Bridge Oracle price prediction: BRG sees sudden rise

Bridge Oracle has seen its price rise by more than 50% in the past 20 hours

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The BRG coin is currently ranked at 191 by CoinMarketCap – Photo Shutterstock
                                

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Bridge Oracle, launched in 2020 and claiming to be the first ever protocol using public oracle technology to be built on the TRON network, has had a volatile year.

In part this could be due to the controversy surrounding the founder, combined with suspicions that have been raised that this coin is potentially dubious.

The crypto itself purports to offer a range of oracle services. According to its website, the project is easy to use, open source and possessed of a range of integrated data sources.

Using the BRG token provides greater discounts for clients paying for oracle services.

According to the BSC website: “Due to the nature of blockchain systems, they are not able to access real world data. Bridge oracle system is a technology through which external data can be injected.”

As of 3 July 2022, the price of BRG has risen by 49.32% over 24 hours and now currently stands at $0.01135. So what are the latest Bridge Oracle price predictions?

Before looking at forecasts, let’s do a quick overview of the coin.

What is Bridge Oracle (BRG)?

A host of cryptos offering oracle services have emerged as the need for reliable live data injections has grown.

Bridge Protocol offers a range of oracle systems. According to its website: “Each type of oracle has its own api contract. The only thing one should do is importing the appropriate API.”

But what are oracles? And what are APIs?

APIs are essentially software intermediaries than make it possible for two apps to connect with one other. If you use an app on your phone, for example, it connects to the internet, transferring data to the server. The server interprets the information, performs a variety of actions and then sends it back to the phone. The app then presents this information in an accessible way.

API are basically data messengers. Blockchains, like legacy technologies, require messengers. Smart contracts, for example, require external data flowing into blockchains that are efficient, reliable and secure.

Oracles were developed to feed this sort of data into blockchains. The more a blockchain scales up, the greater the requirement for accurate data. Oracles retrieve and verify external data and feed it into the blockchains. The data could include anything from weather reports to crypto prices.

Oracles need to interact with APIs to get this information. Oracles regurgitate this information to make it consumable to the blockchain.

Smart contracts

A Medium article written by the project discusses the use case of oracle technologies in relation to smart contracts.

The article, which is not written in the most fluent English, says: “Bridge is the first ever public oracle system on TRON network which has been developed to provide ability of accessing external data for ordinary users’ smart contracts. Because making smart contracts to be externally aware and capable of accessing off-chain resources is a vital aspect if they are expected to be substituted with manual and digital agreements in use.”

Founder

Sina Estavi is the founder and CEO of Bridge Oracle. Aside from stating he is based in Malaysia, there is very little information about on his LinkedIn.

The founder, and the platform, were embroiled a dispute in December 2020, after Mate Tokay, the former CEO and co-founder of bitcoin.com sued the protocol for allegedly failing to pay him 37.5 million Bridge Token (BRG), worth, at the time, $525,000.

Tokay claimed that despite using his name to help attract millions of dollars of investment during the IEO, Bridge allegedly failed to pay him for his services. Tokay also alleged that at the time key details, including the circulating supply for BRG was inaccurate, saying he subsequently informed “other crypto industry market leaders, price aggregations sites, and relevant exchanges” of the “massive” discrepancy between claimed supply and actual circulating supply.

Despite Bridge Oracle offering a refutation in a Medium article rejecting the legitimacy of Tokay’s accusations, the price and reputation of the crypto was subsequently dented.

In May 2021, Estavi was arrested by Iranian authorities over alleged corruption crimes related to the legitimacy of Bridge Protocol.

Is Bridge Oracle legitimate?

It cannot be denied that there are red flags regarding the legitimacy of the coin. For starters, the website is sparse and difficult to navigate. A lot of the links do not work and there are no links to the whitepaper on it.

Alongside the damning development of the founder being arrested under suspicion of Bridge being a Ponzi scheme, the sparsity of the website hardly imbues potential investors with confidence.

How does this information impact a Bridge Oracle price prediction for 2022? Or even a Bridge Oracle price prediction for 2030?

Before looking at forecasts, let’s look at performance of the BRG coin.

Coin performance

Immediately upon release the coin failed to gain any traction in the market. In November, the coin dipped to $0.0007413 on 26 November 2020.

In February 2021, the coin began to rise, surging to record highs of $0.335 on 11 March 2021. In May, however, the price began to drop hitting lows of $0.001681 by 2 June 2021.

Despite trading sideways for the remainder of 2021 and into 2022, the coin suddenly surged in March, hitting highs of $0.1191 on 20 March.

The price of the BRG coin currently stands at $0.01135 as of 3 July 2022 with a 24-hour trading volume of $181,968, according to CoinMarketCap.

The coin has a maximum supply of 10 billion coins and circulating supply of more than 8 billion BRG coins.

How does this information impact a BRG price prediction?

Bridge Protocol price prediction

If you choose to use price predictions in order to help you make investment decisions its key to keep in mind that while they can be useful as an indicator of which direction a coin could go in, its best to regard them as possibilities rather than absolutes.

With this in mind, let’s look at some BRG price predictions.

WalletInvestor thinks the Bridge Oracle coin price prediction for 2023 will be $0.000711 in a year’s time. Its Bridge Oracle price prediction for 2025 stands at $0.000337. 

PricePrediction says Bridge Oracle could be $0.00020089 by December 2022.

FAQs

The coin has a maximum supply of 10 billion coins and circulating supply of more than 8 billion BRG coins.

Given the fact the founder is in jail on charges of potential corruption in relation to the project, investing in BRG is perhaps not the wisest idea. Coupled with this, the coin performance has on the whole been fairly dismal.

Perhaps, but probably not in the longer term.  Always keep in mind that crypto coins are highly volatile assets and that analysts’ forecasts can often be wrong.  

Investing is a highly personal endeavour, dependent on your individual investment goals. Remember to do research and keep up-to-date on any developments in the BRG space.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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