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World's First EOS dapp launches ICO on Bitshares DEX as EOS Smart Contracts Oracle Service
While the cryptocurrency community hotly anticipates the upcoming ICO for real-time Ethereum competitor EOS, it appears that one Chinese blockchain startup, OracleChain, has gotten ahead of the curve by launching the world's first ICO for an EOS dapp even prior to the EOS ICO itself. The ICO was launched on the Bitshares DEX on June 14th under trading symbol OCT, as the company began a 3-city ICO roadshow in China which ends today with their final meetings in Beijing.
OracleChain is a smart contracts Oracle platform for the EOS platform, providing a market-enforced system for accurate data feeds to power decentralized prediction markets and any other EOS dapps which require oracle services into a smart contract. A smart contract "oracle" is the bridge between the blockchain and data from the real world. OracleChain's system works similar to the in-built witness systems in blockchain prediction market players Gnosis and Augur, whereby node operators on the network are rewarded and punished for the accuracy of their data feeds, providing a reliable and scalable mechanism to provide other EOS dapps with smart contract oracle services.
The OracleChain ICO is currently trading at $1.50 OCT/CNY on the BitShares DEX, with the primary pair being OCT/CNY. Trading volume has been between $1 - $2 million per day since it launched a few days ago. OracleChain chose the Bitshares DEX, as many future Chinese ICO's are slated to do, due to the ease by which Chinese investors can access the core BTS token, which powers Bitshares, via the popular BitCNY trading instrument.