Connect Blockchain with Real World Data — Fiducia Network
Blockchains like those of Bitcoin and Ethereum, do not have ready access to information outside of the chain. Smart contracts have no direct access data necessary for conditional verification processes. Data processing and verification are an essential part of smart contract functionality. And yet, currently, smart contracts are severely limited in their capabilities due to such lack of direct data access. An blockchain data oracle is, simply put, a conduit for information provided by an outside platform.
Fiducia Network is a distributed network of data oracle nodes providing off-chain data to blockchain applications. Fiducia node acts as a proxy server at its core. The Fiducia node software takes user request, retrieves data off blockchain, and generate an intermediate response. In order to ensure data veracity, security, and confidentiality, a peer-to-peer network consensus mechanism is applied to process and generate a final response to the requesting party.
The Fiducia node software operates within industry-standard secure computing environment to ensure that data are not tampered by the node operator. Fiducia Network operates as a peer-to-peer network with nodes participating and leaving the network in a permission-less fashion. In order for the network to function effectively and efficiently, node operators are incentivized to participate by fees made by the requesting party.
Data source providers may make data available through well-known API endpoints. The node software may access data through well-known API endpoints. Alternatively, data providers may operate the node software and participate in the Fiducia Network directly. Data requesting party, blockchain application (Dapp) developers, may utilize data provided by the node software by including Fiducia Data Provision SDK in the blockchain Dapps.
