Rhombus Startup Develops Oracle Solutions For Ethereum Blockchain
The Rhombus blockchain project announced on its blog the release of new solutions for connecting decentralized applications based on Ethereum to the real world data.
According to the operational director of the project Jeff Rosen, the principal point for the team was to achieve a connection between the closed system of smart contracts on the Ethereum blockchain and the outside world, since the blockchain itself is isolated from external information. He noted that oracle programs will be the solution to this problem.
Doug von Kohorn, the company's general director, said that the oracle programs are converting US dollars into euros, Japanese yen, and British pounds. Moreover, these can update information about the value of corporate shares every hour, for example, about changes in the price of Tesla or Amazon shares.
The Rhombus team has developed three blockchain-based programs using oracles. The first application is aimed at making regular transactions with ethers, the second app allows issuing a per-minute subscription to video streaming in real time, and the third product facilitates the process of asset trading by estimating the value of gold.
The announcement of new products release appeared on the Rhombus blog on the ETHDenver hackathon eve, whose members got the opportunity to try out new startup’s solutions using oracles for free. The Rhombus project is supported by the Consensys venture capital studio, which also acted as a partner of the hackathon that was held on February 15-17.
During the speech at the ETHDenver hackathon, Erik Voorhees, ShapeShift's executive director, announced the start of the rebranding of the same name crypto platform.