iExec Launches The iExec Oracle Factory: Create Your Own Custom Oracle in Minutes!
Today’s the big day! The iExec team is excited to officially launch the iExec Oracle Factory, a developer interface allowing anyone to create oracles, from scratch, in minutes, and without any blockchain knowledge.
The iExec Oracle Factory provides infinite oracle possibilities in just a few clicks: deploy oracles directly from your browser, using only the API’s URL and key. Based on the iExec’s TEE (Trusted Computing Environment) technology, data processed via oracles is secured thanks to hardware enclaves. The iExec Oracle Factory opens up a whole range of blockchain and DeFi use cases by allowing developers to deploy oracles from any kind of data.
Why Do Blockchain Applications Need Oracles?
Decentralized applications need to make use of real-world data if they’re to solve real-world problems. The problem is, blockchains and smart contracts are completely siloed from the Internet. This is where oracles come in. Oracles act as a bridge between blockchain and the terabytes of valuable data existing on the traditional ‘Web 2.0’ internet.
When integrating oracles into applications, developers have two options. They could use a pre-existing oracle. However, by definition, this means that someone has already created the oracle the developers are looking for. But what if the developers can’t find the oracle they need? The other option is to create their own oracle. In this case, they require existing blockchain knowledge, and time, as coding it from scratch can take hours.
This is why iExec is releasing the iExec Oracle Factory, making oracles accessible for everyone. The iExec Oracle Factory is an interface that allows anyone to create their own oracles with just a few clicks. The iExec Oracle Factory unlocks a whole range of blockchain use cases. It empowers users to deploy oracles from any kind of data: from sports results to NFT prices, from temperatures to flight schedules. The sky’s the limit!
Want to learn more? Take a look at some specific industry use cases for oracles: Insurance, Predictions market, and Betting industry.
Create Custom Oracles in Minutes
The iExec Oracle Factory is a user interface allowing anyone to create their own oracles from scratch, directly from their browser, and without the need for any blockchain knowledge. The important part is: ‘from scratch’. Several companies today offer ready-to-use decentralized oracles - but what happens if the oracle you want doesn’t exist yet? With the iExec Oracle Factory, we aim to fill this need for custom oracles, oracles that are not already pre-existing.
The iExec Oracle Factory, a tool that everyone can use:
- With the Oracle Factory, it only takes 5 minutes and a few clicks to create a custom oracle. Usually, creating an oracle from scratch takes 1 or 2 hours to code.
- Using the Oracle Factory, there is no need to write any line of code (or to even have any blockchain knowledge)!
- The oracle can be created directly from the web browser, only using the URL of the API from which the data needs to be extracted (along with the private API key if the API is not public).
Want to start creating your own oracles in the iExec Oracle Factory? Check out the step-by-step tutorial:
Once created, users have the option to share their custom oracles with the community by including them in the iExec Oracle Factory Gallery. The Oracle Factory Gallery will list oracles created within the interface. This makes them accessible for other users or for developers to use in their applications.
The iExec Oracle Factory also provides preset oracles that are ready-to-use as examples for the community.
TEE Technology Accessible to Everyone
Oracle security is a hot topic — incorrect information being registered on the blockchain can have severe consequences. So in addition to quick oracle creation, the iExec Oracle Factory also allows the creation of ‘trusted’ oracles. At iExec we think that, when it comes to oracles, the most promising technological innovations are hardware enclaves. With the iExec Oracle Factory, we aim to offer every developer the ability to deploy ‘trusted’ oracles using TEE hardware enclave technology (Intel® SGX).
The TEE technology uses hardware enclaves to protect the API. The API key is encrypted and only decrypted within a dedicated part of the host machine. This provides authentication, in that the enclave guarantees confidential execution and that only the correct oracle is triggered. TEE is extremely important for owners of valuable APIs or data (potentially containing confidential data) who wish to monetize these resources through iExec. In the case of monetizing decentralized oracles, it is important the API key is not leaked. Also, in the future, being able to create custom oracles from trusted API could open the path to an API market, with companies that would sell their official API.
What’s Next?
The V1 release of the iExec Oracle Factory is only the beginning. Subsequent releases will be based on feedback from users and the community. We also have some ideas for community competitions so keep an eye out for ways to get involved!
iExec is also in the process of assembling a dedicated ‘squad’ for the Oracle Factory, hiring additional team members — product managers, designers, growth hackers, and business developers. Interested in joining the team in Lyon and being part of the iExec journey? Find all the open positions here.
Ready to create your first own oracle with the iExec Oracle Factory?
- The application: https://oracle-factory.iex.ec
- The step-by-step tutorial: https://medium.com/iex-ec/step-by-step-guide-iexec-oracle-factory-how-to-create-a-custom-oracle-from-scratch-in-5-minutes-e44fe0c1bf8c
Want to read more about the iExec strategy regarding decentralized oracles and the Oracle Factory?
Looking for examples of use cases leveraging decentralized oracles?
💡 Want to learn more on how you can use the iExec infrastructure for your decentralized application? Check out iExec Academy!
iExec Academy aggregates all content related to the project. You’ll find articles, documentation, videos, interactive demos, and much more to help you understand iExec technologies!
