Decentralized Oracles: Get Started & Earn RLC
iExec offers one of the most complete and simple to use decentralized oracle solutions: being live on Ethereum mainnet, Trusted Execution Environment ready, and extremely easy and fast for developers to set up a custom API. We gave an introduction to decentralized oracles and the iExec approach in this blog post:
Why your Decentralized Application Needs a Decentralized Oracle
Thanks to blockchain and smart contracts, we can now have total trust in the execution of code. Using oracles to bridge…
We believe that spending time acquiring new blockchain skills by building on iExec should be a rewarding experience, not only from a development perspective but also, financially.
We’ve funded 4 Gitcoin issues covering 4 different projects. Each one of them is rewarded $100 in RLC. If you’re interested in getting involved, you can apply to work on one of the proposed oracle projects.
It’s quite simple: after you have familiarized yourself with the iExec stack, you just need to dockerize an app and you’re ready to deploy an oracle with iExec.
Price feed: a simple example of a Decentralized Oracle
Decentralized oracles collect valuable off-chain data (from ‘Web2.0’), and feeds it to smart contracts on the blockchain, acting as a bridge, in a trustless and decentralized manner.
As a simple example, you can have a look at the price feed: several machines are relaying the data from CoinAPI to the oracle contract after the iExec PoCo consensus protocol has been carried out over the result. This specific oracle can enable a variety of financial services and apps such as a decentralized exchange.
Get started with iExec Oracles
During the release of iExec V3 in May, we sealed a strategic partnership with B9Lab, introducing 500 developers to the iExec stack.
We’ve funded 4 Gitcoin issues covering 4 different projects. Successful developers will be rewarded with $100 in RLC. If you’re interested in getting involved and learning about iExec and decentralized oracles, you can contribute to any of the below oracle projects.
- Use case: soccer game betting platforms
- Data source: soccer game API (example)
- Input: a soccer game ID
- Output: official final score
- Use case: flight insurance services
- Data source: a flight API (example)
- Input: a flight ID
- Output: delay in minutes
- Use case: ICO crowdsale smart contract
- Data source: a Bitcoin explorer (example)
- Input: a BTC transaction hash
- Output: BTC transfer amount
- Use case: on-chain TLS proof of web content
- Data source: user input (must be a URL)
- Input: any URL
- Output: URL content + its TLS proof
What do I need to do
An iExec DOracle needs two parts: Off-chain dockerized application, and on-chain smart contract.
1. Dockerized application (off-chain) You need to write a logic that does the following steps:
- Fetch the data from the API
- store the hash of the result in the determinism.iexec file
- store the encoded result (using ABI.encode) in the callback.iexec file
Then, push you docker image on Dockerhub, and deploy it on iExec using the SDK.
2. Smart contract (on-chain)
- Edit the provided template by filling your app ID
- Use truffle to deploy the smart contract
Got another oracle idea? Get a chance to be rewarded in RLC!
Thinking of an oracle that is not in the list? Feel free to share your ideas in this form. The first idea that gets selected for implementation will be rewarded with $100 in RLC. All subsequent ideas selected will get $20 in RLC.
To provide a nice interface for these DOracles, expect four more Gitcoin issues to be published in the coming weeks.
As a final note, we’ll soon be publishing a complete step-by-step tutorial on how to deploy a DOracle, so stay tuned!
Interested in following the iExec project? What’s next?
Before iExec V4 (the high-performance computing version with GPU support) is released this year, we’ll be giving more news on the recent developments of each of the recent announcements. To be the first to know and get exclusive updates, subscribe to the iExec newsletter and follow on social media.
More from iExec:
V3: iExec Releases Data Wallet for Enterprises to Rent Data and AI Models Using Blockchain
Lyon, 15 May 2019: iExec has released its V3, which introduces a new Data Wallet feature that makes secure data renting…
See below for more on the 7 main announcements from the iExec V3 release:
Project Update #9– Seven Key Takeaways from iExec V3 announcements, Listings and more
After the V3 release, let’s look back at all the recent announcements, releases and events in recent weeks and see at…
The iExec roadmap is ahead of schedule. iExec V4, the high-performance computing version with GPU support is coming much sooner than planned, released this year!