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Ubinetic created a trustless data transmission solution from provider to smartcontract.
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 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 smartcontract. 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 smartcontracts. 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. There is a synthetics exchange that is being built on Tezos called SEXP. Read more about SEXP and synthetics here. https://xtz.news/defi-news/tezos-based-synthetic-exchange-expected-to-launch-in-q1/
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. https://ubinetic.medium.com/oracles-by-ubinetic-1f358779425
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 is currently the first dApp that integrated Ubinetic Oracles. For the Youves.com data, a selected set of independent companies act as data transmitters.
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