Ethereum Oracle

It’s a well-known fact that blockchains are unable to access data outside their network. After much debate, Modex team decided to overcome this inherent imperfection of blockchain technology, by making use of an Ethereum oracle which will act as an agent that finds and verifies real-world occurrences, submitting the information gathered to the blockchain. Users are able to extract external information into the blockchain network through a set of libraries which enable calls to APIs from external sources.

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Suite of Oracles

In order to streamline the writing process and make smart contracts even smarter, Modex team integrated a suite of oracles which will allow developers to call external APIs in a secure manner, while also offering developers an extensive toolkit which will aid them in delivering high quality content.
External Functionality
A suite of open source software libraries which will facilitate communication between a smart contract and an external web service
Multiple Languages
We are developing new oracles in order to support multiple programming languages. Developers will be able to use what language they prefer
Demo Apps
In order to streamline the whole development process, we are providing a set of demo apps which developers can inspect in order to gain inspiration for their own functionalities
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Deconstruction

To illustrate its potential, we made a demo application with a contract, an oracle and a client. The Ethereum oracle will monitor a smart contract, and when a specific event occurs, it will activate and call the external resource and callback the ethereum contract, to pass the external information back to the smart contract logged into the blockchain. In order to make sure that the operation is successful, the client will be able to call a method on a smart contract that needs data from an external resource in order to check if the smart contract is able to extract the data.

Transparency

To ensure transparency, the smart contract actually raises two events which can be monitored by anyone. One event notifies the oracle for data requirements, while the other one signals the caller that the data has arrived. All this operation is registered into the event log of a transaction which can be easily accessed.

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