Today we launch the first version of Ramp Oracle — an Intel SGX based solution for trustless fiat-to-crypto settlement. We consider this release to be a major milestone in developing some of our ideas previously presented in “The future of on-ramps is peer-to-peer”.
Trustless settlement with Ramp Oracle
The primary intended function of Ramp Oracle is minimizing platform trust and preventing settlement fraud. The risk of settlement fraud is inherent to every fiat on-ramp since there is no non-custodial solution for handling fiats (yet, wink wink). In our case, the seller of the crypto (or, the receiver of the fiat payment) is encumbered with such a risk.
We propose that the solution to this issue lies in creating a trust relationship between a seller, an exchange facilitator (Ramp) and a source of truth about fiat payments (existing financial system in a form of banking data providers). Specifically, we believe that this issue can be solved by creating a cryptographically verifiable representation of transactions taking place on banking ledgers (proof of payments).
At a high level, Ramp Oracle works by creating non-repudiable proof of payment using data from authorized banking data providers. The proof contains information that describes data source, the query executed against the data source and the expected result of the query. The proof is then used on-chain to verify the correctness of the payment and to settle the exchange between buyers and sellers of crypto.
The non-repudiation of the proof is guaranteed by the properties of an Intel SGX secure enclave:
- The proof is constructed from the data that is fetched and transformed in the environment with strong integrity guarantees.
- The security of the computation is then verified in a remote attestation procedure to produce the attestation report.
- The attestation report contains information about the correctness and the source code of the secure enclave.
- The report is then verified by a smart contract which also holds a list of already registered oracles. This way any contract that consumes the proof can verify the corresponding oracle against the on-chain registry.
This procedure allows us to perform off-chain computations with off-chain data sources, that can then be verified on-chain. This effectively means that we can reproduce transactions from banking ledgers on-chain with the highest fidelity.
You can learn more about Ramp Oracle in docs.
About this release
This early version is operating as a fork of Ramp Instant on the Rinkeby testnet. The oracle is working under-the-hood to provide escrow contracts with proofs of wire transfer payments. The purpose of this release is to showcase integration with Ramp Instant, inform about security guarantees of the oracle and gather feedback before mainnet release.
The release of Ramp Oracle is accompanied by the release of a companion utility application — Oracle Explorer. The Oracle Explorer can be used by the Ramp Instant user to inspect the proof of payment and verify the security of the settlement.
You can visit the demo website here.
We’re working on integrating Ramp Oracle further into our solutions. We plan to release a stable version of Ramp Instant with fully-baked Ramp Oracle in the coming months. The next release will also include a full suite of proof-verification tooling, including Oracle Explorer and Ramp Oracle sources.
You can test this integration yourself by using the testnet demo.
You can learn more about Ramp Oracle and Oracle Explorer in their respective docs.
If you are interested in integrating with our oracles or building on top of Ramp solutions, please reach us at firstname.lastname@example.org.