Launches Smart Oracles, Connecting the Ethereum and Bitcoin Blockchains to the World's Traditional Data and Financial Infrastructure Share Article The largest cost of implementing a smart contract is connecting it to the data sources and traditional payment methods it'll need to become useful today.Smart Oracles provide the first easy to use, secure and highly auditable solution to connect the world's existing data and financial infrastructure with leading smart contract networks like Ethereum and Bitcoin. Smart Oracles platform San Francisco, CA (PRWEB) July 28, 2016 The largest upfront cost of implementing a smart contract is connecting cryptographically secured smart contract networks to traditional data and financial infrastructure that isn't cryptographically secured, but where most global commerce currently takes place.Approximately 70%+ of development time in blockchain proof-of-concepts currently goes towards connecting existing data sources, internal IT systems and traditional bank payments with cryptographically secured smart contract networks.

Smart Oracles greatly simplify creating this critical connectivity between leading smart contract networks (Bitcoin and Ethereum) and the existing infrastructure which smart contracts will need to receive commands from, make ongoing updates to and rely on to send traditional bank payments.The Smart Oracles platform currently supports the Ethereum and Bitcoin blockchains, with Ethereum smart contracts for Insurance and Derivatives already successfully releasing Bitcoin based on their assessment of external data feeds.wonderland bitcoinAs part of our commitment to supporting smart contract developers we have also released a series of Free Public Oracles that provide common data feeds to any Ethereum smart contract.bitcoin the rapperMore Free Public Oracles are planned and we are excited to hear requests or suggestions as we continue to collaborate closely with multiple high quality data providers.o que é mineração bitcoins

Below are three of our initial Free Public Oracles, available for immediate use.US Federal Funds Rate Oracle Bitcoin to USD Price Oracle Ether to USD Price Oracle "Easily connecting smart contracts to the data sources, internal services and bank payment methods desired by users is the next step in making them truly useful for real world use cases."~ Sergey Nazarov | CEO About SmartContract has been a leader in blockchain-based application development since 2014 and was selected by the World Economic Forum as "The Shift in Action" for blockchain technology in late 2015 (please see attached).bitcoin core fedora's team is committed to accelerating the use of smart contracts as a key building block for the trustless commerce revolution currently underway.bitcoin core create walletWe believe that smart contracts which can interact with the external world are an essential building block for the trustless commerce revolution which is on track to provide the security, trust and transparency needed for our global financial system to function as it was meant to.silver bitcoin ebay

For additional questions or feedback about our announcement, please contact us directly: sergey(at)smartcontract(dot)com Share article on social media or email: View article via: Pdf Print MediaOver the past couple of months, we’ve been experimenting with integrating Mediachain into the Ethereum world as performant, scalable off-chain storage.Today, we’re excited to announce some of these early experiments: our goal is to help decentralized app (dApp) developers skip thinking about storage and focus on their product and community instead.For the uninitiated, Mediachain is:We believe that dApps, on top of Ethereum and other platforms, can create a more fair distribution of value between participants in the media ecosystem, appropriately compensate the content creators, and maybe even challenge the dominant surveillance capitalism mode of the social/user-generated content web.bitcoin dollar equivalent

A perfect fit with the Mediachain vision.The nascent crop of exploratory apps in this space shows promise: the early success of steemit [more] has been encouraging, Resonate is on a slow, steady climb, Userfeeds and Akasha are not far from launch.Some others (notably Ujo Music) didn’t quite hit mainstream adoption with their prototypes, but are coming back around for a serious attempt on top of a more mature ecosystem.Many more are on the horizon.One thing that unites these, and future, projects: they need to store data somewhere — specifically metadata about the songs, photos, “medium” posts, and so on.bitcoin dollar value graphLet’s talk about challenges surrounding this (scroll down to “Enter Mediachain” if you’re impatient).Some early projects, like the first iteration of Ujo, created very inspiring demos around what were essentially toy datasets — in the case of Ujo, the splits for the one song you could buy through the original contract were hardcoded right in the constructor:This worked to showcase the mechanics, but of course it was quite limited in practice.The obvious next step was to add some state mutation methods to your contract, so that the owner could call it with CRUD operations.bitcoin nakamoto satoshi

