Switchboard is a multichain oracle protocol which provides verifiable off-chain data for smart contracts.
TL;DR Switchboard connects real world data to blockchain applications.
The Switchboard team has been building for nearly three years and is established as a bridge between traditional technology builders and the growing web3 industry. Their infrastructure allows external data to be used in decentralized applications.
Switchboard currently supports 10+ blockchains including:
- Solana
- Sui
- Core
- Arbitrum
- Aptos
- Starknet
We want to enable anyone in the SOL community to push any form of data, whether financial time series or non-financial event-based data, on-chain and to help power the next generation of decentralized applications.
Switchboard
What is Switchboard?
Switchboard is a decentralized protocol that enables secure, customizable and permissionless access to off-chain data. It ensures that data from the outside world can be reliably fed to the blockchain.
They empower developers to build applications which depend on real world inputs. It introduces real world data to DeFi apps, NFT projects and any other smart contract enabled platform.
Switchboard is building important technology which enables smart contracts to interact with off chain data. Their oracles connect isolated systems to blockchain infrastructure.
An oracle acts as a bridge between blockchains and traditional databases. These nodes ensure that the data provided is accurate and tamper-proof by eliminating reliance on a single source.
This enables developers to build reliable decentralized applications that depend on external data. Switchboard uses a decentralized network of nodes to aggregate and deliver data to smart contracts.
Key features of Switchboard
- Trustless data feeds: Ensures the integrity of the data entering the blockchain.
- Customizable data aggregations: Allows developers to tailor oracle services to their specific application needs.
- Permissionless access: Any developer can integrate Switchboard’s oracles without requiring approval or permissions.
- Blockchain integration: Switchboard is highly interoperable and works with multiple blockchains, including Solana.
Switchboard operates a network of independent nodes that fetch off-chain data and return it to the blockchain. The use of multiple, independent nodes ensures that no single entity controls the data flow. This is crucial for maintaining the trustless and decentralized nature of the system.
They utilize an incentive/penalty based node network where operators that consistently provide accurate data are rewarded. Nodes that provide incorrect (or malicious) data face penalties such as losing stake or being banned from the Switchboard network.
Switchboard is dedicated to delivering the perfect oracle solution for every developer’s needs.
The industry has become over-reliant on one-size-fits-all solutions that are needlessly slow and inefficient to set up. We’re granting developers the ability to quickly build the solutions they need.
Chris Hermida, Founder
What is a blockchain oracle?
An oracle is a service that allows blockchains and smart contracts to interact with external, off-chain data. They act as a bridge between blockchains and external data sources, enabling smart contracts to execute based on real-world inputs.
Blockchains, by design, are self-contained and secure but can't natively access information from the outside world (e.g., weather data, market prices, sports scores).
They verify the authenticity and accuracy of the data before passing it on to the blockchain to avoid manipulation or false information.
- Centralized Oracles: Controlled by a single entity, making them faster but vulnerable to manipulation or failure.
- Decentralized Oracles: Use multiple data sources and nodes to provide consensus on the accuracy of the data, reducing the risk of failure or data tampering (e.g., Switchboard, Chainlink).
- Inbound Oracles: Deliver external data to the blockchain (e.g., stock prices, weather data).
- Outbound Oracles: Allow blockchain systems to send data or instructions to external systems (e.g., telling a bank to release funds).
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