Zap and Stox announced on Thursday a new partnership to provide real-world data about events listed on Stox’s prediction market. Teaming up with Zap, an ERC-20 token powering an oracle marketplace for smart contracts, will allow Stox, an Ethereum-based prediction market platform, to be completely decentralized, and could potentially create a network effect, attracting even more data providers.
In the context of blockchains and smart contracts, an oracle is an agent that finds and verifies real-world occurrences and submits this information for use by smart contracts. To this effect, Zap offers data from many diverse sources, allowing smart contracts to work behind the scenes to mitigate the risk of decisions being based on only a single source of data, said the company’s statement. Integration with the Stox platform will ensure prediction market participants have the most reliable and largest possible array of news and data points to inform their decisions.
Zap Co-Founder Nick Spanos (pictured) said, in a statement, “We believe the decentralized nature of a blockchain-based platform helps safeguard data using a cryptographic, consensus-based system. Blockchain-based prediction market platforms like Stox are distinct because they aim for a high level of decentralization. The usage of Zap oracles in a mainstream Ethereum platform, like Stox, will give other developers the confidence they need to trust the Zap platform and use data/oracles they find on our marketplace. This is merely the first step to empower people to disrupt the enterprise corporations and banks that have historically stifled innovation.”
According the company’s statement, the Zap Project is solving one of the biggest challenges in the blockchain industry – the need for oracles that can provide smart contracts with access to off-chain data. The partnership highlights the importance of decentralization protecting strong data for smart contracts.
CEO of Stox Yossi Peretz said, “Decentralization is valued by blockchain users because it is seen as a form of data protection, and it is a major selling point for blockchain platforms. Our blockchain-based prediction market proves how a prediction market can work with an oracle marketplace to not only bring real-world data onto the blockchain but to allow developers and speculators to arrive at a consensus about future events, as well.”
To learn more about Zap, visit http://www.zap.org/.
To learn more about Stox, visit https://www.stox.com/.
- FED Chairman Offers Lukewarm Response On Impact, Utility Of Existing Cryptocurrencies - July 20, 2018
- Boeing Brings In SparkCognition For Help Developing UAV Management Systems - July 19, 2018
- Nervos Network Nets Nearly $30 Million To Build Hybrid Blockchain Platform For Enterprise - July 19, 2018
- Chinese Blockchain Companies Continue To Flourish, If Only In Name - July 18, 2018
- G20 Report Outlines International Collaboration On Standards For Crypto-Assets - July 17, 2018
- Hong Kong Readies Regulator-Backed Trade Finance Platform - July 17, 2018
- RMB to BTC Trading Falls To 1%. Is China Really Out Of The Crypto Game? - July 16, 2018
- Chinese Internet Trends May Spell Trouble For “Disruptive” Crypto Payments - July 13, 2018
- LINE Plans July Cryptocurrency Exchange Launch - July 3, 2018
- McAfee Labs Report 6x Increase in Crypto Mining Malware Incidents in Q1 2018 - June 29, 2018
- Facebook Updates Policy To Allow Vetted Crypto Businesses to Advertise, ICOs Still Banned - June 27, 2018
- Following in Vitalik’s Footsteps? Polkadot’s Habermeier Awarded Thiel Fellowship - June 26, 2018
- SingularityNET and Project Shivom Using AI on Genomic Data to Extend Human Life - June 26, 2018
- Microsoft & EY partner for Royalty Distribution in Gaming - June 26, 2018
- ABBC Foundation to Airdrop ABBC Tokens to First 500,000 Wallet Users - June 25, 2018
- Care Records of up to 30 Million UK NHS Patients go on Blockchain - June 25, 2018
- PundiX Signs UTRUST as Liquidity Clearing Provider for Crypto POS Hardware - June 22, 2018
- Blockchain on the Ballot: Indie Party Candidate Joins Texas Senate Race - June 21, 2018
- IONChain Aims to Challenge IOTA on a Chinese Battleground - June 19, 2018
- Takeaways From SEC Director’s Comments on Cryptocurrencies and Securities - June 19, 2018