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Amid much fanfare and anticipation CloudTech Group has finally come out with a release date for their highly touted CloudTechX Wallet.It is set to officially launch sometime in mid-September; the date will be confirmed as soon as all final tests are successfully run.

This entity was brought to life due to a lack of a real solution in the present Australian market for a secure storage of cryptocurrency funds which also enables swift withdrawals of holdings into AUD. At launch, CloudTechX wallet will offer multi-asset support for funds in the form of Bitcoin, Ethereum, Tether and Australian dollars- with more crypto currencies being onboarded later on.

Setting up a wallet is as streamlined as its user interface; download the app from the operating system of choice; available on both theApple App store and Google play store, create an account on it and add a government issued ID for KYC (know your customer) verification. Once verified, transfer over any crypto holdings, link a bank account and withdraw any of the holdings into AUD. Users engaging in the withdrawal service will receive realtime exchange rates of the specific crypto along with a flat 0.1% transaction fee. Another security feature is the enabling of a third-party coin tracking service which traces the transfer of funds from one account to the other and helps reduce the prevalence of illicit sources of funds.

CloudTechX wallet are officially licensed custodians of funds and the fact that the wallet exists off-chain ensures complete security for user data and especially user funds. Additionally,CloudTechX is a registered Digital Currency Exchange (DCE) with AUSTRAC which allows for the primary function of exchanging crypto to fiat and fiat to crypto.

A preview of the interface and supported cryptocurrencies.

Blockchain Oracles: Prophets of the Blockchain Ecosystem?

Because even smart contracts have their limits

When you hear the word oracle what comes to mind? If you studied classics at high school or university it probably brings to mind Pythia, the high priestess of the Temple of Apollo, who served as the spokeswoman for the god Apollo. If you’re a sci-fi fan (and especially if you subscribe to the concept of simulation theory) you probably think of the old lady who baked cookies, fed pigeons, and gave cryptic advice to Neo, the hero of the Matrix series. But what about the word oracle in regard to blockchains? If you’re a veteran of the blockchain ecosystem then you’ll no doubt have a strong grasp of what the word represents. If not, we’re here to help. Here is a simple and brief explanation of what blockchain oracles are and what purpose they serve.

What are blockchain oracles?

Put simply, a blockchain oracle is a third-party service that provides a smart contract with external information. Similar to the way a blockchain bridge allows users to move and interact across different blockchain ecosystems, a blockchain oracle acts as a bridge between a blockchain and the outside world.

Why are they needed?

Remember the islands that represented each blockchain community? Well, in the beginning if you lived on Bitcoin Island you weren’t able to visit Ethereum Island and interact with members of that community. Blockchain bridges solved this problem by not only allowing you to visit another island but also by converting your island’s currency into tokens that could be used on the island you were visiting. Blockchain oracles work in a similar way.

Say two members of Ethereum Island want to conduct business with each other. One is a farmer named Emma and one is a truck driver named Bob. Emma has hired Bob to deliver his produce to the market each morning. The market opens at dawn so the produce must be delivered before then. Emma and Bob agree that if Bob fails to deliver Emma’s produce before the market’s opening then Emma will pay Bob 15% less than the original agreed fee. The first thing they do is draw up a contract (in the blockchain ecosystem these are known as smart contracts). These contracts are typically worded using the following sequence, “if…then…” In the case of Emma and Bob the contract might read something like this: “if Bob fails to deliver Emma’s produce to market before dawn, then Emma will deduct 15% from Bob’s payment.” Now, once this contract is agreed upon it becomes immutable, holding both Emma and Bob accountable. The issue is that because it’s fixed, the smart contract can’t take into account when Bob will actually arrive at the market. On the island, poor weather or heavy traffic could have a huge influence on Bob’s delivery time.

Blockchain Oracles provide Smart Contracts with variable information.

Blockchain Oracles provide Smart Contracts with variable information.

This is where blockchain oracles come in. In the real-world, a blockchain oracle is able to provide a smart contract with this kind of variable information. On the island, someone at the market will call Emma and let him know whether Bob delivered the produce before dawn or not. Without that call there is no way for Emma to know when Bob arrived at market. Therefore, anytime a smart contract requires external knowledge to maintain its integrity a blockchain oracle is needed.

In the end, the health of any blockchain will always be measured on whether it can adapt and evolve. Blockchain oracles are vital to this evolution, and though their purpose is more practical than prophetic, their continued use bodes well for the future of the ecosystem.

Whenever we discuss applications of blockchain, cryptocurrencies hold the highest real estate in the minds of people. CobWeb Pay is offering the lowest rates and highest security for your cryptocurrency needs- download today on iOS and Android

Disclaimer: Approach cryptocurrency investments with prudence, recognising their speculative nature and inherent risks. Exercise caution during the initial stages of investment and take time to familiarise yourself with the market dynamics. Seek guidance from financial experts and employ a diversified investment strategy to mitigate potential losses.