This is pretty easy — the constructor above writes to a public state variable already — so now you could have your own little database replicated on every Ethereum node.Unfortunately, the cost of storing data this way ends up being around $140k/GB at current ETH/gas prices, or enough for about 500,000 gigabyte-years of S3 storage.The same problem comes up in any direct on-chain storage system: the design parameters of transaction and data storage are inherently at odds.The problem of on-chain storage costs exceeding San Francisco real estate prices was touched upon, indirectly, at least as far back as 2012 (please send me earlier examples) with Proof of Existence storing SHAs of documents in Bitcoin OP_RETURN instructions to “notarize” them.So here we’re writing a 32 byte hash instead of whatever size the original document was, not bad!However, these are some very expensive bytes: approx $500k/GB (in 2017 BTC), or roughly the per-megabyte price of an expensive hard drive from the late 70s.

We’re also subject to the <10 tps global rate limit and a multi-minute confirmation time.Worse, there is not much we can do with this data outside the proof of existence application: the underlying document has to be located somehow.The next logical step was taken by others like Ascribe, by placing the referred-to document in a well-known location like a particular S3 bucket, so it could (usually) be retrieved based on the identifier recorded on-chain.This approach was formalized by BitSpark, which is a protocol for specifying the URL of a “delivery server”, which will hopefully contain the document, together with the hash.The same approach can be taken with values written to Ethereum state, which further drives costs down about 5x and makes the reference easier to deal with.We’re doing better now: the document can be located from the blockchain record, though we still can’t do much with it.The achilles heel of this approach is the delivery server mechanism: it’s location-addressed, which means the moment the domain lapses, the origin server goes down, or the ICE gets involved, the link will irrecoverably break.

We’ve welded a single point of failure to our decentralized network.Fortunately, this is exactly the sort of problem that the IPFS project is intended to solve (I’ll assume the reader is probably familiar with IPFS, but here is a nice intro post).Briefly, using IPFS gives us location-independent addressing and per-byte costs approximating the underlying storage.By replacing location-based references with IPFS multihash content addresses, we get a robust, wholly decentralized system without astronomical storage costs.Similar approaches, like Swarm, offer comparable guarantees.Sounds good, right?If you’re familiar with the EVM, you’ve probably noticed that so far I haven’t talked about the other storage mechanism (ignoring memory and stack): events.The events system, which started out as a kind of abuse of the EVM logging facilities, offers some intriguing upsides: its much less expensive on a per-byte basis ($1.8K/GB, firmly in the mid-90s), has fairly robust support in tooling like truffle, and currently doesn’t get pruned so (in theory) its longevity is the same as the main chain.The downside of events is that, from the contract’s perspective, they act like a kind of garbage chute leading to a landfill: you can never get back what you’ve written, and it all ends up in a giant pile together with all the other events, transaction receipts, internal events, etc.The events system is also an essential feature underlying oracles, which are currently the best way to get data in and out of Ethereum.

This is where we tap in.We started building Mediachain because our consumer-facing apps Mine (2015) and Attribution Engine (2016) put us face to face with the limitations of on-chain storage (read more about our thinking at that time here).IPFS, and the greater libp2p ecosystem, felt like the right direction but we realized we needed a few more pieces:Mediachain builds on the ideas (and internals— we are fully compatible libp2p nodes) of IPFS, adding namespaces for discovery, the ability to route hundreds of millions/billions of objects, and a flexible permissions model to enable collaboration.We think that this is the right level of abstraction and feature set to build the next Soundcloud, Reddit, or something we haven’t even imagined yet.Over the past few months, we’ve focused primarily on building Mediachain Core: the infrastructure that holds and routes the data.Now, we’re releasing some early experiments in connecting Mediachain to the Ethereum universe.The first is a Registrar contract in Solidity, which you can inherit from to create events that get “captured” by listening Mediachain nodes:where namespace is a namespace you have permission to write to (extended discussion of possible permission models, particularly token-incentivized namespaces and how they relate to fee, will be the subject of an upcoming post) and body is a CBOR/IPLD metadata blob to save.