Lets talk about what is an Oracle. Blockchain oracle is any device or entity that connects a deterministic blockchain with off-chain data. Oracles are needed in every space of crypto. From decentralized exchanges to decentralised betting protocols oracle are needed. They are bridging off-chain data with on chain blockchain contracts. If there is a smart contract with a use of real world data, the oracle must be there. The oracle must get the true data to provide healthy use of system.
Dev Protocol’s Khaos Oracle is really strong tool since the begining of stakes.social. Stakes.social authenticated GitHub users to use stakes.social for funding. Over 2000 OSS projects launched on stakes.social and their data on GitHub was provided with Khaos Oracle to stakes.social. So there were no fraud and no other problem on this process and everything was as decentralised as it can get. Now with Dev Protocol is also expanding for Youtube market, Khaos Oracle is also improved to provide Oracle service for Youtube. Now the data of over 100 million youtube creators can implemented to stakes.social (Cobogo and u-Zomia) through Khaos.
Lets take a look at some Oracle projects on Crypto. Chainlink is definetly the most used and popular oracle project on crypto space right now with a market cap of 12 billion $. There are also other top oracle projects like, UMA with 840M$ mcap, BAND with 325M$ mcap and there are many others with atleast 50m$ mcap. So we can easily tell that Oracle projects are accepted by market. I believe the use and the need for Oracle projects will increase over time since the need of off-chain data to blockchain will increase.
Khaos Oracle will not only be a service for Dev Protocol but it can also be used by many projects on crypto. Especially with update of Youtube, it will be essential for individuals/projects that will need data from there. With all looking at these, Dev Protocol having less than 5m$ mcap right now and having its own Oracle provider (KHAOS) makes me realise how undervalued $DEV token is.
I am really excited to see the use of KHAOS on both DEV and Ethereum ecosystem.