A smart contract is a computer code that executes transactions within the blockchain under certain conditions, forming a contract between the parties involved. But unlike conventional transactions, no intermediary is required. Instead, an oracle is used to determine if the terms of the contract have been fulfilled.
Blockchains cannot access data outside of the chain, so oracles – a data feed from a third-party service that provides external data – are needed to verify when the contract has been fulfilled.
The Zug-based ZAP Project wants drive mainstream adoption of smart contracts by giving smart contract users the ability to create oracles that can be monetized and integrated directly into smart contracts. To this end, they are launching a token distribution event on 21 October.
“The applications of ZAP-powered oracles are myriad,” Nick Spanos, co-creator of the Zap Project and founder of Bitcoin Center NYC, said in a statement. “Decentralized derivatives, smart contracts tied to crop yield measurements, your car paying you to drive it, self-executable wills – ZAP not only makes all of this possible, it makes it easy.”
Developers can discover existing oracles and data providers can publish new ones on the Zap.Store.