How to Retrieve Price Data in Smart Contracts

The price of a LINK token has all but doubled in the past month, moving from around a steady $4 to a whopping $8 in a very short time. This is in no small part down to the Chainlink Oracle network, which provides a platform to call any external API from within smart contracts as well as a Verifiable Random Function for Solidity.

While both of these products are extremely powerful tools, they follow the Request & Receive cycle, which is not instantaneous. This means that any smart contract using them has to request the data in one transaction, then wait to receive the response in another.

This is great,but there is an even faster way to retrieve off-chain data in a single transaction.


The Need for Speed

At the time of writing, the amount of value locked in the DeFi ecosystem is over $3 billion. But what does “locked up value” mean for those of us who are unfamiliar with the economics?

Essentially, it represents collateral for other assets, like stable coins. Any decentralised stable coin has other assets backing it, so if anyone wants to redeem their coin for fair value, they can.

How to print money

Let’s walk through the example of SAI.

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SAI

SAI is backed by ETH. This means that if you want to obtain SAI, you need to deposit ETH into the MakerDAO protocol. Once deposited, the protocol will mint the equivalent value in SAI to you, depending on the price of ETH and the amount you deposit.

For example: If ETH is worth $200 at the time and you deposit 2 ETH, the protocol mints 400 SAI.

Deposit 1 ETH, mint 200 SAI.

If the price of ETH changes, the amount of SAI that gets minted will change too. So if ETH is worth $100 and you deposit 1 ETH, it only mints 100 SAI.

Since the protocol is dependent on the price of ETH, a reliable data source to track the price in real-time must be readily available to maintain equilibrium in the system. The Request and Receive cycle might be OK, but because it doesn’t retrieve the price in a single transaction, it can’t be part of the minting function. It would either have to be tracked by some other function (meaning that when SAI is minted, the protocol’s knowledge of the price of ETH might be slightly out of date) or the minting process would need to span over multiple transactions (meaning the depositor would have to wait to receive their SAI).

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How to Retrieve Price Data in Smart Contracts

david harper

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Hire Smart Contract Developers | Smart Contract Development Company India

What are smart contracts?

Smart contracts is a digital code stored in a blockchain and automatically executes when predetermined terms and conditions are met. In Simple terms, they are programs that run by the setup of the people who developed them.They are designed to facilitate, verify, and execute a digital contract between two parties without the involvement of third parties.

Benefits of Smart Contracts

Greater efficiency and speed
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Trust
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Distributed ledger
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Where could smart contracts be used?

Today Smart contracts are used in various platforms such as supply-chain management,cross-border financial transactions,document management,enforceability and more. Here are the Sectors where smart contracts plays a huge role ,

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Steps For Successful Smart Contract Development

There are a few Important things that you need to consider before you develop a Smart Contract,

Ask Yourself -

  • Do You Need A Smart Contract In Your Project?
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Ready to develop your smart contract?

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james right

james right

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Smart Contract Development Company, Hire Smart Contract Developer

With the advent of smart contracts, it has become possible for every business to secure its data and to determine success. It is a decentralized solution that enables you to do many tasks while executing in the most optimal manner. All the entrepreneurs and business owners who have adopted this mechanism have received great results. In order to access this service for your company, you need to team up with a smart contract development company. By doing this, you enhance the power of your solution and make things very seamless.

Smart Contract Development Company

What makes a smart contract a perfect solution for my business?

A smart contract enables you to achieve various feats that seem unfathomable. Also, you get to protect the information of your enterprise in the best possible manner. When you have the power to expand your operation, you should be wise enough to choose the most appropriate solution. There are times when you have to think of something exemplary, it also gives you more about the perfection of the tools. At such a time, you need to have a proper understanding of the features and get things planned in a permanent fashion.

It does not matter which domain you are related to, you get to think about the possible solutions from every domain. Also, you get to manage various other tasks that seem very difficult otherwise. Before you introduce this ledger-based framework in your firm, you need to ready for the outcomes. Every time you come across a decentralized network, you start to pave way for something more dynamic. This gives you the power to react on time and with more efficacy for the long term. Also, you get to review the overall working with a set of proficient developers.

