Kaleido, the first full-stack blockchain platform for enterprises, and Rhombus, a leading oracle provider, announced today that they are partnering to bring data from the real world to Kaleido’s Blockchain Business Cloud.
“Our commercial-grade oracle platform curates the most reliable data and provides best-in-class computational tooling, making it a natural fit for high-value business use cases,” said Rhombus CEO Doug von Kohorn. “We’re thrilled to be working with Kaleido to securely deliver data to enterprise clients.”
With direct access to Rhombus’ wide variety of off-chain data feeds spanning thousands of business verticals, enterprises running managed blockchains on Kaleido will be able to build more robust distributed applications from as many sources as needed. For example, Rhombus’ “custom price of gold” oracle is now being used by OpenLaw to enable legally-enforceable options contracts on the Ethereum blockchain.
“For smart contracts to be smart, they need access to high quality feeds of external data,” says Steve Cerveny, Kaleido Founder and CEO. “Rhombus brings immense value to our customers who need a fast and scalable way of bringing that external data into their private chains. Because of this, Rhombus is a great addition to the marketplace for Kaleido customers.”
How it works
First, Rhombus works with the client to define the requirements for the oracle. Whether it’s an off-the-shelf data feed or a custom aggregation with substantial off-chain computation, Rhombus’ experienced technical team creates exactly what’s necessary for the business use case.
Using the client’s RPC endpoint, Rhombus then generates a Lighthouse contract on the client’s private network, which will receive the incoming data and notify any smart contracts on the network about new data. The client can then query the Lighthouse to obtain new data only when necessary, improving efficiency and reducing costs.