Provable Things

Basics

• London-based
• Been around since 2015.
• Aka Provable
• From CoinDesk (5-3-2020):

"Provable Things announced Thursday it had successfully launched pTokens – 1:1 proxies for cryptocurrencies on other blockchains – onto the Ethereum mainnet, and that they would be fully interoperable with bitcoin (BTC) through the Bancor and Kyber integrations."

• Data carrier for decentralized app
• A connection between blockchains and Web API’s
• Has been in use on blockchain mainnets as a “leading oracle service” for smart contracts and blockchain applications since 2015, processing more than a million requests to date, according to its website. However its degree of decentralization has been in question.

• From this extensive post on oracles (15-1-2019):

"Oraclize is a London-based cybersecurity company with a team of 9 people offering a centralised solution to blockchain oracles. They have the longest actively running and the world’s most widely adopted blockchain oracle service. While it is available on multiple blockchain platforms (Bitcoin, Ethereum, Monax, Rootstock, Corda and private networks), the majority of their customers are working on Ethereum."

History

• Fka Oraclize

Token

Token Details

• From CoinDesk (5-3-2020):

"Provable Things founder Thomas Bertani said cross-chain interoperability was the "missing link" needed to take DeFi to the next stage of adoption. pTokens, he added, would enable "liquidity [to] flow instantly and fluidly between different blockchains." Users holding value on bitcoin can now mint pBTC tokens on the ERC777 standard

Similar integrations with the Litecoin and EOS blockchains have already been successfully tested. Support for Litecoin should come online within the next few weeks, a Provable Things spokesperson said."

 Tech

• Docs can be found here (28-8-2019).
• Code can be viewed here (16-8-2020).
• Built on: platform agnostic
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• Open source but centralized.
• Using Intel SGX technology.

Interoperability

• Is integrated (16-8-2020) with Ethereum (mainnet), EOS (mainnet), R3 Corda, Hyperledger Fabric

Oracle Method

• Centralized oracles. From Andre Cronje (6-1-2023):

"On-chain request, off-chain provider; example Oraclize

1. User initiates on-chain transaction (deposit/withdraw/buy/sell/liquidate/etc.) to smart contract
2. Smart contract submits HTTP request on-chain to oracle smart contract
3. Off-chain centralized service picks up the HTTP request event and parses the HTTP request off-chain, receiving data
4. Centralized approved service writes the received data back on-chain to the smart contract (the smart contract can optionally callback the initiating smart contract)"

Roadmap

• Can be found [Insert link here].

Usage

• From their website (16-8-2020):

"In production on blockchain mainnets since 2015. We have processed more than 1 millions requests to date." 

Integrations

• Plotus has its oracle integrated (10-8-2020).
• Etherisc; is using it (22-9-2020) for its Flight insurance (together with Band and Chainlink)

Pros and Cons

Pros

• Can source arbitrary oracle data
• Data only provided on request (no unnecessary data storage or gas fees)

Cons

• Centralized service
• Response asynchronous delay (app responsiveness)
• Cost (need to pay for initiation transaction and gas fees for callback)

Team, Funding and partners

Team

• Thomas Bertani; founder

Funding

• Poseidon Group acquired it in 5-2019, which also owns Eidoo.

 Partnerships

• Partner with Eidoo (which it created PNT with) and Rootstok.
• The company plans to interoperate with decentralized oracle systems, starting with Chainlink.  
• Is mentioned by Oasis Network as of its partners (30-12-2020).