Crypto start-up Electroneum is keenly aware of the quickly developing domain of DeFi apps or decentralised financial applications, and, in particular, of decentralised exchanges, says Head of Blockchain Chris Harrison.“We are researching how to introduce atomic swaps with smart contracts, which will enable ETN to integrate into the DeFi space more seamlessly,” says Harrison. “We are exploring ways to employ custom blockchain oracles via smart contracts to enable swap of tokens on existing smart contract blockchain and on decentralised trading platforms.”
Harrison explains that “blockchain oracles are trusted servers configured to scrape and verify data from third-party sources to inform a smart contract that wishes to make a financial or business decision based on that data.”
“We’re also starting to look at helping decentralised exchanges use custom blockchain oracles to enable far cheaper atomic swaps,” he says.
He goes on on to say he and his team finished “benchmarking a simulation of the sub-address-based wallet system designed to improve the efficiency of the wallet system and make the Electroneum user experience smoother.
“The results were great, and we’re beginning to implement the full system soon. We also finished the Changelly integration and testing.”