/biz/ - Business & Finance

>>18257093

decentralized proof of work oracle, cypherpunk team. biz wont shill it for another month or two

>>18257093
takes 10 minutes minimum to post 1 (one) oracle response on chain

>>18257736
>>18257093
maximum 7 days if the mined response is disputed (the dispute period can last up to 7 days)

Traps aren't gay

>>18257747

oh geeze whiz.

>>18257922
whitepaper isn't too hard to read, oracle nodes compete through PoW for the right to post data on chain, hashes are found every 10 minutes but can be disputed, reward is given to the first 5 nodes to find the correct hash, if observers think the response is wrong then then can enter into subjective dispute resolution (schelling point), which is what augur and kleros do, the correct value is taken to be the majority voted for value (or within 1 quartile of the median), nodes in that interval get returns and nodes outside of that interval get slashed

so it's PoW that ticks every 10 minutes to post data on chain and schelling point as a safety net, imo the level of security it offers is pointless especially since it forces data consumers to sacrifice a hilarious amount of time efficiency, im not very good at coming up with examples though so maybe there is a usecase that nails this level of security and latency, but im damn sure it's not asset price data in volatile markets like crypto LOL

it will still probably do a 10x because of it's backing (binance and others), it's a (in theory) kyc-less decentralized oracle, and trustless in the way that bitcoin or PoS are trustless, economic incentives cause users to believe that validators of the system (miners/stakers) won't act maliciously or neglectfully, unless PoW can scale on chain then this thing won't win in the long run though

>>18258108
i'm not super smart, but I assume their backers have more awareness about the issues you posed than I, makes me wonder about other applications where it could be suitable as well

>>18258164
There are times you must have accurate info and speed is less important. Maybe a smart contract for a decentralized betting site for example. I know people wanna compare it to Link but they serve different use cases. In the future I see multiple Oracles being used often in tandem to cross check into feeds. They are not in competition imo.

>>18258385
tellor is selling themselves as a competitor

>>18258385
though i agree there will be multiple functional oracles in the future

A competitor that Chainlink brutally outflanked last year:

How does Tellor solve this problem?

Tellor set out to solve the oracle problem in a specific context: a lack of secure and decentralized price feeds for DeFi applications. Tellor aims to enable the growth of the DeFi industry by providing a secure source of for high quality pricing data. The Tellor Oracle is an on-chain data bank where miners compete to add the data points. To create a properly incentivized system Tellor mints a native token, “Tributes.” Parties pay Tellor Tributes to submit a request for data to the Oracle. Based upon the reward assigned to each request, the Oracle selects the best funded query every ten minutes to create a challenge for miners to solve. Each query collects specific data (e.g. ETH/USD or BTC/USD prices) and makes it available on-chain. Proof-of-work has proven to be the gold standard for crypto economic consensus mechanisms and Tellor utilizes it within a hybrid model to secure the oracle. In addition to the security provided by the PoW process, we have added an additional layer of security through the deposit of Tributes which miners are required to stake before they are allowed to mine and risk losing their stake if their submitted values are successfully challenged.

How do you differ from the competition?

Our competitors are aiming to allow any smart contract to query almost any piece of off-chain data. We’ve narrowed our aim at allowing for our smart contract to query price data every ten minutes. It’s a subtle difference, but it allows us to make some stronger assumptions about security and will hopefully allow us to launch and be truly decentralized a bit faster than them. To summarize, we focus more on putting higher value pieces on chain with more measurable security qualities. How we plan to do it is by utilizing proof-of-work and staked miners to get off-chain information onto Ethereum.

https://feeds.chain.link/

It's DOA but I think it's a good buy as we will enter an oracle hype cycle at some point. We all remember how well some shitty ETH clones did in 2017/18.

https://blogs.gartner.com/avivah-litan/2019/09/19/top-trends-blockchain-technology-inching-towards-web-3-0/

>>18258746
why doa?

>>18258775
Because chainlink is industry leading

>>18258775
because the industry leader (chainlink) already does their primary usecase way better than them and their tech isn't even suited for their primary usecase

>>18258775
Chainlink is just so far ahead of the game now. They've been focused on this for 6+ years and have deep institutional, corporate and academic links.

Sergey Nazarov said, “from building Chainlink early on we decided to approach the hard version of the Oracle problem, not the easy one. Kava cares about the solution to the hard portion of the Oracle problem that provides real security and access to high quality data.” When talking about how Chainlink solves this problem he said, “For example, we don’t pull data from exchange APIs, we only pull data from the data aggregators.” He continues to say, “We rely on the very competent, relatively large community of high quality data aggregators who have 10, 15, 20 person teams. Even though on our team we have 10, 15, 20 years of data experience, these teams have people from Reuters and Bloomberg and many of them actually feed cryptocurrency price data into Bloomberg and Reuters because their data business is actually a very large resale business there.”

Sergey Nazarov continues to say that, “an Oracle mechanism is actually different than a blockchain. Sometimes when people approach making Oracles they’re like let’s take the blockchain concepts and apply them to Oracles and we’ll be just fine. Yet the Oracles are actually in a different problem category where you’re trying to make systems that can’t be relied upon in the same system that a smart-contract or blockchain can.”

https://medium.com/kava-labs/ama-recap-94f927ad0422

Very good coin , easy moon

>>18258844
yea he was obviously referring to tellor, and continued to refer to it, but explicitly said he won't be specific about products

>>18258902
Yeah + BAND.

>>18258108

Thanks for this. I've been on edge and honestly don't have the mind to grasp whitepapers sometimes. I'll think about it some more, but thanks again for answering with actual info.

>>18257724
I have been shilling this and PNK for months

>>18258108
Basically this. It also has no protection against Sybil attacks so no one is going to trust millions of dollars in value. Also data quality is shit, since noob miners are not going to know how to source good market data.

>>18258385
Using weak oracle clients in an aggregation drops the entire security of the decentralized oracle. People will just attack the weakest oracle.

>>18258108
So it's an extremely convoluted solution to a problem that does not exist using technology that nobody cares about.
Lol.

>>18258902
All these oracles don't use credentialed APIs, which means low quality data