In the ever-evolving world of Web3, Chronicle Protocol is making waves. As the second-largest Oracle provider safeguarding over $5 billion for MakerDAO and its thriving ecosystem, Chronicle is proud to announce the launch of Chronicle Protocol—a groundbreaking milestone. For the first time, this protocol is stepping beyond the confines of MakerDAO, opening its doors to a broader community of developers.
Niklas Kunkel, the Founder of Chronicle, has been at the forefront of Ethereum's Oracle development since 2017 when he co-developed the first Oracle to facilitate the creation of SAI, the precursor to DAI. Over the years, Chronicle Protocol has stood as a steadfast guardian of assets within MakerDAO, at times securing over $10 billion. This role has been instrumental in cementing Maker's position as a leading DeFi protocol and the largest on-chain lender in the space.
Now, Chronicle seeks to address the various challenges faced by Oracle providers and users while extending universal access to this decentralized protocol for all developers. Chronicle Protocol will initially launch on Polygon zkEVM, servicing the rapidly expanding ecosystem and laying the groundwork for integration with another key partner, Spark Protocol.
At the heart of Chronicle's mission lies verifiability. The fundamental premise is that all data should be verifiable, eliminating the need for trust. To achieve this, the protocol introduces an on-chain dashboard called "The Chronicle." This dashboard empowers anyone to intuitively and provably trace the origin of every piece of data, creating a high-integrity, censorship-resistant layer for data transmission. This breakthrough significantly enhances decentralization and security while setting new standards for on-chain data transparency.
Chronicle Protocol operates on a community-powered consensus network comprised of 22 Feed node operators, including trusted protocols like Infura, Etherscan, Gnosis, Gitcoin, Argent, MakerDAO, and dYdX. These protocols serve millions of blockchain users daily, managing billions of dollars in value. Chronicle's commitment is to curate a network of Feed node operators representing leaders in the crypto community. This approach fosters a positive feedback loop, continually increasing security and decentralization with each additional Feed. Chronicle stands as an Oracle powered by the community for the community.
Chronicle Protocol has been engineered with scalability in mind, featuring a groundbreaking Oracle cryptographic primitive known as Scribe. This innovation reduces Oracle gas fees by over 60% through a clever utilization of Schnorr signature aggregation. Borrowed from Bitcoin and battle-tested, Schnorr cryptography untangles the cost of verifying an Oracle update from the number of Feeds, offering significant savings. Oracles often represent substantial cost centers for blockchains and DeFi protocols, and this reduction in operational costs paves the way for scalable Oracles delivering real-time and precise data without compromising security.
The protocol architecture revolves around accessibility, offering unparalleled flexibility for blockchain integration and a plug-and-play interface for most Oracle users. Chronicle Oracles are blockchain agnostic, compatible with both public and enterprise ledgers. An on-chain accounting system named Levier enhances user control and forms an integral part of the decentralized system. Oracle users can fund their operations directly on-chain, eliminating the need for off-chain remuneration. This approach empowers individuals to manage costs instantly and transparently, offering a user-centric solution.
"The launch of Chronicle Protocol marks a turning point in the Oracle space," emphasized Founder Niklas Kunkel. "Our commitment to delivering secure, cost-efficient, and verifiable Oracles has driven the development of this market-leading release. Chronicle Protocol is uniquely positioned to challenge the dominance of a single provider in this space."
Chronicle Protocol pioneers a new era where Oracle technology is robust, secure, scalable, and accessible to a broader audience. This launch represents a pivotal moment in Oracle development, where data is verifiable, operational costs are manageable, and the possibilities are boundless. Chronicle Protocol ushers in a future where the potential applications of Oracle technology are vast and transformative.
