Within the constantly changing domain of cryptocurrencies and decentralized finance (DeFi), inventive initiatives are revolutionizing our interactions with blockchain technology. Kartin Wong, a software engineer by background who worked for Google and TikTok, has become a pioneer in this space with his ambitious project, Hyper Oracle.
In this exclusive interview, we discussed Kartin’s past, the beginnings of Hyper Oracle, and the revolutionary role that zkOracles has played in transforming the on-chain derivatives industry.
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Kartin: Tech Giants Background
Kartin’s experience as a software engineer at Google and TikTok sparked his interest in blockchain technology and decentralized finance. He entered this field because of his love for Web3 and his belief that decentralized currencies like Bitcoin and Ethereum have the ability to improve the world.
Inception of Hyper Oracle and Its Initial Half-Year
The inception of Hyper Oracle was propelled by Kartin’s love of Web3 and his conviction in the revolutionary possibilities of decentralized financial systems like Bitcoin and Ethereum (ETH). To fully realize the potential of smart contracts, he envisioned a decentralized oracle system that is safer and more effective. The DeFi world that existed at the time was largely dependent on unreliable, centralized oracles that could be hacked or manipulated. Kartin and his group set out to create a new era of ZKP-based oracles to address this.
Constructing a zkOracle looked like a bold ambition at first. Nevertheless, everything changed when Kartin got to know Norman, his co-founder and an Imperial College London PhD candidate with extensive knowledge of blockchain technology and zero-knowledge proofs. The pair’s technological know-how and teamwork resulted in the development of a functional zkOracle prototype, which attracted interest from the blockchain community and served as the basis for Hyper Oracle.
Unlocking On-Chain Derivatives’ Potential
An intriguing advancement in the blockchain environment is on-chain derivatives. They are a novel kind of smart contract that can operate independently of centralized administrators and access external data and computation. This invention could produce a sizable amount of on-chain liquidity. Enabling the generation of on-chain derivatives is one of Hyper Oracle’s main objectives.
Due to high gas fees, the on-chain deployment of derivatives was previously prohibitively expensive. For fully on-chain derivatives, trustless automation logic can be created with zkOracles, doing away with the requirement for ongoing on-chain monitoring. This invention opens the door to more sophisticated financial products in the DeFi market.
Enhancing zkOracles’ Use Cases
Kartin anticipates a wide range of asset types that can take advantage of zkOracles, extending beyond derivatives. Real-world assets (RWA) are an excellent choice because of zkOracles’ efficiency and quickness. A recent collaboration with PADO Labs aims to enable smart contracts to access real-world user data via verifiable credentials, thus removing data barriers that separate Web2 and Web3.
Plans for Hyper Oracle in the Future
Kartin’s future ambition for Hyper Oracle is a platform that has the ability to validate any data point on the planet. By enabling a multitude of features using zkOracles, they aim to spearhead DeFi 3.0. Through zkOracles, the business hopes to uncover new features and close the gap between Web2 and Web3.
Using zkOracles to Unlock Opportunities
Because of their efficiency and speed, Kartin anticipates that zkOracles will be used extensively across a range of asset classes, but especially in real-world assets (RWA). In order to break down data barriers and bridge the gap between Web2 and Web3, a recent partnership with PADO Labs highlights this possibility.
Opinions Regarding Regulation and the Crypto Market
In Kartin’s opinion, the bear market cycle is currently dipping. He stresses the value of unregulatable and permissionless decentralized infrastructure solutions. Like the AI sector, which has also encountered regulatory obstacles, he sees a more robust and resilient crypto ecosystem in terms of the regulatory environment.
Blockchain and Cryptocurrency’s Future
To sum up, Kartin is positive about the direction that blockchain technology and cryptocurrencies are taking. He encourages everyone to participate in creating this exciting future with him, believing that the emergence of zkOracles is bringing a multitude of chances to the field.
Hyper Oracle’s groundbreaking work with zkOracles is evidence of the creativity that propels the blockchain sector ahead. With plans for DeFi 3.0 and the potential of on-chain derivatives, the business is well-positioned to have a significant impact on the blockchain ecosystem and provide the financial industry with more decentralized, safe, and effective solutions.
