Can anybody suggest a technology to implement a simple oracle smart contract via Bitcoin?
There are quite a few promising technologies, sidechains, tokens and what not appearing recently around Bitcoin. Which one would you recommend to actually implement the following oracle functionality?
The creator/oracle would create a timelocked smart contract and deposit some sats there as a guarantee. Before certain date the creator/oracle must set a public variable of that contract to some value (eg. 0/1). This is all!
What is being decided (upon) is outside of the code of the contract but can obviously be published separately by the creator/oracle. Whoever is interested in the outcome could send small (maybe fixed) amount of sats to the contract to compensate the oracle.
If the oracle makes the decision in time he gets back the guarantee plus what was submitted to this contract by the interested public. Otherwise the guarantee is used to send public funds back to the original senders.
Will the decision be positive or negative (0/1) is left entirely to the oracle and is not enforced in any way by the contract. If the decision is obviously incorrect - this is totally with the oracle (reputation damage).
I am specifically interested to see if this would be possible with Bitcoin based Smart Contracts. I guess this should be fairly trivial per se.
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