The decentralized oracle based on StarkNet, Epic Network, was renamed Pragma Network

On March 22, it was announced that the StarkNet based decentralized oracle, Epic Network, was renamed Pragma Network, and specific application L3 will be deployed on StarkNet (Pragma V2) this year.

The decentralized oracle based on StarkNet, Epic Network, was renamed Pragma Network

1. Introduction
2. The Importance of Decentralized Oracle Networks
3. StarkNet and Epic Network’s Renaming to Pragma Network
4. The Features of Pragma Network
5. L3 Deployment on StarkNet (Pragma V2) this Year
6. Potential Applications of Pragma Network
7. Challenges and Limitations of Pragma Network
8. Conclusion
# Pragma Network: The Next Step in Decentralized Oracle Networks
On March 22, 2021, the world of blockchain technology saw an exciting announcement – the StarkNet-based decentralized oracle network called Epic Network was renamed to Pragma Network. This update also brought the news that specific application L3 would be deployed on StarkNet (Pragma V2) this year. But what exactly is Pragma Network, and why is it relevant to the blockchain space? This article aims to explore these questions and provide an in-depth understanding of the latest development in decentralized oracle networks.

The Importance of Decentralized Oracle Networks

Decentralized oracle networks have become integral to blockchain technology, enabling smart contracts to interact with real-world data, making them more useful and practical. They act as a ‘middle-man’ between blockchains and external systems, providing reliable and tamper-proof information. This reliability is what has made decentralized oracle networks so important, as they provide accurate information that can be trusted to execute financial agreements, insurance claims, or other critical transactions that can result in significant financial consequences for all parties.

StarkNet and Epic Network’s Renaming to Pragma Network

StarkNet was launched in February 2021 by the StarkWare team, with the aim of being a zero-knowledge proof layer-2 scaling solution for Ethereum. Epic Network was developed on top of StarkNet and was primarily focused on providing decentralized oracles for a broad range of applications, including prediction markets, sports betting, and derivatives trading. In the recent announcement, Epic Network has been renamed to Pragma Network.

The Features of Pragma Network

Pragma Network’s architecture is built on top of StarkNet, ensuring transactional privacy on layer-2. This feature, combined with scalable and provable performance, makes Pragma Network an attractive decentralized oracle network candidate. One of the significant features of the platform is the ability to handle unbounded data, making it more flexible and versatile than other blockchain-based oracle services.
Another unique aspect of Pragma Network is its support for different consensus mechanisms. While most decentralized oracle networks use Proof of Authority (PoA) consensus mechanisms, Pragma Network supports a range of different consensus models, including proof of stake (PoS) and proof of work (PoW). Moreover, Pragma Network offers lower fees than other decentralized oracle networks, making it a more cost-effective and accessible option for businesses and developers.

L3 Deployment on StarkNet (Pragma V2) this Year

The deployment of specific applications L3 on StarkNet (Pragma V2) represents a major milestone for the Pragma Network team. L3 will provide support for various types of oracles and decentralized applications, including DeFi and NFTs. It will feature a flexible system that supports the development of complex contracts, enabling developers to build customized smart contracts for their specific use cases.

Potential Applications of Pragma Network

The potential applications of Pragma Network are vast and varied. The platform’s unbounded data handling capability makes it an ideal candidate for use cases where large volumes of data are necessary, such as weather or sports data. Additionally, Pragma Network’s support for different consensus mechanisms makes it more versatile, as businesses aren’t locked into using a specific type of consensus mechanism.
Another potential use case for Pragma Network is DeFi applications, where it could be used to provide reliable price feeds for decentralized exchanges, derivative trading platforms, and prediction markets.

Challenges and Limitations of Pragma Network

As with any new technology, there are challenges and limitations to consider. One challenge facing Pragma Network is the competition. There are already several established decentralized oracle networks, and Pragma Network will have to offer something unique and valuable to gain a significant share of the market.
Additionally, while Pragma Network has lower fees than other decentralized oracle networks, it is still more expensive than centralized oracle services. This may make it challenging for small businesses or developers to adopt the platform.

Conclusion

Overall, Pragma Network’s renaming and the deployment of L3 indicates that the platform is moving forward confidently. Its features, flexibility, and scalability make it an attractive candidate for decentralized oracle networks, and it is expected that it will attract increasing attention from businesses and developers alike. While there are challenges and limitations to overcome, Pragma Network’s potential as a more cost-effective and versatile option compared to other decentralized oracle networks offers promise for the future.

FAQs

What are decentralized oracle networks?

Decentralized oracle networks provide real-world data to blockchain-based systems and ensure transactional privacy on layer-2. They allow smart contracts to interact with external systems, enabling more practical and useful blockchain applications.

What makes Pragma Network unique from other decentralized oracle networks?

Pragma Network is unique in several ways, including handling unbounded data, supporting different consensus mechanisms, and offering lower fees than other decentralized oracle networks.

What kind of applications can be developed using Pragma Network?

Pragma Network is versatile in potential applications. It can be used in areas such as DeFi, NFTs, weather data, sports data, prediction markets, and derivative trading platforms.