Digitex Futures, the DGTX token powered, zero-fee cryptocurrency futures trading platform has announced a partnership with Chainlink to integrate the latter’s decentralized Price Reference Contracts on its exchange. Chainlink is known for offering reliable real-world input data for various smart contract solutions, and in this case, the company’s decentralized oracle will be helping Digitex Futures maintain the accuracy and integrity of price information on the trading platform.
Digitex has already created an accurate internal price feed based on information from trusted spot market sources as part of an index. However, it wants to further insulate the system from vulnerabilities and possible price manipulation, for which it has chosen Chainlink. The partnership serves as a milestone in the crypto industry as it the first time a centralized crypto futures exchange has relied on decentralized oracles to enhance its platform security.
Chainlink’s decentralized oracle network is a popular on-chain price reference data in the industry. According to the platform, it uses security reviewed, sybil resistant and fully independent nodes to create a shared global resource for financial applications. The oracles offered by Chainlink are used by some of the leading enterprises like Google, Oracle, SWIFT etc., and by leading smart contract development teams like Synthetix, Conflux, OpenLaw etc.
With the use of Chainlink Price Reference Contracts, Digitex will maintain a manipulation-resistant price anchor that acts as a reference to detect a deviation in asset prices on the platform. Any significant deviation of Digitex’s internal price feed from that of the global markets as available on the Price Reference Contracts can be easily detected, and appropriate measures taken to safeguard the interests of traders on Digitex Futures.
While explaining the advantages of the collaboration between Digitex and Chainlink, CEO and Founder of Digitex, Adam Todd said,
“Chainlink provides Digitex with highly reliable and transparent price feeds that protect our users against the negative outcomes of abnormal market conditions or internal complications. Using Chainlink price data enables us to deliver stronger security and performance guarantees to our users, furthering our vision to revolutionize futures trading.”
The Price Reference Contracts will be initially implemented in BTC/USD Perpetual Contracts, followed by support for additional price feeds and trading pairs as the platform launches new products. Digitex will be tightly integrating Chainlink’s oracles into the development roadmap of its soon to be launched Digitex Futures Exchange.
The Digitex mainnet is currently open; however, only around 200 users are trading while the company onboards users in small groups. Despite the fact it’s not yet fully open to the public, the exchange has already reached a notional value of million volume in today’s 24-hour period. Onboarding will be ramped up to around 10,000 users in the next 4-5 weeks.
Digitex’s CEO has pointed out that onboarding in phases in this way means the exchange’s development team has an opportunity to fine-tune features and functionality before a full public launch. He states that “each new group of onboarded users has a better UX than the previous group.”
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Between Oracles and Smart Contracts: JUR to Take Dispute Management Onto the Blockchain
In the past twenty years, technology has advanced to the point that it is now a ubiquitous part of our lives. The internet provides global connections that comprise everything from social media to e-commerce. Smartphones, affordable computers, and a continual, reliable internet connection have had a transformative effect on the way we interact with the world around us.
For instance, online shopping is supplanting the in-store experience for many consumers. Forbes notes, “For the first time ever, shoppers are going to the web for most of their purchases.” Even the way we work is being altered by the digital age. Upwork, a popular exchange for freelance workers, predicts that freelancing will be the dominant expression of work within the next decade. Many of these independent workers are connecting with clients online, which makes their businesses a small-scale global enterprise.
At the same time, the decentralized economy is updating our expectations of technology. Much like the internet proliferated at astounding rates in the 1990s, the decentralized economy is producing new platforms and services and reorienting our relationship with technology. Propelled by blockchain, the technological underpinning of cryptocurrencies like Bitcoin, this new economy is quickly taking root.
The Challenges of a Changing Economy
These drastic changes underscore a dominant component of the digital age: It’s inherently transactional.
Unfortunately, while the internet is great at facilitating connections, it lacks trust, and disputes frequently arise. Some of these conflicts are significant enough that they are adjudicated in court, but, in most instances, the offenses are minor enough that legal action is both inappropriate and prohibitively expensive. Therefore, the enormous opportunities afforded by the digital economy are limited by a lack of accountability.
Of course, technology can solve this problem itself. New platforms are blending the prolific digital economy with new possibilities afforded by blockchain technology to build trust and accountability in the digital economy.
JUR: Dispute Resolution for the Digital Age
JUR is a dispute resolution platform that implements blockchain technology and game theory to creates trust between parties operating in the global economy. Using a digital token, JUR offers a verified payment infrastructure as well as decentralized dispute management that restores confidence in digital transactions and interactions.
Their platform includes qualified legal professionals, consensus-based voting, and anti-bias principles that are governed and secured by the blockchain. In this way, things like smart contracts, escrow deposits, and legal agreements are created and enforced in a digital environment.
Conflict resolution is a critical but missing component of the digital age, and JUR’s services implement its services in a simple, secure way so that the digital economy can continue to flourish.
Decentralized Dispute management
Since arbitration and adjudication are, in most cases, unreasonable and untimely, JUR makes those services available in a timely, affordable way. When users open a dispute, JUR solves disputes within 24 hours, and there is minimal cost to the user. The entire process is facilitated and funded by JUR’s digital token.
When a user opens a dispute, arbiters, termed “oracles,” use the JUR token to vote for the winning party. Utilizing the blockchain’s smart contracts, funds are automatically transferred to the winning party’s account.
Potential for ICO investors and entrepreneurs
Last year, 210 blockchain-based platforms released unique digital currencies that enable these platforms to function. By the end of 2017, these platforms raised .8 billion through the ICO process, and dozens of other companies employed different methods to develop their projects.
However, this year has been a boom for the decentralized economy. Just halfway through the year, nearly 600 projects launched, and they’ve raised a collective .4 billion. JUR is prepared to infuse this market with new opportunities to facilitate their development in a trustworthy way. For example, ICO campaigns can create marketing contracts with developers that are automatically paid in digital currency. Moreover, token sales can be governed by the JUR platform, which increases accountability and reliability for a crucial component of the blockchain’s expansion.
OTC Transaction Facilitation
Each month, more than 3 billion cryptocurrency transactions take place. For the millions of people now conducting cryptocurrency transactions, JUR represents a way to eliminate the counterparty risk when transacting in digital currencies. Users can quickly and easily implement a smart contract that ensures a fair transaction. This added confidence level can hasten cryptocurrency adoption and make it more usable in the established marketplace.
In total, the need for accountability and dispute management is long overdue. The digital economy is buzzing with activity, and it demands equitable treatment for its users. With JUR, the digital economy is trustable and usable by anyone.
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