On May 27th 2021, CenterPrime made a keynote speech called “The Era of Oracle DeFi” at “Blockchain Trend Conference 2021: BTC 2021”, Korea’s first NFT conference held by TokenPost.
The BTC 2021 Conference, held at Grand Hyatt Seoul, is an event held to analyze major trends in the blockchain industry and discuss future prospects. NEM Vice President: Davide Ham, NEM CTO: Kristy Leigh-Minehan, QuarkChain CMO: Anthurine Xiang, ConsenSys Asia Pacific Director: Charles d’Haussy and others were present.
CenterPrime gave a keynote speech on the future of the blockchain industry on the topic of the era of Oracle DeFi. The full text of CenterPrime’s keynote speech is as follows.
Good afternoon, I’m representing CenterPrime, a company striving to connect the real economy and DeFi economy together. It is an honor to participate in this Oracle Defi Conference together with all of you, who have proven technological prowess and share your innovative ideas to develop the industry further.
The blockchain industry has shown remarkable growth as a future industry. However, even as the industry grows, many people still consider blockchain as only cryptocurrency. This has become a big hurdle which hinders the clear and robust upward growth of the industry. People have this perception because the current use of blockchain technology is mostly focused on virtual asset transactions, which don’t have ground in any real value.
This stigma must be changed, so people can know the value of blockchain. Blockchain technology is not only used simply for virtual asset transactions but is also used in various industries closely related to the real world. In this situation, CenterPrime decided to develop the Oracle Perceptron Protocol.
Like the synapses that make up our brains, the Oracle Perceptron Protocol is necessary for a diverse, interlocking structure. In order to achieve this, we set up two key goals. First, we put the real data into a block. Currently, most blocks contain simple data; however, in order for blockchain technology to relate to the real world, real-flowing data must be contained in these blocks. We are not “on-chaining” data which is already “on-chain”, we are “on-chaining” “off-chain” data through smart contracting.
Second, we can create a synthetic asset token that can be used in the real world by linking the assets of the traditional economy with the assets of the DeFi economy. Since Defi asset tokens are decentralized there isn’t sufficient grounds for the value of the asset. So, these assets can’t be used in the real world. We are proposing a synthetic asset that has a solid ground. In order to do this, we need to connect traditional assets and Defi assets.
To create this type of synthetic asset there needs to be a cross-chain network where multiple chain networks can cross each other and various token assets can be traded freely. As such, the ecosystem I described resembles a complex neural network.
It must be built like this as a result of the current blockchain network fees. In a single chain network, the price of token assets will be affected by the price of underlying coins such as Bitcoin and Ethereum. Additionally, the transaction fee called a “gas fee”, is also affected by the price of the underlying coin. This means that there isn’t a choice in the network that can be used. This causes difficulty in predicting business costs when using coins, which makes the blockchain network hard to apply to the real world.
The synthetic asset token that will be used in the cross-chain network is designed to be used by selecting a network with a reasonable gas fee. Therefore, people will be able to select networks with reasonable gas fees rather than paying irrationally high fees. So, because each industry relates to each single chain network, many industries related to chain networks can be developed.
As I described earlier, the Oracle Perceptron Protocol is an oracle project that connects assets of the traditional economy and assets of the DeFi economy to establishes a foundation, and at the same time, build a synaptic ecosystem in which neurons are intricately intertwined. That is why we named it the Oracle Perceptron protocol project.
Cross-chain networks like I described will be one of the biggest trends of our time, and Binance and QuarkChain are representative examples of companies doing such projects. Binance introduced Oracle Relay Protocol by cross-chaining with Binance Chain and Binance Smart Chain. QuarkChain demonstrates efficient and flexible operations by dividing the chain network into two layers. One containing root chain, one containing shards and connecting them.
Center Prime, through this announcement, provides a solution that can improve the limitations of the current block chain industry structure expansion, and suggests a leading prospect for the Oracle DeFi era, a new era through cross-chain.
About CenterPrime
The CenterPrime project uses a hyperledger private chain to share an open banking API to apps, connecting centralized finance to decentralized finance. Also making smart pairing data for loan, remittance, exchange, payment, and exchange rate information possible to be included in fintech oracle networks.
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