TradeConnect’s solution for sourcing reliable information

Decentralized Applications, or dApps, have several hurdles still to overcome if they are to out-compete centralized services. One key concern is the issue of making sure that the information provided to a blockchain is accurate, and not manipulated or misrepresented.

Blockchains provide a secure and distributed means of sharing information, but how can we ensure that the information written to the system is legitimate and fabricated in the first place?

The cryptocurrency communities found the answer to this dilemma in the form of Oracles. Oracles are given the responsibility of overseeing the bridge between data taken from external systems and blockchain. Through a democratic process Oracles make sure the information being provided to a blockchain is both legitimate and accurate, sidestepping the issue of false information being written to the permanent ledger.

The TradeConnect platform will use a range of Oracles to maintain the legitimacy of the network. Oracles will feed incoming price data from a large range of sources and come to a fair and democratic consensus. It’s an efficient way of operating, with Oracles staking their reputation as fair service providers and constantly reviewing each others performance.

To learn more about the ThinkCoin project read our whitepaper, or join the ongoing conversation at Reddit, Twitter, Facebook or Telegram!