Criptovalute:  7,186Mercati:  30,048Cap. del mercato:  $345,927,022,607Vol 24h:  $108,683,330,228Dominanza BTC:  57.6%
Cap. del mercato:  $345,927,022,607Vol 24h:  $108,683,330,228Dominanza BTC:  57.6%Criptovalute:  7,186Mercati:  30,048

What’s different from NEST Oracle and ChainLink?

What’s different from NEST Oracle and ChainLink?


What’s different from NEST Oracle and ChainLink?

Published on August 07, 2020 09:50 GMT+0


What difference between Chainlink and NEST Oracle machine, this is the most questioned question and let’s introduce it.

First of all, Chainlink, has 20 to 30 reputation nodes to feed data, a simple understanding is that Chainlink, the organization has found a partner, these partners to help them feed the data. These nodes, like the porter of the data, take the price data from platforms such as currency security or CMC, and upload it to the chain oracle contract to form a comprehensive price data for use by the downstream DEFI.

However, for these movings of the data, its authenticity and timeliness is not guaranteed, you can only trust these nodes. Sure, Chainlink claims to have a reputation system and a punishment mechanism, but how to verify the authenticity of the data?

Is it validating data in time, or is it re-validating after the fact? Punishment then?

We don’t know yet, because its LINK pledge mechanism and punishment mechanism is not online yet.

Next talk about NEST, the NEST oracle scheme.

The NEST oracle uses a distributed free-miner two-sided quotation method, in which the quoted assets are transferred into the quotation contract in a certain proportion. such as the current ETH = 240 USDT, Then we need to transfer 10 ETH + 2400 USDT to the price contract at the same time, to tell the market that my offer is 1. ETH = 240 USDT

The offer is then put into effect on the chain, with an effective time of 25 Ethereum blocks (approximately 5 minutes). During this 5-minute period, anyone can transfer 10 ETH to exchange for 2400 USDT, or to 2400 USDT to exchange for 10 ETH.

This is the so-called verifier to take arbitrage, as long as your quotation and the market price does not match, there is deviation, then anyone can take the arbitrage.

In this way, the quote miner will not dare to report the price arbitrarily. If the price is arbitrarily reported, it will be taken away by the verifier, anyone can become the verifier.

The verifier will need to leave a new quote and correct the wrong one while taking the order.

And the verifier’s new offer, offered size times 2.

Suppose I am a verifier, I take 10 ETH, then my new offer will be 20 ETH xxxUSDT, the price is my own offer now.

The quotation taken by the verifier does not participate in the price generation of the oracle. Only the quotation which has successfully passed the five-minute verification period, will participate in the price generation of the oracle.

In simple terms, each effective price on the NEST oracle is a market-proven price, consistent with the blockchain consensus mechanism.

In addition, it is important to note that as long as you quote, you can participate in NEST mining. It has nothing to do with whether or not you are being taken. Although you are being taken, you considered mined NEST.

Through the NEST mining, to stimulate the quotation miners to actively participate in the quotation.

The longer it takes from the last offer, the more NEST it mines. So there’s a game of miners, e.g: A. quoted every 10 blocks, if B. quoted every 9 blocks, so A. will never get mined. A. Is to adjust to every 8 blocks and then B. will never get mined again, this B. will adjust to every 7 blocks…

Each block contains 320 NEST, which is the number of blocks * 320 * 0.8 from the previous quote is the number of NEST mined by miners.

NEST should be the first decentralized project in the industry for the Ethereum blockchain to carry its own mining rewards.

In addition, NEST uses the income right model, ETH-based, oracle charges are also in ETH payments.

The Ethereum community should support more decentralized projects like the NEST Oracle, which added a lot of value to the Ethereum system.

Therefore, the NEST community will not need to quarrel with a business organization like Chainlink in the future. It is different kind of thing.