What is the sword of Damocles hanging high in the oracle field? There is no doubt that it is safe. As a middleware that provides external data to smart contracts on the chain, the oracle must ensure the security and accuracy of data services.
In November last year, a huge liquidation event occurred on the well-known platform Compound, and 90 million US dollars were quickly liquidated. The reason is that the DAI price of the oracle information source Coinbase Pro fluctuates violently, that is, hackers use the information source that the oracle relies on to perform short-term price manipulation to achieve the purpose of misleading the price on the chain and achieve the purpose of rapid arbitrage. This typical oracle attack results in losses to investors and projects, and even directly leads to people’s distrust of the DeFI ecosystem.
On August 10th, Poly Network, a cross-chain interoperability protocol, was attacked by hackers. Crypto assets worth US$610 million were affected. Although Poly Network has restored all assets previously returned by hackers for users, it still cannot Eliminate the effects of.
Nowadays, oracle attacks represented by flash loans still occur from time to time, and the project generally can only choose to suspend the oracle service first, and then troubleshoot the problems one by one. But obviously, the problem has already occurred at this time, and we can only try to avoid further losses.
Is the attack unsolvable? In this regard, ADAMoracle has proposed a unique and innovative solution that is a wide-area node price feeding mechanism. ADAMoracle Lab once stated, “The overall solution for the oracle provided by ADAMoracle can achieve true decentralization and solve the problems of opacity, inconsistency, inaccuracy, difficulty in scalability, and poor resistance to attacks that are common in oracle products on the market. , Practically guarantee the security of data transmission.
ADAMoracle Labs will work with global security partners to continue to provide leading security experience and service for the oracle field. “
Decentralization has always been a key in the encryption industry. The same is true in the oracle field. The risk of data tampering due to benefits is highly concerning , which limits the widespread adoption of oracle products to a certain extent, and some oracle nodes are too weak, it is easy to trigger a crisis. ADAMoracle uses a wide-area node price mechanism, which is a credible solution to overcome the attack in a decentralized platform.
ADAMoracle laboratory has innovatively introduced a wide area node price feeding mechanism, which can make the architecture of the machine unbounded. It adds a large number of diversified servers as computing nodes and storage nodes, and replaces traditional oracles with Turing intelligence to build a safe, credible, and accurate , Prevent sybil attacks, self-maintaining oracle ecosystem.
When the user initiates a data request, ADAMoracle will start calculations to carry out large-scale data screening. The first step is to screen out a batch of most matching nodes and transmit the message request; the nodes that receive the request will then request to the exchange, data is obtained and transmitted to the secure background of the ADAMoracle; and then selects the most accurate node with the most accurate price feeding data through the aggregation contract, so that it can complete the price feeding service.
First of all, because of the wide area node price feeding mechanism, ADAMoracle can screen out price feeding nodes of a certain scale, which can effectively avoid the problem of a single data source, thereby ensuring the accuracy of the price feeding data; at the same time, the more nodes, the higher the cost of attacking the oracle system.
Secondly, becoming an ADAMoracle node needs to measure the security of the node server, storage space and computing power, which is the first step to ensure the overall security of the oracle network; secondly, through the “Supervisor” (server monitoring plug-in) data monitoring, ADAMoracle From the historical price feed service of the nodes, the number of votes, the credit rating, etc., The star rating will be carried out, and the inferior nodes will be eliminated from time to time, and the overall performance of ADAMoracle will continue to be improved.
The total supply of ADAM is 100 million, and it will never be additional issued, Which is the core value of the ecosystem. Its value comes from the contribution of ecological members. Nodes (that is, data providers) can obtain ADAM by providing correct data to customers. Correspondingly, the customer needs to pay ADAM to obtain data information.
To better promote DAO governance and improve the security of the oracle network, ADAMoracle launched the “1Petabyte=? petabyte” activity, Taking the first stage of global node mining as an example, each node needs to pledge 30 ADAMs for every 1T storage space. According to the real-time price on DODO, 1ADAM is equal to 6.18USDT. So the pledge costs of nodes are expensive, which can effectively prevent the Node Conspiracy, but the node’s revenue will be relatively improved. At the same time, compared to other oracles, the penalty mechanism of ADAMoracle is also relatively friendly. With the development of ADAMoracle ecosystem, thousands of distributed nodes and data sources can continue to be “decentralized” and “globalized”, which can not only improve the degree of decentralization of ADAMoracle, but also effectively prevent Node Conspiracy and Sybil Attack.
As is shown in the picture, early investors and teams only occupy 18% of the total supply, and most of the ADAM share is given to nodes and communities. This is not only to improve the loyalty of nodes and optimize the operating efficiency of the oracle, but also to create a true decentralized oracle system and achieve the long-term sustainable development of ADAMoracle. ADAMoracle project parties and investment institutions only play a leading role in the early stage. With the development of the ADAMoracle, global nodes and communities will become the core of the project, realizing true decentralized governance.
In the crypto industry, “decentralization” has always been regarded as the foundation of a project development. Only by achieving community decentralized governance can the blockchain’s “trustless” role be played, allowing developers and users to spontaneously join the community to contribute to the ecology for common interests, and this is actually maintained by decentralized “verification nodes”.
In addition, ADAMoracle 2nd round of beta testing “StarCraft”, which will further accelerate the expansion of the wide-area node network. Click this link to konw more about this event:
https://adamoracle.medium.com/adamoracles-2nd-round-test-is-coming-33e4d67fe802
When more and more projects begin to transfer governance rights, incentive rights, and other more powers to the community, the decentralization process of the crypto industry is bound to accelerate further, so providing safe, accurate and credible decentralization oracle solution will be particularly important, which will help the industry to establish a safer and more reliable market environment. As the overall data acquisition cost and trust cost of the industry continue to decrease, the entire industry ecology will also achieve sustainable and prosperous development.
