The intent of the Ethereum blockchain is to create an alternative protocol for building decentralized applications, providing a different set of tradeoffs that will be very useful for a large class of decentralized applications, with particular emphasis on situations where rapid development time, security and the ability of different applications to interact with each other, are important. Ethereum does this by building what is essentially the ultimate abstract foundational layer: a blockchain with a built-in Turing-complete programming language, allowing anyone to write smart contracts and decentralized applications where they can create their own arbitrary rules for ownership, transaction formats and state transition functions.But for smart contracts to operate based on real world events , they must first receive real world data and take decisions based on that data.
Data oracles must be secure. If a smart contract security gets a false data feed, it may payout the incorrect party. The blockchain, as a distributed system offers very strong security. An oracle must be an effective trusted third party, providing correct and timely responses. The security of any system is only as strong as its weakest link, so a highly trustworthy oracle is required to preserve the trustworthiness of blockchain services. Sether will:
1. Receive a request from a smart contract.
2. Get the data from a trusted external source.
3. Run queries and computations on the data if needed.
Sether is an oracle service. It will return replies to queries made by or on behalf of a user contract. The on-chain interface of Sether will be a smart contract that will offer a rich API to query, monitor and analyze social network data. User contracts have to extend the smart contract of Sether in order to use the API methods.The easiest way to understand how Sether will be used, is to analyze a sample smart contract developed using the Sether API. The example below shows how to get the number of Facebook shares of a given post. We can observe two important aspects of API usage:
1. The example contract has to extend the Sether smart contract
2. The Sether smart contract is defined in the setherAPI.sol file
The SETH Token
The SETH token is a standard ERC20 token that can be used by multiple wallets and trading platforms.An initial pre-ICO will be launched on 4th Dec 2017 and the main ICO opening round is set to follow on 15th January 2018, 2pm GMT (delay due to the numerous holidays in December). The maximum crowdsale cap is set at $55 MM (fifty-five million), with accepted contribution tokens in both BTC and ETH. The total pool is fixed at 100,000,000 (100 million) tokens.The initial price of 1 SETH will be 0.003 ETH.The SETH tokens are intended to be allocated as follows:
– 25% (25,000,000) to be sold by the Company to pre-ICO purchasers.
– 30% (30,000,000) to be sold by the Company to ICO purchasers.
– 35% (35,000,000) reserved by the Company to incentivize community, beta testers and strategic partners.