Category Archives: ZAP Updates
We believe that we live in a transparent and democratic world. We use Google to stay informed. Twitter and Facebook to voice our opinions. We book our vacations through Airbnb. We think that we are part of the “sharing economy,” that we are in control of our lives, that we set our own rules.
In reality, we live in a system controlled by monopolies. Governments can shut down our access to social media servers. “Peer to peer” apps like Uber and Airbnb charge us up to 40% in fees.
The era of blockchain heralds an open, transparent and democratic world A world where Twitter and Facebook are overtaken by user-owned platforms. Where Uber, Lyft, and Airbnb are disrupted by a true sharing economy without middlemen. Where streaming platforms pay artists their fair share.
Large corporations own all the data. Today data is the world’s most valuable resource. Or as stated by The Economist, “Data is the oil of the digital era.” Data is captured from user behavior and used to improve corporate efficiency or sold for incredible profits. But so far, there is no easy way for blockchain based applications to make use of or profit from this data.
While the world is ready to transition to the decentralized internet, the wide range of potential Decentralized Applications (ÐApps) has remained at the conceptual stage. The main roadblock is Data Access. When a ÐApp needs to know who won a football game or what the price of corn in Iowa is, it needs something off-chain to deliver it that data: a source of data that is referred to as an “oracle”.
But oracles are difficult to find, and difficult to trust. They are a tempting attack vector for anyone trying to manipulate the outcome of a smart contract. We don’t have trusted oracles yet because it’s a hard problem: how do you trust centralized data in a decentralized world?
The Zap Store is building a novel, market based solution to the oracle problem, empowering anyone with data to create an oracle and immediately profit from delivering their data to the blockchain. The Zap Store also makes it easy for ÐApp developers to find the data their smart contracts need, and trust it on their terms.
The Zap Store achieves this by offering a user-friendly suite of consensus models, so users choose who to trust and when. A user could choose to follow one trusted data feed or take the average of any number of different data feeds. By leaving trust up to the users, while allowing data providers to compete in an open marketplace, the Zap Store is providing a deft, market-based solution to the oracle problem.
The Zap Store also enables users to trustlessly invest in oracles they predict will be useful in the future, and share in the profits when those oracles are used. This dynamic price discovery assists in curating similar data feeds, as investors will be drawn to seek those out who provide consistently true data.
By laying the groundwork for standardized oracle solution, the Zap Store is opening up a world of opportunity, where anyone can bridge the gap between blockchain mediated contracts and off-chain data. A world where every transaction is transparent and all the profits of the sharing economy go to those who actually share. Where creativity and hard work get fairly rewarded. Where you own your own data and profit from it.
The Zap Store is a huge leap towards the launch of the new decentralized internet, an engine for a whole new generation of entrepreneurs who want to bring their ideas to life in a fair and transparent way. It is a tool for anyone who doesn’t want to be dominated by monopolies. Who wants to be in control of their data. Who wants to live in a society based on trust, respect and equality – the society of the future. The Zap Store has raised 10,000 ether in presale, and the ZAP token sale is now live.