Blockchains have revolutionised our access and storage of information. They have created a decentralised and democratised system to engage in financial activities while retaining anonymity. However, one shortcoming of such a system is that smart contracts on a blockchain do not have access to “off-chain” or real-world data. Oracle services solve this problem by creating a pipeline for such data.
What is Wink?
WINkLink is the first decentralised oracle service on the TRON blockchain. It is creating services that allow TRON smart contracts to reliably interact with data from the outside world without reducing decentralisation or security.
It currently offers three main products. The first is an embedded price oracle. This allows financial dApps easy access to price feeds of tokens and loan collaterals. Second is a custom oracle, with which developers can build their own solution and connect data like the weather, polling results or sports with the blockchain. Finally, it has a random number generator that can provide dApps with verifiable and tamper-proof random numbers.
How Does Wink Work?
The Wink network includes two components for its functionality. The first is the oracle software and the second is its network of oracle nodes.
What Is An Oracle?
Blockchain smart contracts usually only have access to the data created on the nodes of the network. An oracle is a system that can bring data from the outside world onto the blockchain. If you have used any Defi application, it is likely they required an oracle to function.
Oracles work similarly to a blockchain, where they gather data from many sources and validate them through nodes. However, their uses are not only financial. For example, supply chain management is a possible avenue for oracles as it allows them to check the real-time location of products. They can also be used in fantasy sports, which enables the application to update the statistics of a game in real-time.
What are Oracle Nodes?
The oracle network consists of several different “nodes” or computers. Each node has access to a set of data sources that it can aggregate and send onto the network. Applications built on the blockchain request such data for their operation. But since an oracle node is a service provided for the blockchain, it also requires the payment of fees.
Fee payment works the same way as block rewards, where transactions on the blockchain also involve the payment of “gas fees”. An oracle user must pay a fee to the oracle nodes it requests data from. This ensures both the user and the provider can continue functioning.
The Wink ecosystem has two important components outside of the oracles it provides. It also needs the blockchain network it operates on and its native token.
TRON is an L1 blockchain platform that is trying to create a fast, decentralised network for smart contracts. This fixes one of the main concerns of the highly-congested Ethereum network and provides an alternative to it.
It is one of the most popular blockchains for creating smart contracts and decentralised applications. It is also rapidly growing as more and more developers choose to build on it. These developers and WinkLink can offer their services thanks to the platform provided by TRON.
The WinkLink network requires payments to be made to oracle node operators. To fulfil this, they have created WIN, a TRC-20 standard token native to the TRON blockchain.
This token is used as payment for access to off-chain data, formatting, computations and service guarantees. It is also used for governance of the oracle network, enabling holders to vote on issues like fee structures and software updates.
Benefits of Wink Token
The WIN token is well-integrated into the TRON network. Since both dApps and the token exist on the same blockchain, there are fewer complications like token swaps across the network to deal with. This simplifies the process of using and paying for WinkLink’s oracles.
WIN token is a utility and governance token. Governance by the token holders ensures all stakeholders are operating for the benefit of the network. This increases the price of their tokens and the popularity of the service.
The WIN token can be used across a wide range of game-fi applications like WINNFTHERO, ApeNFT and others. This means there are more avenues for you to use and acquire WIN than just the Oracle service.
What Is The Future Of Wink Coin?
Crypto enthusiasts around the world are looking for alternatives to Ethereum, with its network congestion and high gas fees that can exceed the transaction value. TRON is one likely candidate for gaining ground against Ethereum’s dominance.
If TRON continues to be a popular choice for smart contracts, the WinkLink ecosystem will also gain new users. This makes the WINK coin a great investment choice.
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FAQs on WinkLink (WIN)
Is Wink Coin Secure?
The Wink coin is a decentralised token based on the TRC-20 standard. As such, it is cryptographically protected and cannot be duplicated or hacked. Since the token itself is secure, its safety depends on your choice of crypto wallet and storage.
Is Wink A TRON?
The Wink coin is a token native to the TRON blockchain. Therefore, it is based on a TRC-20 standard and is used for TRON applications.
Is Wink A Good Coin?
Whether Wink performs well in the market depends on the popularity of the TRON blockchain and WinkLink’s services. If both these products are sought-after, then Wink will be a good investment option.