When oracles were initially introduced into the crypto marketplace, the main challenges facing these products were connectivity and interoperability. As price feed data emerged as the clear use case for data provided by decentralized oracle networks, getting accurate pricing for crypto assets became a necessity to run many DeFi protocols that have billions of dollars in locked value.
Various oracle solutions have been deployed to facilitate connections between exchange data and smart contracts. Unfortunately they do not offer privacy guarantees to secure the flow of information from data sources. Therefore, we propose constructing zero-knowledge proofs and a random oracle model to provide confidential data to smart contracts. Our solution can be applied by enterprises to any smart contract platform by enabling the techniques described in this paper.
Zoracles
