Cryptocurrency

New red Gelato allows you to automate interaction between contracts of Ethereum

Users of Ethereum will now be able to automate transactions of purchase/sale and refinance their interest rates on platforms Defined with a new tool. The application Gelato has been launched to the main network of Ethereum this month, allowing you to automate the interactions of the contracts.

The contract intelligent Gelato works to “execute arbitrary actions” on behalf of the users in one or two transactions, says a press note from the project. The customers do not have to schedule or write any code for these transactions to be processed, but the app is already automated and adaptable to different tasks.

Gelato is described as a decentralized version for Ethereum command conditional IFTTT statement (known in English as “if this happens, do that”). This will allow you to automate tasks without the need for coding no action. The service was launched last February as a web interface, but for this month of June managed to incorporate his own contract smart open-source, available to any developer interested.

The tool is mostly focused on those developers who want to automate the tasks of its decentralized applications (Dapps). The application classifies these customers as “Providers Gelato”, as they are in charge of depositing ETH in a wallet, and to determine what actions will be executed up to its name.

How can you automate the contracts of Ethereum?

The contract intelligent Gelato eliminates the need for using an infrastructure of servers for executing transactions. Because of this, a developer only needs to have balance in ethers to schedule how many shares you want between different functions or applications, automating the service that you offer to your customers, and simplifying the steps of use.

Gelato, in addition, it works with a distributed network of relay that is powered by a group of nodes “executors”. These entities receive payment in ethers as supplied by the users as a reward for processing transactions; a decentralized system that appears to be based on the mechanisms of consensus of the blockchains.

The nodes implementers do not have direct access to the money deposited in the account of Gelato of users, says the company; they will only have the authority to claim the money corresponding to the tasks performed. It is a tool without custody, by which clients ‘ funds are kept secured in your wallet in a decentralized way.

The network has a system of ejecutadores of actions and members service providers. Source: Gelato.

The contract of Gelato can be used to make automated trading, point sources of the ecosystem. Likewise, the average cost in dollars, schedule, limit orders and refinance interest rates for yield farming.

The project is joined also with Chainlink to access your oracle reference prices (Fast Gas/ Guei), which will allow developers to automate their contracts to the price of the transaction fees in Ethereum (gas) to stop running when exceeding a certain threshold. Similarly, this partnership will allow the market rewards internal in Gelato is kept at “fair prices”, indicate their creators on Github.

Developers who want to use Gelato also will be able to design their own custom tasks or choose from several pre-existing shares. The only thing they need is to have knowledge in the languages Solidity and JavaScript. For those who want to know more details about the project it was clarified that their technical specifications are on Github. A detailed documentation will come to the end of the month of July.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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