Empiric Network Raises $7M

Empiric Network, a decentralized oracle network based on second layer scaling solution StarkNet, has attracted $7M in a seed funding round led by Variant.

According to the press release, other participants in the fundraising include Alameda, CMT Digital, Flow Traders, FTX and Gemini, the StarkNet team behind StarkWare, and a number of other companies and angels.

Empiric has noted that blockchain oracles are necessary to provide smart contracts with external data. Traditional oracles are centralized and use a self-contained infrastructure that produces the final result without the possibility of verification. As a result, errors are possible, as in the case of Pyth in September 2021, when the platform oracle based on Solana showed an anomalous drop in the price of Bitcoin to $5,402 – about 90%.

Per the statement:

“For blockchains to live up to expectations, it is necessary to create reliable oracles that will be decentralized and transparent and, as a result, secure, like smart contracts. To do this, we need to move the oracles in the chain, which until recently was too expensive.”·