’s CPO in charge of system design and business development.

A Humble Financial Request

SaaS3 is requesting 220,000 in USD broken down as shown below:

Q3 2022 (September), Phase I – Genesis 40000 USD

  • Three core modules complete
  • The first batch APIs

Q4 2022 (December) Phase II – Propellor 40000 USD

  • Miner module complete
  • TestNet online
  • Private round for funding-raising

Q1 2023 (March) Phase III – Connectivity 50000 USD

  • SaaS3 Main Net Online      

Q3 2023 (September) Phase IV – Fusion 40000 USD

  • Ethereum & BSC Support

Q4 2023 Phase V – Prospero 50000 USD

  • Ecosystem Development
  • Multichain

A New Age of Permissionless Oracles on Cardano

The growing need for oracles represents the continued expansion of the Cardano ecosystem into practical and real-world use cases, where accurate data is crucial. A permissionless oracle network makes an oracle just like a smart contract, serving Cardano Dapps. With the successful deployment of SaaS3, users on Cardano will be able to:

  • Instantly create smart contracts that directly interact with real world data (whether, price of land, etc)
  • Onboard any type of data through a safe and secure mechanism, even data from another blockchain.

Learn more about SaaS3’s proposal here – SaaS3: Permissionless Oracle Network. Follow their progress on their socials:

Website | Github | Telegram | Twitter

Image courtesy of pixabay

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts