eOracle, Hexagate Introduce Gate Security Oracle to Establish ‘DeFi Firewall’

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As a researcher with a background in blockchain technology and decentralized finance, I’m excited about the launch of Hexagate and eOracle’s Gate Security Oracle. This new product is expected to significantly enhance the security and decentralization of staking segments and DeFi as a whole.

Hexagate, a prominent real-time Web3 security company, is introducing the Gate Security Oracle. This innovative solution is established on the eOracle stack, which is the leading Automated Verifiable Systems (AVS) on EigenLayer. The expected outcome is a substantial improvement in the security and decentralization of staking (restaking) sectors and Decentralized Finance (DeFi) as a whole.

Gate Security Oracle by eOracle and Hexagate kicks off

Based on the announcement from eOracle and Hexagate, their collaboration, Gate Protocol Security Oracle, is poised to raise the bar for security in the Ethereum staking sector. As the leading AVS (Automated Verifiable Systems) protocol in Ethereum staking with a vast and powerful security network, eOracle employs restaked ETH to ensure the stability and security of modular oracle systems by means of its substantial security resources.

In the past few years, VitalikButerin noted that instead of eliminating the role of a taxi driver, blockchain technology removed the need for Uber as an intermediary, enabling direct interaction between drivers and customers. Similarly, we observe this trend in the oracle sector: data and computation services are shifting from being provided by centralized intermediaries towards decentralized platforms, allowing for more direct interactions between users and providers.

— eOracle | at EthCC 🇧🇪 (@eoracle_network) June 18, 2024

With the introduction of EigenLayer’s Actively Validated Services (AVSs), you can reap the advantages of the robust security provided by over $Billions in Ethereum locked for the staking protocol. By utilizing AVSs, you can effectively address the dilemma of striking a balance between centralization and security.

As a crypto investor, I’m excited to share that eOracle has reached an impressive milestone with over $5 billion worth of staked Ethereum (ETH) supporting its oracle network. With a community of over 120,000 stakeholders and more than 110 validators spread across the globe, eOracle sets itself apart as the most robust crypto oracle solution in terms of crypto-economic security.

Matan Si, the founder of eOracle, points out that the rollout of this new service represents a logical progression in the development of restaking systems.

I, as an analyst of the eOracle project, initially intended to closely adhere to Justin Drake and Vitalik Buterin’s Oracle proposals for Ethereum. However, during the development process of eOracle, it became apparent that Ethereum’s architecture, while ideal in many ways, is not practical for most use cases. The need for heavy computation and fast connectivity necessitates a dedicated, immutable layer. To address this limitation, I led the team in creating eOracle as a flexible and customizable layer, capable of handling both data and computation tasks. This system utilizes Ethereum validators and staked ETH to ensure a robust security model.

As a crypto investor, I believe that the future decentralized solutions that gain mainstream adoption will be built with a modular design in mind. This means that each component of the system will have the ability to function independently while still being part of a larger ecosystem. By doing so, we’ll be able to address and overcome some of the significant shortcomings present in the current L1/L2 infrastructure.

New product showcases opportunities of Oracle Validated Service (OVS) model

Yaniv Nissenboim, the co-founder and CEO of Hexagate, is excited about how this latest development will push forward the degree of decentralization within the Decentralized Finance (DeFi) sector.

In the realm of decentralized systems, security should be equally decentralized. To initiate this process, we’ve chosen to collaborate with eOracle. Their Open Value System (OVS) model is a pioneering development, providing flexibility within the middleware layer. We’re thrilled about this collaboration and are confident it will ignite a fresh wave of innovation in this field.

In simpler terms, OVSs (Open Value Systems) broaden the idea of modularity in blockchain technology to the middleware level. They offer swift connections and enhanced computational capacity for infrastructure requirements that demand it.

Previously reported by U.Today, SSV Network surpassed the $1 billion mark in staked Ethereum (ETH) and revealed an expanded plan for the upcoming period.

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2024-07-09 17:38