NEW YORK, NY / ACCESSWIRE / April 23, 2019 / Yesbit Technology Ltd. has announced the launch of their data scraping device. The ''KrawlCat K1'' is the first dedicated hardware that will be used to supply off-chain data to various blockchain networks.
Over the last few years, blockchain development has grown exponentially. Products like decentralized exchanges (DEX), and Decentralized Applications (DAPP), as we speak, are being built across the decentralized ecosystem. However, in the current landscape, these projects bring marginal utility to the market. Most of these decentralized applications require information that is generated in the real-world, or ''off-chain'', like stock prices, weather forecasts, flight information, etc.
Without a way to reliably bring this data on-chain, blockchains are only able to track transactions that occur within the network, not transactions or events that take place outside of it. This creates a huge information gap between what kind of data is generated in the real world, versus what a blockchain can actually record and keep track of.
Currently, to onboard this off-chain data you need to entrust oracles to retrieve this data, verify its authenticity, and send it to a blockchain. But if an oracle is verifying the authenticity of the data, then who is verifying the authenticity of the oracle? This is the issue with current oracle solutions; we have to trust a centralized entity to retrieve data for us. This dependency fundamentally undermines a blockchains decentralized and trust-less makeup.
The KrawlCat K1 will be the first decentralized network dedicated to scraping off-chain data so reliable intelligence can always be used, irrespective of the reputation of any singular data vendor. KrawlCat is building a bridge that connects real-world data to blockchain systems. There is no centralized authority within the network that determines which off-chain data is suitable. Instead, the network will consist of 1000+ participants who collectively verify the authenticity of the data, eliminating the possibility of one bad actor being able to compromise the entire networks reliability.
Access to the KrawlCat network will be sold via subscription to companies developing blockchain projects in the sectors of payments, asset trading, prediction markets and insurance.
Blues Qin, Chief Executive Officer of Yesbit Technology Ltd. commented on the product launch by saying:
''Currently, data is uploaded onto a blockchain through an Oracle, which is a highly centralized process. KrawlCat disrupts this model and places the onus of responsibility on the community at large, rather than on any singular oracle. Now instead of putting our trust in institutions to deliver our data and intelligence, we can put our trust back in ourselves. With KrawlCat, anyone from the community can contribute to providing off-chain data and help the network become the Bloomberg of the Blockchain.''
KrawlCat's system architecture was inspired by Peer-to-Peer cloud computing & bandwidth optimization. KrawlCat uses the joint bandwidth from all participants to create a high-frequency network that collectively scrapes data and sends it to a smart contract on the Ethereum blockchain. This architecture allows for the KrawlCat network to easily monitor real-world markets such as Nasdaq, Bloomberg & Yahoo Weather.
KrawlCat is truly the first device of its kind. Sporting a touch screen and compact 7-inch display, the equipment is portable & convenient, so users can participate in the scraping pool remotely, anytime and anywhere. This compact size also means it has the lowest power consumption of any cryptocurrency focused hardware. With a small start-up cost, low overhead, and its compact size, this device has the fewest barriers to entry of any equipment available to the market today.
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SOURCE: Yesbit Technology Ltd.