by Chronicle continues to grow its trusted validator network, increasing security of the protocol, while maintaining near-constant gas fees on L1 and L2s.
Zug, Switzerland – 13/09/2024 – (SeaPRwire) – Chronicle, the first oracle on Ethereum and the sole securer of Sky (formerly known as MakerDAO), has announced the addition of Euler, Mantle, Nethermind and ETHGlobal as validators on its decentralized oracle network.
In the Chronicle ecosystem, validators are trusted actors – established protocols or those with proven operational security – that provide data to the oracles. A larger validator set delivers increased security and resilience by making it more difficult for a technical failure or hack to impact consensus and bring down the network.
Like all oracle networks, Chronicle Protocol operates on the trust assumption that no more than 50% of the validators or node operators are malicious. If a bad actor or group were able to control over 50% of the validator nodes, they can manipulate the information the network reports, effectively creating a backdoor into the funds of the DeFi projects the oracle secures.
Commenting on the growing cohort of validators, Niklas Kunkel, Founder of Chronicle, says, “Chronicle is proud to welcome Euler, Mantle, Nethermind, and ETHGlobal to the growing set of industry leaders in our oracle network. This cohort of new validators serves as further proof of Chronicle’s commitment to raising the industry standard for complete data transparency and decentralization by working with the highest quality validators in DeFi to best serve the dApps relying on data from Chronicle’s oracles.”
“Oracles are integral to DeFi; factors such as reputation and trust are key. Chronicle’s approach to developing trust via a validator community of highly reputable industry leaders is something we’re proud to be a part of,” said Michael Bentley, Founder of Euler Labs. “DeFi is stronger when it is collaborative. Creating this opportunity for the industry’s leaders to have a stake in the data network it consumes introduces a new and exciting dynamic.”
This latest cohort of validators joins a growing list of leaders in blockchain already included in Chronicle’s decentralized oracle network, including Sky, Infura, Gitcoin, Etherscan, Gnosis, and others.
Validators are critical to oracle networks, and Chronicle’s unique approach to its validator community introduces a further layer of trust and security to the network via a ‘proof of reputation’ system. As leaders in blockchain, the validators in Chronicle’s decentralized oracle network have proven their ability to run secure infrastructure and positively serve hundreds of thousands of blockchain users. The confidence and trust that users have in these brands is implicit in Chronicle as well as the accuracy of the data the protocol delivers.
Chronicle’s growing validator set is enabled by Scribe, an innovative oracle architecture that utilizes a novel application of Schnorr Signature cryptography. Other oracles depend on the Elliptical Curve Digital Signature Algorithm (ECDSA), which creates a one-to-one relationship between validators and their signature, increasing gas costs to update oracles with each additional validator.
Schnorr is able to compress a scalable set of validators into a super signature that is then verified by ECDSA, maintaining nearly constant gas costs to update the oracles, whilst significantly increasing security.
Scribe addresses two key infrastructural challenges that have faced other oracles: decentralization and cost. By removing the linear relationship between the number of validators and cost that constrains other oracle protocols, Chronicle is delivering more security, more transparency, and more resilience at a near constant price.
The continued growth of Chronicle’s trusted validator set is in line with its vision to bring decentralization and transparency to DeFi, and ensure that many of DeFi’s core stakeholders have a direct stake in the oracle network that powers their protocols.
About Chronicle
Chronicle, the original oracle on Ethereum, is a novel, blockchain-agnostic Oracle solution that has exclusively secured up to $22B in assets for Sky (formerly known as MakerDAO), and its ecosystem since 2017. Chronicle’s mission is to deliver on DeFi’s vision of transparency and decentralization. To solve the tradeoffs between security, decentralization, and cost, Chronicle spearheaded a breakthrough in Oracle network architecture by developing Scribe, an extremely gas-efficient Oracle based on aggregated Schnorr signatures. In doing so, Chronicle is raising the industry standard for Oracles by delivering more security, more transparency, and more resilience, at a lower cost.
About Euler
Euler is a cutting-edge, modular lending platform designed to enhance capital efficiency and flexibility in DeFi. With Euler, users can permissionlessly establish lending markets tailored to their unique needs and preferences. Features like multi-collateral capabilities, aggregated vaults, and oracle freedom enhance user flexibility and streamline risk management.
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