Zap.org, a platform that empowers smart contracts with data, has partnered with Stox, an open source Ethereum-based prediction market platform to provide real-world data about events listed on Stox’s prediction market.
According to the statement provided by Zap, the data will be delivered to the blockchain to allow the smart contracts operating behind the scenes of the Stox platform to read and use that data.
“Zap’s oracles will provide trusted, reliable, and quality reporting of events followed by customers of the Stox prediction market. By adding Zap oracles, the Stox prediction market becomes fully decentralized. The usage of Zap’s oracle data in a prominent blockchain platform such as Stox, will instill trust in the developers considering using the Zap platform. Showcasing such prominent customers, data providers will be incentivized to list data on the Zap marketplace to reach key customers,” the announcement reads.
Zap offers developers a way to find the data they need to build their smart contracts/Dapps from a wide range of sources, mitigating the risks involved with trusting a single source for data. Although centralized “web 1.0” prediction markets exist, decentralized blockchain-based alternatives will prove to be superior.
Nick Spanos, co-founder and Team Leader of Zap, said his company believes 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,” he noted.
CEO of Stox Yossi Peretz remarked that 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.”
Let us remind that 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.