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What is trustless automation?
- OAK is non-custodial and will never ask for your private keys or your crypto.
- You tell OAK what action to take, including what or who you are interacting with, and what you are doing with it or them. This is typically an extrinsic call to another parachain where your action will occur; examples include transferring, swapping, or depositing tokens or claiming and staking rewards.
- You tell OAK when to trigger execution by specifying a data stream and a condition. Data stream examples include date / time, token price, events or state changes of smart contracts or other blockchains, weather, or other real-world information sources. A condition is a logical operation applied to that data stream; “When the temperature in New York City hits 120F” or “The first Monday of every month”, for example.
Use cases powered by trustless automation from the Turing Network include:
- Data stream: Time
- Scheduling payments
- Stable-cost-averaging
- Compounding yield - staking rewards
- Compounding yield - LP rewards
- Data stream: Price
- Stop-loss orders
- Limit orders
- Collateral liquidation protection