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Ubinetic Oracles: Trustless Data Transmission From Data Providers To Tezos Smart Contracts

Ubinetic create a trustless data transmission solution from provider to smart contract, which can be used to create Oracles that provide trustless data to Tezos-based smart contracts.

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Trustless Data Transmission Solution

Ubinetic has created a trustless data transmission solution from provider to smart contract, which can be used to create Oracles that provide trustless data to Tezos-based smart contracts.

So far we’ve seen oracle methods where a form of trust in the oracle is needed, or where the data gains trust through an average of multiple oracle participants.

Another solution is by signature verification provided by the data source. This is how current oracles on Tezos like Harbinger and Kaiko work.

Both options are either not ideal, or limited. (Just a limited selection of data providers in these solutions sign their data. One example of a data provider that does sign their data is Coinbase.)

Ubinetic

Ubinetic solves the trust issue in the data transmission phase from data provider to smart contract.

It proves that the data from the data source, all the way to the smart contract has not been tampered with. With the Ubinetic solution, you could set up an oracle that transmits data provided by almost any website that provides data.

“Any REST API secured by HTTPS can be integrated with this approach.”

Think of stock indexes, weather data, traffic data, sports results, anything.

Future applications

Oracles can be used to feed live data to smart contracts. Price updates for synthetics for example. A synthetic is a financial product that can derive profit from the value of an actual asset.

When trading synthetics, you do not hold the actual asset that you want to profit from, you just bet on a value change.

For this you’d need price updates on assets. You could have a synthetic for Apple or Tesla if the oracle can update values for the smart contract.

With the Ubinetic Oracle solution, one could set up a trustless data feed for such synthetics. There is a synthetics exchange that is being built on Tezos called SEXP. Read more about SEXP and synthetics here.

Other applications would be decentralized betting on sports, dApps in the automotive industry that need current traffic data feeds, decentralized insurance, and many more.

The Ubinetic Oracle Solution

Proof is provided by use of the Android SafetyNet and Android Key Attestation on Android devices.

Basically by verifying a couple of signatures you can get the proof that a specific executable was executed on a device Google thinks to be secure, genuine and in full integrity.

If you want to get to the bottom of the technical aspects of the Ubinetic oracle solution, read their full blog where they go deeper into the technical details.

Oracles will be run on dedicated devices. So it is not intended for your daily use Android device. The whole system will be open source and anyone can use the approach to create an oracle.

Youves.com

Youves.com will be the first application that will integrate Ubinetic Oracles. For the Youves.com data, a selected set of independent companies will be acting as data transmitters.

The first of these companies will be Taurus as announced today.

Taurus is already familiar with Tezos. Last year, Taurus enabled their secure Tezos staking infrastructure for institutional use-cases.

Taurus Group

Taurus Group SA was founded in April 2018 in Geneva, specializing in digital assets and blockchain. It was founded by senior executives with a background in banking, regulatory, IT and cyber-security.

Taurus offers enterprise-grade market infrastructure solutions for digital assets as well as other financial services to institutional clients.

Taurus managed to build one of the few engineering teams in the world that master the full technology stack (software, hardware, cryptography, distributed systems, devOps).

They work hand-in-hand with the founding team that knows financial services pretty well. This is a quite powerful combination and sought-after by institutional clients.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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