🛰️Use Cases

1. DeFi Lending Protocols

Need: Lending protocols require timely, accurate, and tamper-proof data to manage loans, interest rates, and liquidations. The decentralized lending protocol business model absolutely relies on the efficient and accurate delivery of real-time price data.

Use Case:

• Orally seamlessly integrates with a DeFi lending protocol to fetch real-time asset prices, ensuring that loans are issued and updated at current market values.

• In the event of significant price drops, Orally’s real-time responsiveness can deliver timely data, allowing the protocol to initiate liquidation processes for under-collateralized loans.

• The permissionless and decentralized nature of Orally helps DeFi lending protocols prevent potential losses, ensures platform stability, and builds trust among users who are growing tired of centralized third-parties involved in decentralized systems.

2. GameFi Platforms

Need: GameFi platforms need unpredictable randomness to make games fair and to distribute in-game rewards. By the nature of their architecture, blockchains are deterministic, meaning they progress in a very logical way — and build on preceding events. But digital games, especially world-building kinds of games, require randomness to truly work well. Orally can integrate with gaming platforms to provide decentralized randomness for the future of gaming.

Use Case:

• A GameFi platform can utilize Orally to generate and deliver the unpredictable randomness that is essential for making good games great.

• True randomness in games is vital for determining unpredictable game outcomes, like battle results, loot drops, or procedural world generation.

• One of the greatest aspects of using a decentralized oracle is that it helps users feel like the game is truly random and fair. And that each time they play, the outcome will continually change.

3. Dynamic NFT Projects

Motivation: Some NFT projects are designed to change based on real-world conditions or events. For example, what is a piece of artwork changed based on the weather, or what if a sports collectible changed based on the outcome of the latest game or match?

Use Case:

• An NFT project could integrate Orally to fetch real-world data like weather or the results of events, like a box score or how a playoff series ended up.

• One of the greatest attributes of digital art and collectibles is that they can be programmed to react or update based on real-world events. But in order to be truly and meaningfully dynamic, these NFTs need a reliable and consistent data oracle, which is where Orally’s ability to capture and relay real-world data comes into play.

• Building truly dynamic art and collectibles will open up an entirely new kind of experience for the next generation of NFTs, and Orally is positioned to play a big role.

4. Insurance Smart Contracts

Need: Insurance dApps can only work if they are based on accurate data. More importantly, to be fair, the data needs to come from an impartial third party. Orally functions as a permissionless and decentralized source of data so that all parties involved can feel like claims and issues are handled fairly.

Use Case:

• A crop insurance dApp can use Orally to fetch weather data, which allows for automated decision-making.

• If a certain region faces unexpected rainfall or drought, the smart contract can automatically release funds to insured farmers in that region, minimizing the need for a massive claims-related back office.

• The reliance on data streams and an automated claims process ensures timely payouts, building trust among users and reducing manual claim verification and payment processes.

5. Prediction Markets

Need: Prediction markets are based on the outcomes of real-world events and need trustworthy data to settle bets.

Use Case:

• A prediction market platform can utilize Orally to fetch outcomes of sports events, real-time scores, player statistics, political elections, or even economic indicators.

• How and when Orally fetches data and feeds it to the prediction markets can be tuned and automated depending on the underlying dApp settings, making the process as simple or dynamic as the end user needs require.

• By using a permissionless and completely decentralized oracle, like Orally, all parties involved with the prediction market will feel like the results are fair and properly reported.

6. Cross-chain DApps

Need: One massive growth area with the blockchain space is the ability to move data and assets across chains and across decentralized apps with minimal friction or cost. Additionally, the security risks associated with moving data across chains can be minimized or better controlled using a completely decentralized oracle.

Use Case:

• A dApp operating on multiple chains can utilize Orally to fetch and relay data consistently across blockchains and ecosystems quickly and cost-effectively, which creates new opportunities for new decentralized businesses, services, and products.

• Orally's ability to maintain support for numerous EVM-compatible networks ensures that the underlying dApp can remain chain-agnostic, expanding its reach and user base.

7. Real-World Assets (Tokenized Assets)

Need: Tokenizing real-world assets like real estate, stocks, or commodities requires accurate and timely data about changes in valuation.

Use Case:

• A platform tokenizing real estate properties can utilize Orally to fetch current market conditions, ensuring that the tokens represent a fair value of the asset.

• When trading real-world asset tokens, Orally can provide continually updated price feeds, ensuring buyers and sellers transact based on the latest market values. This real-time data helps with overall asset liquidity.

8. Smart Contracts for Intellectual Property

Motivation: Intellectual properties, like music, art, or patents, can be managed via smart contracts for royalties, licensing, and rights management.

Use Case:

• A musician can use a smart contract to manage royalties for their songs. Orally can fetch streaming/playback data from platforms, ensuring that the artist receives fair compensation based on real-time play counts.

• This kind of outside-the-loop data service can help artists have more trust and confidence in streaming and payment numbers and make reporting metrics more fair and trustworthy.

• Similarly, for patent licensing, Orally can verify if a licensee exceeds the permitted usage and automatically trigger additional licensing fees or notifications. The same logic and service can also be applied to other kinds of art, content, or software that is subject to licensing agreements.

9. Decentralized Exchanges Functions

Need: A decentralized exchange (DEX) needs real-time asset price data to maintain trading pairs, liquidity provisions, and slippage management.

Use Case:

• Orally can supply a DEX with consistent and continually updated price feeds for various trading pairs, enabling users to make informed trading decisions.

• Accurate price feeds from Orally can assist liquidity providers in gauging pool performances and potential impermanent losses.

10. Automated Portfolio Management

Need: DeFi users need tools to manage and rebalance their portfolios based on market conditions and asset performance.

Use Case:

• A DeFi portfolio manager can utilize Orally to automatically fetch asset prices, market data, and other relevant metrics.

• Based on this data, a smart contract can be created to rebalance a user's portfolio, ensuring optimal asset distribution and risk management.

11. Oracle for Governance Votes

Need: Decentralized projects often conduct governance votes, where accurate data is required to validate quorums, voter stakes, or outcome impacts.

Use Case:

• A decentralized autonomous organization might want to hold a vote based on its token's current market value. Orally can provide this data, ensuring that decisions are made with full awareness of the token's current market standing.

• Orally can also verify quorums by checking against real-time token distribution data, ensuring votes are valid and fair.

12. Event Ticketing and Verification

Need: Event organizers can use smart contracts for ticket issuance, verification, and secondary market sales to prevent fraud.

Use Case:

• An event ticketing platform could employ Orally to verify the authenticity of a ticket being sold in the secondary market. Orally can data from the original ticketing system, ensuring the ticket hasn't been duplicated or falsified.

• Dynamic pricing for events, based on demand and seat location, can be updated in real time using Orally’s data provision.

13. Supply Chain & Authenticity Verification

Need: Businesses need to verify the authenticity and origin of products, especially in sectors like luxury goods, organic produce, or pharmaceuticals.

Use Case:

• A brand can use Orally to fetch data from manufacturing units, verifying each product's authenticity during resale or warranty claims.

• Orally can also assist in tracking organic produce, ensuring consumers receive data on the source, treatment, timeline, and transportation of their food.

And More:

Orally's ability to provide real-time, efficient, and transparent data has wide-reaching implications across various sectors.

Whether enhancing trust, ensuring fair trading, facilitating automation, or empowering projects across the DeFi spectrum, Orally's adaptability and unique proposition of efficient, transparent, and cost-effective data delivery make it an indispensable tool for numerous decentralized applications.