Following Chronicle's recent deployment on Mantle Network, Mark (@0xVEER) took the opportunity to host them on Episode 3 of Ecowaves. He was joined by Angus (@AngusTookey) and Jen (@Jensenhaji) from the Chronicle team. The AMA was full of valuable insights, covering the broader oracle landscape. Additionally, the team used the occassion to explore Chronicle's new Scribe Oracle. Here's a recap of what was discussed.

What prompted Chronicle to spin off from MakerDAO and offer your oracle service to other chains?

A: The timing was perfect, not only due to the internal dynamics at MakerDAO, but also because the move perfectly matched our overarching vision for the on-chain data and oracle space, which was to try and drive a new paradigm. We want to redefine the narrative in the oracle sector, advocating for a landscape that aligns with the core values of web3 — transparency, decentralization, and empowering individuals and builders.

Traditionally, oracles have operated as black boxes, merely outputting data, such as prices, in a take-it-or-leave-it manner. This approach, offering minimal transparency, fell short of our expectations. We believe in the necessity of transparency, which is what's expected from blockchain ecosystems.

It's now Chronicle's goal to provide an oracle service that's as transparent and verifiable as the blockchain and that's readily available for any chain to use.

What are some of the key challenges in the oracle landscape right now?

A: One concern that stands out to me is the manner in which existing oracle providers market their products. There's a prevalent issue with non-transparent marketing practices. Without delving too deeply, there have been occasions where our team engaged in debates with other oracle providers. We've pointed out discrepancies between their claims and the reality as evidenced by on-chain data. However, at Chronicle, we aim to set a new standard for transparency in our marketing efforts. We're committed to demystifying oracle protocols and networks for our audience, emphasizing the importance of understanding what to consider when utilizing an oracle.

J: The current landscape of oracle providers has introduced a significant challenge — a lack of clarity regarding oracle design and, more importantly, how oracles are priced. This makes it difficult for builders to decide which oracle provider to choose. Each provider operates slightly differently, which means the costs associated with their oracle are also slightly different, but builders don't understand this due to the marketing issues Angus just mentioned.

Chronicle's initiative to address these issues by starting from the basics. We're encouraging builders to ask fundamental questions of an oracle provider. It's about more than just whether services are offered for free. Instead, we're prompting a deeper consideration to help builders understand the fundamental differences between existing oracle providers.

What makes Chronicle different from its peers?

J: Chronicle's key differentiators that set it apart from other oracle solutions are its cost-effectiveness and security. During the early stages of Chronicle, we identified the high operational costs associated with running oracles, particularly on Ethereum, as a major issue. In our research to mitigate these costs, we discovered the potential of schnorr signatures, which allow for the aggregation of multiple validators' signatures into a single signature. Typically, the more validators and signatures involved, the larger the call data becomes, which, in turn, increases costs.

However, by implementing schnorr signatures, Chronicle addresses this issue efficiently. A single schnorr signature can represent the attestation of numerous validators, dramatically enhancing cost-effectiveness by grouping together signatures. This capability allows Chronicle to support an unlimited number of validators for each oracle update, with minimal impact on cost. More importantly, having more validators participate in the validation process boosts its security.

Can you tell us a bit more about Scribe?

A: Scribe is the name of this new type of oracle that we've launched. This oracle uses schnorr signature cryptography and is specifically designed to optimize operations across both layer 1 (L1) and L2 blockchain platforms. We use an optimistic scribe on L1 because we have different parameters that we need to manage. On L1, computation is costly — however, on L2, it's cheap, but call data is expensive on L2. So we created a Scribe Oracle solution, which uses schnorr signatures and optimistic schnorr on L1 to navigate these distinct challenges

By implementing Scribe, we've managed to reduce the cost per update by 60%-80% compared to other leading oracle providers. This makes Scribe an exceptionally cost-effective solution designed to operate seamlessly and affordably on both L1 and L2 platforms.

What encouraged Chronicle to deploy on Mantle Network?

J: At Chronicle, we hold a strong belief in aligning our values with platforms that support the development and internal backing of native applications, something we see Mantle doing remarkably well. Our goal at Chronicle is to provide a high-integrity, secure, and cost-efficient oracle infrastructure. We believe that by aligning with platforms like Mantle, which prioritize innovation and native application support, we can contribute significantly to the ecosystem, offering value to users and developers alike.

Another reason we decided to deploy on Mantle Network was due to the innovative approach you've taken, building from the ground up and being discerning in choosing infrastructure partners, rather than simply replicating existing models for spinning up an L2 solution and chasing rapid growth. We share this philosophy at our core. Our goal is to assist builders in scaling their products safely and sustainably over the long term, so it just made sense to collaborate with Mantle.

As usual, this recap summarizes only the key points discussed during the AMA. To access the full recording and ensure you don't miss any details shared in the session, please visit Mantle’s X/Twitter page.