The startup Rhombus has launched new products this weekend engineered to improve the decentralized, ethereum blockchain applications to practical data.
The newly revealed products at the ethereum annual hackathon event ETHDenver going on presently, is free for use by developers, this blockchain service “oracle” will provide infrastructure for currency pairs, asset pricing and blockchain supported network data.
New Sides Of The Rhombus
Jeff Rosen, Co-founder of Rhombus gave his comment saying:
“For smart contracts [on ethereum] to do most of the interesting things we want them to do, they have to have some connection to the real world. Blockchains in and of themselves don’t have that connection. Oracles are a way to securely bring real world data to the blockchain.”
Rhombus CEO, Doug von Kohorn stated that the its’ new blockchain service can convert the American greenback into other major currencies. Additionally, hourly updated stock prices for Amazon and other top corporations like Tesla were also featured, amidst other new features.
Rosen and von Kohorn are both anticipating that developers at ETHDenver to demand new and uniquely designed oracles during the convention, and would be excited to facilitate these projects.
Rhombus also released three decentralized blockchain applications that are also based on oracle's tech.
One of these applications allows repeated payments in ethereum to be pegged to the american dollar, the second provides means by which customers can purchase video streaming subscriptions which are billed per minute, and a third application is based on gold market prices to facilitate trade of assets.
“Subscriptions will be killer [decentralized] apps … Why should [people] be waiting for a paycheck every two weeks when they can have their payment dripped every second over two weeks?”
Consensys which is an ethereum based venture capital studio, is currently backing Rhombus. They are both in collaboration with some other companies, and are major sponsors of this weekend’s hackathon event.