Creating oracles in Bitcoin is now possible from your Windows or Linux PC

Creating oracles in Bitcoin is now possible from your Windows or Linux PC

Suredbits has launched a new desktop version of its already existing application for discrete registration contracts (DLC for its acronym in English) that allow the creation of oracles on the Bitcoin network.

The Krystal Bull application, according to the publication on Suredbits Twitter this November 2, it will have the same functionality as is already available within the Umbrel SO App Store, the operating system for managing Bitcoin nodes.

With Krystal Bull the Users can create their own oracles or participate in the community by providing trusted oracles in different areas. This means that anyone can become an oracle, or a validator itself, on a specific result. However, operating individually requires validity and trust on the part of the community.

Oracles are an information system external to the blockchain. They offer information about any event in the external world such as sports bets, electoral results, even one of the most particular uses is the price of Bitcoin on a certain date. This allows the execution of derivative contracts (futures) through this type of platform.

In the case of Krystal Bull, these oracles will develop and function within the Bitcoin network. Unlike many DeFi platforms, which inhabit blockchains that execute smart contracts, such as Ethereum or Binance Smart Chain, Surebits allows the execution of trading contracts directly on Bitcoin.

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The new desktop application is now find available for Windows and Linux operating systems. However, as CriptoNoticias was able to verify, the Windows installer, at the time of writing this note, has an installation failure, since the package is detected as suspicious because it does not have any type of digital signature.

Creating oracles in Bitcoin is now possible from your Windows or Linux PC
Krystall Bull interface for Linux. Source: Surebits / Twitter.

DLC, DeFi contracts and the possibility of P2P derivatives exchanges

The nature of DLC contracts opens the possibility of the existence of a P2P market for the exchange of bitcoin derivative contracts. This type of financial asset allows you to “bet” on the price of the underlying asset, in this case BTC, within a specific date.

Because DLC contracts allow executing orders through the Bitcoin blockchain, based on external information provided by the oracles, a P2P market system of derivatives contracts could be created running on the network of this cryptocurrency.

It should be noted that this is still a possibility. Although some future contracts are already being executed within Suredbits, as is the case reported by CriptoNoticias, which made use, for the first time, of three different oracles to determine the price of BTC, creating a P2P market still poses a series of challenges. to franchise.

The first of these is to have a lightweight and easily accessible platform. A platform of this nature requires having a good volume of users that allow them to offer a real P2P experience. The Suredbits wallet, which is possible to run within Umbrel OS, and which is basically the gateway to DLC contracts, is still in a preliminary version in which users must perform manual operations to execute the contracts, this being the greatest current limitation.

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