SmartContract
SmartContract.com founded in San Francisco and funded by venture capital. Command SmartContract.com seeks to accelerate the use of smart contracts as a key building block for an innovative trade revolution. The project is currently under implementation. The LINK Network provides smart contracts with data, bank payments and access to APIs.
ICO start date: 2017-08-28
Contents
Description
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). Based in San Francisco and funded by top-tier venture capital firm Data Collective, SmartContract.com’s team is committed to accelerating the use of smart contracts as a key building block for the trustless commerce revolution currently underway.
As developers begin to implement their chosen smart contract, they encounter the connectivity problem; their smart contract is unable to connect with key external resources like off-chain data and APIs. This lack of external connectivity is due to the method by which consensus is reached around a blockchain‘s transaction data, and will therefore be a problem for every smart contract network. ChainLink Connects Smart Contracts to Any/All External Systems & APIs.
How it works
For PoC, the Oracle Smartcontrast was used to change interest rates from participating financial institutions for so-called “smart contracts with market interest rate”.
This contract combined the data into a single rate, which is then used for the virtual representation of the smart contract bonds worth us $1 million, Then the transaction in the blockchain is broadcast Swift message payment. In order to be able to send data to a single transaction that Swift can handle, the startup has built its SmartContract platform in accordance with the Swift ISO 20022 standard for electronic data exchange between financial institutions[1].
Smart Oracle
Approximately 70% of the development time in blockchain concepts goes to connect to existing data sources, internal it systems and traditional Bank payments using cryptographic secured networks of smart contracts. Smart Oracles greatly simplify the creation of this complex connection between the Bitcoin and Ethereum networks and the existing infrastructure, which will need to receive commands, make current updates and rely on traditional methods of sending Bank payments[2].
The Smart Oracles platform currently supports Ethereum and Bitcoin blockchains. The contract enters into an insurance contract for derivatives based on bitcoin in terms of assessing their external data. “As part of the commitment to support contract developers, we have also released a series of free public oracles that provide common data channels for any Ethereum smart contract. Our public oracles will significantly reduce the development time of smart contracts that use specific data channels and will provide an initial demonstration of smart oracles types that can be created in less than 15 minutes per day. SmartContract.com Oh. Other free public oracles are scheduled to be released soon and we are excited to hear feedback or suggestions as we continue to work closely with multiple data providers.”
Team
The SmartContract.com team has been working since 2014 to tackle these problems. They have a product called ChainLink that allows you to connect your smart contract to a data feed from any web API and some payment networks. They recently partnered with Cornell’s IC3 organization to help launch the first Intel SGX secured link between smart contracts and external data. This helps solve some of the issues around data tampering when using unsecure hardware. They are developing a decentralized oracle blockchain middleware called the “LINK network” that allows anyone to become a provider of external data. These utility tokens will allow you to monetize the data you are sending to smart contracts and get paid in LINK tokens[3].