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Case Study: A Deep Dive into Chronicle
November 27, 2024

Chronicle

Interview with Angus Tookey, Marketing & Communications at Chronicle

1. Could you explain what Chronicle is for those who might not know? What are its core mission and values?

“Chronicle Protocol is a decentralized Oracle network. Oracles are required to source and plug-in data from outside of the blockchain to apps. A good example is a DeFi application that may offer collateralized loans. For the DeFi application to issue a loan, it needs to know the realtime value of the collateral the user provides (such as ETH). The Oracle protocol will source this data in a secure and accurate way and deliver it to the app.

Chronicle isn’t the only Oracle; there are many others; however, it was the first, deployed initially on Ethereum in 2017 when still part of MakerDAO, during the development of the stablecoin DAI. Today, Chronicle still continues to serve Sky (FKA as Maker) but also many other DeFi and RWA protocols such as Morpho, Spark, Superstate, and Centrifuge. 

Our mission at Chronicle is to create a decentralized data infrastructure that is completely verifiable and unbeatably secure. This sets Chronicle apart from other Oracles, which operate like ‘black boxes’. If the future of finance is set to run on blockchain rails, then Oracle networks will sit in the middle. It is paramount that these networks are verifiable as they are trusted with sourcing and feeding data that instructs billions of $ of value.” 

2. What are the key benefits of Chronicle? In what ways can it be utilized by individuals or corporations?

“There are three key benefits to utilizing Chronicle’s decentralized Oracle network: security, verifiability, and cost efficiency. 

As the second largest Oracle protocol by total value secured and the longest operating blockchain Oracle network, utilizing Chronicle brings unmatched security and peace of mind that your assets remain safe. This is why Chronicle has been chosen to secure protocols leading DeFi applications such as Sky, Spark, and Morpho.

Unique to Chronicle’s design is verifiability. All the data that Chronicle serves can be autonomously and cryptographically verified, utilizing The Chronicle, our real-time dashboard. Coupled with full transparency on where the original data was sourced and how the final value was calculated, Chronicle has created a trustless environment for our Oracle consumers.

Third and finally, Chronicle’s unique design, utilizing Schnorr signatures, creates a considerable operating cost advantage over its competitors. This means that the cost of updating an Oracle at Chronicle is 78% less expensive than Chainlink. This efficient design ensures that the most secure and reputable Oracle networks can be made available to everyone, regardless of size.

As for institutions, the Verified Asset Oracle, leverages the unmatched security, decentralization, and efficiency of Chronicle Protocol, to create an Oracle for verifying the inventory, quality, and more, of assets that originate offchain - such as Treasury Bills and gold. Verified Asset offers a unique solution for tokenized assets and has already been adopted by leading RWA protocols such as Centrifuge, Superstate, and M^0.”

3. If someone is interested in integrating with Chronicle, what are the first steps? How can they get started?

“Getting started with Chronicle is simple. Begin by exploring the Testnet Oracles through the Chronicle Dashboard, selecting Plume Testnet or any of our other supported chains. For a walkthrough on implementing a testnet Oracle, view our guide here.

On mainnet, Chronicle Oracles use a whitelist for read protection, requiring any address reading Oracle data to be whitelisted. Once you're familiar with integrating Chronicle Oracles on Testnet, you can request Mainnet access by contacting the team via Discord through the 🆘|support channel or email, to get whitelisted for production Oracles.

Every Oracle implementation is customized to your needs. You can choose from existing Oracles or request a new one tailored to your specific requirements.

For a deeper understanding of Chronicle Protocol's architecture and Oracle integration process, check out the documentation.

Chronicle x Plume Network

1. What prompted your decision to partner with/develop on the Plume Network?

“We believe the next big growth opportunity for the blockchain industry will be tokenized assets, sometimes called ‘RWA’ or ‘real world assets’. There are several underdeveloped links that are needed to bring this future to life, such as automated and verifiable interoperability, an area where our Verified Asset product is making great strides and ecosystems purpose-built for tokenized assets, such as Plume Network. This shared vision is what led us to choose to partner with Plume.”

2. What do you think is the main benefit of Plume Network that differentiates it from other RWA chains? 

“I think Plume has done well in capturing mindshare for the ‘RWA Chains’ concept. From a brand perspective, this is important to ensure continued adoption. The fast-growing ecosystem is another element that makes Plume Network a standout choice for integration. Many RWAfi, DeFi, and infra providers are already building with Plume, making it an attractive place for Oracles”.

3. Looking ahead, what aspects of this collaboration with the Plume Network are you most enthusiastic about?

“We are particularly excited by the rise of RWAfi, and the opportunity to develop a secure and verifiable data ecosystem to support these RWA projects with the Verified Asset Oracle. As I mentioned earlier, we believe there is considerable growth potential in this sector that will benefit the entire blockchain ecosystem. Our aim is to develop and support this infrastructure”.

About Chronicle Protocol

Chronicle, the original oracle on Ethereum, is a novel, blockchain-agnostic Oracle solution that has exclusively secured up to $22B in assets for MakerDAO and its ecosystem since 2017. Chronicle’s mission is to deliver on DeFi’s vision of transparency and decentralization. To solve the tradeoffs between security, decentralization, and cost, Chronicle spearheaded a breakthrough in Oracle network architecture by developing Scribe, an extremely gas-efficient Oracle based on aggregated Schnorr signatures. In doing so, Chronicle is raising the industry standard for Oracles by delivering more security, more transparency, and more resilience, at a lower cost.

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