Bitcoin.com’s Oracle Aims to Bolster BCH-Powered Smart Contracts
Bitcoin.com is pleased to unveil plans to offer one of the world’s first oracles for smart contracts on the Bitcoin Cash (BCH) blockchain. The autonomous feature will allow specialized prediction markets and decision-based transactions for sports scores, political results, and market exchange rates.
Also read: How to Spend and Give Bitcoin Cash Over the Holidays
Bitcoin.com’s Oracle Section: Verifiable Multi-Sourced Facts
Since the Bitcoin Cash network upgrades in May and November, the protocol and its scripting language is now far easier for coding smart contracts, decision-based transactions, and predictive oracles. Aided by opcodes like OP_Checkdatasig (DSV) and Bitcoin Cash’s 32MB blocks, BCH is one of the simplest and most secure platforms to build your smart contract. By building the Bitcoin.com Oracle, we plan to utilize the benefits of the BCH network and all the new features added during the last upgrades in order to provide verifiable multi-sourced facts.
The basics of an oracle with enough valid data can prove ideal for executing decisions and triggering smart contracts. Back in the ancient days of civilization, humans often visited oracles, validated reports, created prediction markets, and attempted to forecast the probability of outcomes in order to make better decisions. With the new opcodes like DSV, Bitcoin Cash network participants can validate data when certain conditions are met within the smart contract. BCH-based oracles can theoretically trigger any type of smart contract from any type of data that exists outside the Bitcoin Cash blockchain.
Empowering Global Participation
There are so many use cases for BCH-powered oracles and autonomous contracts that can be executed by using verifiable data. With Bitcoin.com’s Oracle, we hope to provide tools that can monitor personal goals, track sports results, detect exchange rate movements, record social media platforms, and monitor news. Alongside this, you could even track the Bitcoin Cash code repository, pull requests and more with our oracle pulling data from Github’s API and other sources. Historically, oracles have been centralized, but by utilizing the security of the distributed BCH ledger we can trust the autonomous oracles to determine certain outcomes. Going beyond the limits of centralized entities, BCH-based oracles provide the means for global participation because peer-to-peer BCH transactions are cheap and reliable.
At the moment our Bitcoin.com Oracle is still under development. But if you would like to get in on beta access when the code is available, please sign up for our Oracle Newsletter. Furthermore, if you would like to contribute or provide feedback, you can reach out to us through the oracle landing page and we’ll get back to you as soon as possible. “We’d love some help charting out exactly what the most usable platform would look like for the users,” explained Bitcoin.com CEO Roger Ver on the Reddit forum r/btc on Monday.
What do you think about the Bitcoin.com Oracle idea? Let us know what you think about this project in the comments section below.
Images via Shutterstock, and Bitcoin.com Oracle.
Want to create your own secure cold storage paper wallet? Check our tools section.
Related
Host a BCH Giveaway With Bitcoin.com's Golden Ticket Software
Have you ever thought about creating a cryptocurrency giveaway during a hosted event? Now you can create your own crypto-based… read more.
Query the Bitcoin Cash Blockchain With Bitcoin.com's Dedicated Bitdb Node
Over six months ago, Bitcoin.com launched a dedicated development page for programmers working on the Bitcoin Cash (BCH) network. More… read more.
