Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash

On September 23, Bitcoin Cash (BCH) developer Gabriel Cardona revealed a project called Oracles.cash, a platform he constructed at the Wyohackathon. The application allows anyone to launch oracles on the BCH chain for things like prediction markets, trust-less wagers, and BCH contracts tethered to real-world events.

Also read: Bitcoin Cash Acceptance and Community Growth Ramp Up

BCH Developer Launches Oracles.cash: Verifiable Multi-Sourced Facts

This week the BCH software developer and the creator of Bitbox, Gabriel Cardona, announced the launch of a new project he designed at the Wyohackathon in Wyoming. Oracles.cash is a platform for launching oracles on the Bitcoin Cash blockchain, Cardona told the BCH community on Monday. Essentially, blockchain oracles are external elements that can trigger decision-based transactions. The idea lets someone program a contract tied to the prices on the New York Stock Exchange, weather updates, game scores, and if something reaches a predetermined threshold.

Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash

Currently, there are a few oracle projects that use different networks with projects like Chainlink, Augur, and Gnosis. Cardona and other Bitcoin.com software engineers have been steadily working on finishing oracle.bitcoin.com, a resource which aims to empower BCH cash contracts with Bitcoin.com’s oracle services. After the Wyohackathon, Cardona released oracles.cash so developers can possibly use the resource for the upcoming SLP Virtual Hackathon.

“I’m very excited to announce my personal Wyohackathon project—Oracles, a platform for launching oracles on Bitcoin Cash — The code is 100% open source under the MIT License,” Cardona detailed on Reddit. “Oracles consists of a backend REST API for serving up data, signed by a price oracle, to be consumed by cash contracts and it also includes the Hodl Vault Cash Script contract and a .ts file needed to transpile and run Hodl Vault,” Cardona added:

The REST API calls our BCH price index, encodes the block height and BCH/USD price into a byte sequence of 8 bytes (4 bytes per value), signs it with a pubkey and returns it all as JSON. Hodl Vault contract forces hodling until a certain price target and block height have been reached.

Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash

The Future of Predictive Markets on Bitcoin Cash

Oracles have been a popular subject lately as the crypto community has recently been watching the Chainlink project, a network that claims to provide reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Other projects like Augur and Gnosis had similar hype when they launched, but both projects have felt the burn from the crypto winter. Chainlink, however, has jumped more than 1,000% in value since the initial ICO two years ago.

Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash
Are you a Bitcoin developer? You can create your own Bitcoin Cash app with the Bitbox and Badger Wallet SDKs, get started with BCH tokens through the SLP SDK, and build your knowledge base with our Bitcoin Cash developer guides.

Oracles on the BCH chain have been discussed for some time, especially when oracles can be aided by opcodes like OP_Checkdatasig and Bitcoin Cash’s 32MB blocks. Oracle.bitcoin.com gives a comprehensive summary of how individuals and organizations can use BCH oracles to monitor personal goals, track sports results, oversee the latest news with an RSS feed, and monitor code commits and pull requests tied to repositories. The sky’s the limit with oracles tethered to a certain subject, and when coupled with some passionate spirit, BCH developers can design some innovative ideas. Fans of oracles think the future of predictive markets can be constructed more efficiently using script-based contracts on the BCH network.

Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash
Oracle.bitcoin.com explains how oracles can innovate our current environment with concepts like prediction markets and trust-less wagers. Prediction markets utilize the wisdom of the crowd, which basically leverages the forecasts stemming from a mob of people or collective sets of data, in order to verify information as opposed to depending on a single source.

The oracles.cash repository says that oracles.cash can essentially allow external information to be provided which can trigger executions written in cash contracts. Oracles.cash is a simple template for easily spinning up a backend to publish oracle data. It’s also an example of a Bitcoin Cash smart-contract which consumes data from the oracle service. Software engineers can also find more resourceful tools at developer.bitcoin.com for things like Cash Script, Simple Ledger Protocol (SLP) software development kit (SDK), Bitbox SDK, and the Badger wallet SDK. After the announcement on Monday, BCH proponents were pretty thrilled about Cardona’s oracles.cash unveiling.

“I can tell this is great news about the functionality we have all been looking forward to having available,” the Reddit user u/big_bubbler remarked. “Now people can take this raw power and make user-friendly stuff from it and step by step the amazing future for Bitcoin Cash approaches.”

What do you think about oracles.cash? Let us know what you think about the subject of oracles on the BCH chain in the comments section below.


Image credits: Shutterstock, Gabriel Cardona, oracle.bitcoin.com, and oracles.cash.


Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs.

Tags in this story
32MB, Accept Bitcoin Cash, Badger, Bitbox, bitcoin cash, Cash Contracts, Cash Script, Decision-based transactions, developer.bitcoin.com, Developers, Development, Gabriel Cardona, Hodl Vault, OP_CHECKDATASIG, oracle.bitcoin.com, oracle.cash, Oracles, Script, SDK, SLP, SLP Virtual Hackathon, Wyohackathon, Wyoming
Software Engineer Reveals Oracle Creation Platform for Bitcoin Cash 1
Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,413 0.36 % 3.48 % 1.71 %
Ethereum1,985.8 0.36 % 3.95 % 1.98 %
Tether1.001 0.16 % 0.07 % 0.07 %
BNB327.60 0.84 % 0.29 % 9.87 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4111 0.83 % 3.16 % 2.95 %
Binance USD1.002 0.07 % 0.20 % 0.02 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana49.84 0.41 % 7.01 % 7.10 %
Dogecoin0.08438 0.34 % 4.38 % 4.11 %

bitcoin
Bitcoin (BTC) $ 29,392.00
ethereum
Ethereum (ETH) $ 1,983.15
tether
Tether (USDT) $ 0.999725
bnb
BNB (BNB) $ 325.91
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.408904
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.519318
solana
Solana (SOL) $ 49.67
dogecoin
Dogecoin (DOGE) $ 0.084038