Whether you directly connect with the blockchain or not, your business draws a large number of benefits from the smart contracts. The very core of this solution enables you to create a fitting structure around every company. Also, you get to come with a prominent fix that empowers the proponents of your project. The vision of your investors gets broadened and you get the insights to envision things properly. Every time you do it, you get things worked up properly, you get to maintain a proper flux of funds. In this way, your business gets whatever you want in a very short duration.

How should I develop and implement smart contracts in my business?

By introducing this solution, you prepare your startup to scale up the steps of success. Also, it helps your business overcome all types of issues whether they are temporary in nature or permanent. You need to understand the predilection of every course of action so there is never any obstacle in the way. Moreover, it becomes very easy for your organization to spread its wings because it has befitting tools to support its working. This may also happen in with support structures that ease the expansion of business in a very lesser time.

In every industry, there is a scope of decentralization and you can make it even easier through a string of services. All the crypto-based programs help you get closer to the customers with a reliable method of payment. With this structure, it is possible for every business to do something exceptional. Whether you want it or not, you get to work on many expeditionary campaigns. Also, you help others expand the work and things can get more explicable flawlessly. The working of this solution gives you a high quantum of accuracy in every possible manner.

The prospects of your company can get much better and promising because you have a lesser number of agents deployed. You might find these differences odd, but they can highly impact the development as well as transactions. When you want to touch base with your team or some consultants, you get a better idea about the entire thing. Also, that happens without having you wasting your time. There could be subtle errors in the initial phases of the development of tokens or any other distributed ledger. If decentralization is at the core, you need to have more potential to conceptualize new methods.

How should I find professionals who could develop custom-built smart contracts?

You can certainly get such experts but the search has to be very thorough in nature. Also, the whole thing has to be planned to the hilt and things could be working seamlessly. When you get things working at an impressive pace, you might lack clear objects. Even if there is a projected solution for some problems, you must not employ them before proper rounds of review. This approach gives you satisfactory results in every domain and keeps you one step ahead when it comes to getting what you precisely need.

It is vital that you work with people who have an idea about what’s happening in your firm. By working with such people, you get more certainty in every step sans wasting a large quantum of resources or time. You might be able to find some other options but they all resort to decentralization in the end. The best way to implement this solution is to give more time to every single process through many methods. Also, you need to get things aligned with a proper solution and help the developers give shape to their visions.

Upshot

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 iOS App Dev

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Your Data Architecture: Simple Best Practices for Your Data Strategy

If you accumulate data on which you base your decision-making as an organization, you should probably think about your data architecture and possible best practices.

If you accumulate data on which you base your decision-making as an organization, you most probably need to think about your data architecture and consider possible best practices. Gaining a competitive edge, remaining customer-centric to the greatest extent possible, and streamlining processes to get on-the-button outcomes can all be traced back to an organization’s capacity to build a future-ready data architecture.

In what follows, we offer a short overview of the overarching capabilities of data architecture. These include user-centricity, elasticity, robustness, and the capacity to ensure the seamless flow of data at all times. Added to these are automation enablement, plus security and data governance considerations. These points from our checklist for what we perceive to be an anticipatory analytics ecosystem.

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Gerhard  Brink

Gerhard Brink

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Getting Started With Data Lakes

Frameworks for Efficient Enterprise Analytics

The opportunities big data offers also come with very real challenges that many organizations are facing today. Often, it’s finding the most cost-effective, scalable way to store and process boundless volumes of data in multiple formats that come from a growing number of sources. Then organizations need the analytical capabilities and flexibility to turn this data into insights that can meet their specific business objectives.

This Refcard dives into how a data lake helps tackle these challenges at both ends — from its enhanced architecture that’s designed for efficient data ingestion, storage, and management to its advanced analytics functionality and performance flexibility. You’ll also explore key benefits and common use cases.

Introduction

As technology continues to evolve with new data sources, such as IoT sensors and social media churning out large volumes of data, there has never been a better time to discuss the possibilities and challenges of managing such data for varying analytical insights. In this Refcard, we dig deep into how data lakes solve the problem of storing and processing enormous amounts of data. While doing so, we also explore the benefits of data lakes, their use cases, and how they differ from data warehouses (DWHs).


This is a preview of the Getting Started With Data Lakes Refcard. To read the entire Refcard, please download the PDF from the link above.

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