Konomi Network to Launch Konomi Oracle on Polygon’s Oracle Platform
Konomi Network is delighted to announce the launch of Konomi Oracle on Polygon, a full-stack ethereum scaling solution for building and connecting Ethereum compatible blockchain networks.
Polygon aims to bring Ethereum to the world by combining Ethereum’s security, liquidity, interoperability, adaptability, and scalability of the alternative chains into an attractive feature set. Polygon utilizes something called Plasma, which processes off-chain transactions before finalizing them on Ethereum. Polygon is one of the most developer-friendly ecosystems outside of Ethereum mainchain with more tools like Alchemy and Infura and Metamask and Etherscan support
Konomi Network aims to provide a one-stop solution for users to manage their crypto assets. To achieve this, Konomi will deploy Konomi Oracle on Polygon. An oracle is an algorithm used to import data from the outer world onto the blockchain. Konomi Oracle will provide a price feed and several aggregation strategies while being freely accessible by all the projects and the community of the Polygon ecosystem.
Konomi Oracle obtains prices from several off-chain sources and then performs an integration and comparison process of the prices obtained to ensure the accuracy of the price feeding. The main difference from the other oracles is that the Konomi oracle is set to solve three main aspects like integrity, confidentiality, and availability to ensure the comprehensiveness of the project.
To make sure the Konomi Oracle can fulfill the aforementioned aspects, the Konomi Network has requested Beosin (Chengdu LianAn) Technology Co. Ltd to perform a comprehensive security audit. After a week of rigorous testing, Konomi Oracle has been audited with PASS on all categories including Coding Conventions, General Vulnerability, and Business Security, ensuring Konomi Oracle’s ability to provide users with the best experience.
Both Konomi and Polygon have realized early on the underlying issues of Ethereum, such as low throughput, poor user experience caused by outdated PoW algorithms, and lack of sovereignty. We are honored to launch on the Polygon network as they are the most developer-friendly ecosystems outside of the Ethereum mainchain.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
About Konomi Network
Konomi is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the network aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets and earn interest through decentralised money market products. Konomi also issues its native network token in order to kick start liquidity and decentralised governance.