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New Waves Product To Allow Creating Oracles On Blockchain

13:07 05/04/2019
Waves Startup Presents Protocol For Creating Blockchain Oracles

A Russian startup Waves presented Data Oracle, a product that allows creating oracles on blockchain, according to the blog.


The oracles on blockchain are necessary to obtain information from various third-party sources outside the smart contract. They can supply any data, such as exchange rates, flight schedules, etc., in a distributed ledger for processing by a contract or app. In other words, oracles serve as a bridge between blockchain and the real world.


According to the post, creating an oracle using the Oracle Data Protocol will be quite simple from a technical point of view. To do this, one needs to find an external source and send there a starting transaction with data about the oracle, after which the necessary information will be provided to the smart contract.


Developers can make their own oracles publicly available. Users will get the opportunity to find the one that already exists on blockchain and supplies information on a specific subject and check the source attached to it and the frequency of data arrival.


If necessary, the protocol can be expanded by updating its data or description. Waves experts advise upgrading the oracle version after each change to make it more convenient for users. Oracles will be in the category indicated by their creator.


In the future, Waves is going to design a database with open protocols, using which developers will form generally accepted standards for blockchain oracles. According to the team, this will improve the interoperability and compatibility of DLT and IT systems.


Earlier, Waves took up the creation of roadmaps for the blockchain introduction in Russia.

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