Rhombus Reveals New Products For Ethereum Devs

| Publish date: 02/18/2019
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Ethereum

Rhombus, which is being backed by ConsenSys, is reportedly releasing new products specifically designed to help in connecting decentralized, ETH-based blockchain applications to real-world data. The announcement was made by the startup just recently this weekend.

A Deluge of New Products

The firm revealed the major news during the ongoing Ethereum conference called ETHDenver. Rhombus, which is basically the blockchain-powered “oracle” service, will now have the ability to support currency pairs, blockchain network data, and even asset pricing. The official report further suggests that these products can be utilized for free by developers competing in the yearly ETHDenver hackathon.

Jeff Rosen, who is the co-founder and COO of the company, said that they have envisioned smart contracts – the ones one Ethereum – to perform most of the interesting stuff that they want them to do. But in order to do so, they have to have some form of connection to the real world, Rosen added.

The executive also suggested that blockchains, in particular, do not necessarily have this type of connection. The goal to strongly and safely bring real-world data to the technology is very plausible and the only way to do it, according to Rosen, is through oracles.

Importance of Oracles

CEO Rhombus Doug von Korhon explained that oracles have the ability to convert USD exchange rates into euro, Japanese yen, and British pound rates. Moreover, the hourly updated stock prices for most major companies (e.g. Tesla, Amazon, etc.) had the chance to be featured amongst a handful of other new releases.

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Developers at the above-mentioned conference are expected to request both new and custom-built oracles, which is something that both Korhon and Rosen are looking forward to. The two executives stated that they are stoked to help facilitate the projects, especially those that are meant to be created this week.

Also, Rhombus is confirmed to release at least three decentralized applications. Interestingly, the company said that these applications are expected to take advantage of its titular oracle technology.

Introducing the Three Applications

One of the three applications comes with the ability to recur Ethereum payment pegged directly to the US dollar. Another is meant to enable users to buy per-minute subscriptions to real-time video streams. As for the third application, it is all about leveraging gold price quotes in order to expedite asset trading.

Rosen iterated that subscriptions are going to be “killer apps.” He said that there is no need for people to wait at least two weeks for their paychecks, especially since it is now possible to have their payment trickled every second over the same timeline.

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