How Ethereum contract can communicate with external data source

You will face into the problem when your product logic is implemented in a solidity and deployed to Ethereum network should start communicating with outside world. Ethereum virtual state machine cannot communicate with the outside world in the simple and an easy way. Why?

Because to approve each block-chain BLOCK validity, all mining nodes should get the same results from the outside. And it is not an easy task to deal with that.

After some time of research I will try to summarize my findings.

There are two ways how this can happen: Pull way or Push way.

Pros:
- Open up data only needed for your calculations logic.
- You can control all process, no 3rd party components.
- More easily to track various communication issues and response statuses.

Cons:
- Complicated to implement and test it.
- Need Custom development and hosting for “Custom Executor”.
- Your front end application “PINGS” contract, which is not a very nice way to check result availability.

In both ways, your contract will trust an external wallet address, but in the second you can decide how to manage the security and balance of this address.

Overall, it is needed to remember one thing about Etherium VM, that this is a state machine, not a normal computer. Nowadays we think that everything can compute anything. We believe that in the future this global computer could do everything.

We will choose the push way for our implementation if we cannot find a better or smarter way. What do you think guys about such solution?

Related posts:

You will have a hard time finding a parking spot.. “Predictions for Mayweather vs. McGregor” is published by ben frederick.

Many projects in engineering come with challenges and obstacles, and (from what I can tell) geotechnical engineering is no exception. I’m sure there are many considerations that geotechnical…

I have had many rejections in the past: “You’re great, but it’s not lust” “I don’t think you’re what I’m looking for” [Shags someone else, despite having promised not to. Vanishes] “The panel felt it…