THELOGICALINDIAN - Oracles acquiesce acute affairs to advance realworld use cases
Smart affairs are accepting a bit…smarter. Yesterday Matic Network (MATIC), a band two agreement to acceleration up payments on Ethereum (ETH) integrated with answer provider ChainLink (LINK).
The advancing accord will acquiesce acute affairs on Matic to advantage ChainLink’s decentralized answer network. That will accredit any and all applications to use abstracts calm from the absolute apple in a defended and decentralized way.
As allotment of the agreement, ChainLink will actualize an adapter for off-chain abstracts feeds, which developers can again accommodate into Matic contracts.“DApp developers on Matic appetite accessible and dev-friendly admission to oracles,” explained Matic co-founder Anurag Arjun. Once live, these feeds can be monitored and acclimated to assassinate a arrangement automatically.
Matic uses Plasma sidechains in adjustment to acceleration up affairs and lower costs. The activity aims to become the arch ascent band-aid for Ethereum dApps, and Matic additionally has affairs to aggrandize assimilate added blockchains.
Matic CEO Jaynti Kanani accent in a blog post that Coinbase Ventures, the exchange’s VC arm, had invested in its berry round. The activity held an IEO on Binance Launchpad beforehand this year.
In abounding respects, these oracles could accord acute arrangement writers the best of both the absolute and basic worlds. On one hand, ChainLink provides alien abstracts for acute affairs to collaborate with the absolute apple and advance stronger use-cases for adoption.
On the other, it’s a decentralized arrangement which incentivizes authentic abstracts advertisement by advantageous abstracts providers in LINK tokens, which are absent if the advice turns out to be apocryphal or distorted.
ChainLink is boring establishing itself as the go-to provider for abstracts feeds. Although its mainnet launched on Ethereum alone two weeks ago, the aggregation had already appear integrations with the DAG-based networks Hedera Hashgraph (HBAR) and IOST in aboriginal May.
All these collaborations are boring alpha to accommodate developers with admission to real-world data, demonstrating the appliance and amount of acute affairs to businesses. That could, absolutely literally, accompany blockchain to the absolute world.
This commodity has been adapted to abolish the chat ‘partnership’ and alter with ‘integration’.
But will anyone use it?
Watch out, Tether—you’ve got competition, including in some absurd places. CoinEx bygone announced trading for Honestcoin (USDH), a new fiat-backed cryptocurrency.
While addition dollar-valued badge is annihilation to address home about, Honestcoin has one different characteristic: it’s the aboriginal stablecoin on the Bitcoin Cash blockchain.
“HonestCoin (USDH) is the aboriginal adapted Stablecoin activity issued on Bitcoin Cash,” CoinEx said in a blog post.
The dollar-valued tokens will be collateralized with authorization “by HonestNode and Prime Trust (A USA Trust company), 1-to-1 for US dollars.” Crypto Briefing was clumsy to verify this claim.
According to the blog column CoinEx users can excellent their own tokens with dollar deposits, through Honestcoin’s website, or buy USDH with USDT.
Unlike added stablecoins, which run on Ethereum, TRON or Bitcoin’s OMNI layer, USDH runs on SLP, a new BCH accepted which provides agnate functionality to ERC-20 tokens. The Simple Ledger Protocol allows users to affair assets on the Bitcoin Cash blockchain, such as “gaming assets, licenses, agenda media rights, allowance cards, and aggregation stock.”
At present, there are over 1500 different SLP tokens, but few signs of cogent adoption. Most tokens accept alone a few hundred addresses.
While best exchanges admit BTC as the accepted Bitcoin, CoinEx is awfully BCH-friendly. The Hong Kong-based marketplace, which is ranked 61st in adjusted trading volume, currently lists over two dozen Bitcoin Cash trading pairs.
The new bread met alloyed activity from the Bitcoin Cash community. “A stablecoin is alone as accurate as its audit,” wrote one user on /r/btc. Another asked, “Do we aback adulation Tether-like instruments aloof because they’re on BCH?”
All the same, a new stablecoin is an abrupt baby-step from a blockchain which abounding assemblage arresting asleep aftermost year. Bitcoin Cash is currently admired at about $420- a 6% accretion over the accomplished 24 hours, and 350% over the accomplished bristles months.
But don’t apprehend Honestcoin to bolt up with Tether anytime soon. According to the BCH block explorer, Honestcoin has alone minted 11,000 USDH. Ten thousand tokens are concentrated in a distinct address, with the butt broadcast beyond 21 added addresses.
