Overcoming The Data Accessibility Barrier Between Web3 & “The Old World”
Before Web2 disrupted traditional business models, organizations could not gather real-time insights concerning how end-users interacted with their products and services. As businesses continued to embrace digital technologies, Web2 unlocked a treasure trove of data that covers all sorts of information.
However, Web2, by design, is highly centralized, with third-party service providers and big-tech companies controlling unlimited datasets — data that can be readily brokered, monitored, and monetized without the user’s consent.
Web3, the decentralized version of the internet, promises a new era where users will have unprecedented control over their personal data. By leveraging blockchain’s features, such as immutability, distributed ledger technology (DLT), and decentralization, Web3’s decentralized applications (dApps) and protocols have already unlocked numerous opportunities for both organizations and end-users.
But there is a problem — the transition from Web2 to Web3 won’t happen overnight. Even if developers are building innovative Web3 solutions that are leagues ahead of their Web2-based counterparts, limited on-chain data isn’t enough for optimizing these emerging solutions for mass adoption.
As the use cases for bringing off-chain data on-chain mount, the solutions for merging the real world and blockchain are arising, and among them is “Hybrid Compute.”
Developed by Boba Network, the Layer-2 blockchain scaling solution, Hybrid Compute enables Boba Network’s Solidity smart contracts to communicate and interact with all existing Web2 systems. It works as the “decentralized bridge” that connects on-chain projects with off-chain data in real-time.
Seamlessly Connecting The Web3 Universe With Off-Chain Data
The vast amount of data stored across the Web2 ecosystem is of no use to Web3 developers.
This is because there is no foolproof way to access terabytes of off-chain data in real-time, given that the current range of smart contracts isn’t designed to access outside data sources. Smart contracts, built on individual blockchains, operate in closed siloes because underlying blockchains were designed to operate separately until this point.
And there’s a valid reason for this. Blockchains achieve their most valuable properties by being isolated from external systems, like strong consensus on the validity of user transactions, preventing double-spending attacks, and preventing network outages.
Existing solutions like oracles provide a secure infrastructure that supports a blockchain’s interoperability with external systems. In the simplest terms, oracles expand the capabilities of smart contracts by offering a universal gateway to off-chain resources while still maintaining the security provided by the underlying blockchain.
Unfortunately, this comes at a cost.
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