Create Your Own Custom Oracle in Minutes w/ The iExec Oracle Factory - Luis and Nelly

in today's interconnected world everyone has value to share as technology continues to innovate exponentially the need for computing resources is greater than ever by opening a decentralized marketplace for computing assets ixec resolves this critical need in the growing digital economy now you can share decentralized computing power innovative applications valuable data sets and much more using an emerging technology called confidential computing assets traded on the marketplace can now be used on any computer connected to the network even the ones you do not know or trust at the same time ownership and privacy of those assets is preserved the ixec marketplace is a smart contract that acts as escrow anytime you need the network to exchange computing assets anyone can connect their computer to the marketplace to execute decentralized applications and earn rlc application and data providers can deploy and monetize these valuable assets on the network getting paid each time they are used these assets increase in value while being available for anyone to use the rlc token on the ethereum blockchain acts as payment between buyers and sellers on ixac to ensure network consensus rlc is also locked during computation by workers and pools ixec opens new horizons of cooperation where anyone can benefit from computing assets without having to trust anyone else in the network join a new paradigm of shared innovation with ixac the decentralized marketplace for computing assets hi thanks for joining us today i'm nelly head of adoption at ixec and today i'm here with luis carlos application support engineer so what we're covering today first of all we're going to see uh ixtec in a nutshell then we're going to talk about the oracle factory what is it and how it works then we're going to show you how you can use it and in the end we're going to talk about the more than 1 million us dollars we have in developer rewards so as you can see uh in the video we are a marketplace for uh computing assets where everybody can trade and monetize computing power data sets and applications so we connect resource providers with resource users and to ensure trust and security we use blockchain and confidential computing so we are known uh thanks to our marketplace but one of our products is the oracle factory so now luis carlos is going to tell you everything you need to know about it thank you nelly hey guys how are you we're pretty excited to show you a new product that is focused and built on the ixx stack this is the oracle factory oracles are much more than price feeds for just the result of a hokie game they are powerful data that help close the gap between web 2 and wave 3. oracle factory is a flexible tool which i like to call a productivity tool that will allow you to just with a few copies on a user interface to configure an oracle in minutes this is really important because all these applications that need specific data such as you know the great britain's live carbon intensity the trading volume of an openc nft or even centralized data sources as those provided by government apis do you guys think that we need more oracles wave 2 and wave 3 really need to get together and for that i think like look we're in denver wouldn't it be cool to have something that will allows us to know to get the snow of a slope here in denver you could create something with it now here's the dashboard of how the oracle factory looks like so you could create an article to get a board a take price the latest flight status of a specific flight or yesterday's fight's minus delay again on a specific fight so there are many possibilities that can be opened with it take for example decentralized insurance and all the data points that you need in order to calculate the coverage um here are some examples of here i'll also open a bounty where you can apply and create a prediction market for any api that you would like to trust now we're going to show you a video of how you can do it actually on with oracle factory in today's interconnected one not that one today i'm going to show you how you can create an oracle in less than five minutes with i exec oracle factory one of the advantages of the oracle factory is that any oracle can be created from any api the ability to create custom oracles is a game changer since with other solutions if they don't have the source data you need you will need to make a request first go to the oracle builder and choose i want to propose a new api then choose a name for your oracle and please try to be as descriptive as possible then choose if you will be needing an api key if that's the case it will be protected using intel's sgx technology then choose if you want your oracle to be listed in the public gallery or do you want to keep it for yourself now as with any http request we must choose the method for the call we're going to make typically you will be making get request but other options like post are also available in this example we're getting data from the u.s energy administration open data platform we'll be querying the latest annual brand crude oil spot price don't worry we have already registered and we have created the following request now just copy the url and then paste it in the url field remember that you're not supposed to share any of your private keys so we're going to use a placeholder in order to hide our api key in this example we're not using additional parameters in our request so we'll just ignore the fields header http and body the next thing we need is to find the json path of the value we want to retrieve a cool tool you can use is jsonpathfinder we will give you the link on the description so you will look for the path as you scroll down the fields you go to series data 1 and 0 will give you the year and 1 will give you the price when you have the path leading to the value you want to retrieve just click on copy then paste it respecting the expected format in this case we just need to replace the letter x with a dollar symbol then choose the type of value in this case a number then you can have a preview of the retrieved value click next then if you want you can also check the smart contract and now your oracle will be created here the progress bar indicates what is going on behind the scenes of the ixec infrastructure while the oracle is being deployed if you want to learn more about the technical details of every step of the oracle creation process we highly recommend that you read the video description and voila congratulations you have built your first oracle you can access it and share it using the link below [Music] great so as you can see there uh what's really happening behind the scenes of this user interface uh first you saw some steps that were being done as the oracle was being configured so first the api key is generated on the browser and it helps to encrypt the api key then this binary file that has been encrypted is pushed to ipfs secondly the api ownership is defined by an erc7021 which will give ownership to the api key of the data provider then the encryption key is pushed over ssl to the secret management service which will provide this key at execution runtime where the oracle is being executed executed finally a cell data order is created and published in the ixx marketplace this cell order will define the characteristics of the application that means that your data your api key will only be run with the ixe application that creates the oracle and it will be run in a trusted execution environment finally um this uh other additional configuration is first through ipfs just to help our backend um but how does all fit into the ixx marketplace as we saw in the previous video there's three actors that are uh that are in the ixx marketplace the data owners in this case the api key providers the application providers which is in this case is us who created this application that really just makes an api call and puts it back in blockchain and the computing resource providers which are computers with intel sgx technology that will download that application with that data do the execution and put the value on the blockchain now once the oracle has been created you might ask yourself then how do i use it in my smart contract well the way to do that we have created a medium post which describes all the steps that you need to do but basically it just works by pointing to the generic oracle smart contract you point to that and you also provide the id of the article you have created and then as a result you may get the date and the value that you requested for that oracle you have also created a small demonstration of an application built with oracle factory that allows us to bet on whether a flight is going to take off or is going to be cancelled and just as a reminder ixec is just not oracle factory it is a protocol that helps you build applications so if you have other ideas of what things you can do where you can monetize your data your applications or even just connect to the network as a computing resource provider and check out the quick start guide for developers also just join our official discord come talk to us our boot if you have any questions or come to us we'll be glad to help you thank you thank you we hope uh you enjoy uh this mini workshop and if you have any question about ixec or the oracle factory please come say hi we are on the third floor and also check out our developers reward program we have more than one million us dollars to fund innovation using ixec either you can claim one of our bounties on git coin or you can apply for the bounties that we're offering this week using the oracle factory or you can apply and propose a new project the rewards can go from 700 dollars all the way to 200k for startups thank you [Laughter]