The largest upfront cost of implementing a smart contract is connecting cryptographically secured smart contract networks to traditional data and financial infrastructure that isn't cryptographically secured, but where most global commerce currently takes place. Approximately 70%+ of development time in blockchain proof-of-concepts currently goes towards connecting existing data sources, internal IT systems and traditional bank payments with cryptographically secured smart contract networks.
Smart Oracles greatly simplify creating this critical connectivity between leading smart contract networks (Bitcoin and Ethereum) and the existing infrastructure which smart contracts will need to receive commands from, make ongoing updates to and rely on to send traditional bank payments.
The Smart Oracles platform currently supports the Ethereum and Bitcoin blockchains, with Ethereum smart contracts for Insurance and Derivatives already successfully releasing Bitcoin based on their assessment of external data feeds.
As part of our commitment to supporting smart contract developers we have also released a series of Free Public Oracles that provide common data feeds to any Ethereum smart contract. Our public oracles greatly reduce the development time of smart contracts that utilize their specific data feeds and provide an initial demonstration of the types of smart oracle which can be created in less than 15 minutes on SmartContract.com. More Free Public Oracles are planned and we are excited to hear requests or suggestions as we continue to collaborate closely with multiple high quality data providers.
Below are three of our initial Free Public Oracles, available for immediate use.
US Federal Funds Rate Oracle
Bitcoin to USD Price Oracle
Ether to USD Price Oracle
"Easily connecting smart contracts to the data sources, internal services and bank payment methods desired by users is the next step in making them truly useful for real world use cases." ~ Sergey Nazarov | CEO