What is the Refract Network?
Last updated
Last updated
Refract Network is eliminating the gap between on-chain dApps and off-chain real-world services. Due to the decentralized and trustless nature of blockchains, they operate as sandboxed environments, unable to directly interact with external data and services. This is widely known as and poses a significant limitation for consumer applications built on blockchain technology, as they require access to off-chain resources to maximize their value and provide meaningful user experiences. Unlike traditional oracle projects like Chainlink and API3, which primarily focus on serving the needs of decentralized finance (DeFi) applications, Refract Network is specifically designed to cater to support a wider range of consumer-oriented applications.
Consumer-oriented dApps represent a distinct class of dApps, characterized by high-volume, low-value microtransactions, which stand in contrast to the typical transactions found in decentralized finance (DeFi). Refract Network addresses the limitations of existing oracle systems by providing an infrastructure tailored specifically for consumer dApps, enabling seamless integration of real-world services and unlocking new possibilities for Web3 applications. Refract Network addresses these needs by providing a cost-effective and economically scalable infrastructure that minimizes implementation and deployment costs.
At its core, Refract Network is focused on making illiquid real-world services and assets more accessible on the blockchain through the use of RFTs and Refractor Node Service. Our goal is to help web2 businesses expand their services into the growing web3 space, enabling them to tap into new customer bases and explore novel business opportunities as web3 gains traction. At the same time, we want to empower web3 applications to create new value by incorporating these real-world services and assets into their offerings.
To achieve cost-effectiveness and scalability, Refract Network pioneers the novel to revolutionize the way off-chain services are integrated into the blockchain ecosystem. Unlike Chainlink and API3, which focus on exposing off-chain APIs through oracles, Refract Network enables ANY service that can provide to be securely sold, traded, and interacted with on the blockchain. This approach opens up a wider range of utilities that can be made accessible as tokens, going beyond simple API calls or data feeds.
With the SaaT model, OSEs can tokenize their existing services as , which encapsulate the entire redeemable service as a whole token. This allows for greater programmability, interactivity, modularity, and interoperability between Web2 and Web3 without compromising security. RFTs provide an interface between on-chain and off-chain data, enabling a new class of interoperability that is not possible with traditional reverse oracle solutions.
