In DeFi field, the oracle is widely used. For example, the liquidation price required for the mortgage phase, the timely price required for flash exchange transactions, and the liquidation price required for various financial derivatives, the casting of stable coins and synthetic assets all require oracle prices. So, the oracle has become a relatively basic infrastructure for this industry, especially for DeFi, or for the Web3.0, it is very important.
Ethereum founder Vitalik Buterin also said, “I think smart contracts must use off-chain data to do a lot of things, so projects that provide oracle solution are very important. They must have different kinds of use cases.”
At present, the ecosystem on the blockchain has begun to grow, and the mainstream public chain such as Ethereum and BSC are becoming mature. With the expansion of applications on the chain, more and more Dapps need to use external real-world data information, but there are many challenges, such as Dapps cannot directly obtain and use off-chain data; There are a wide range of data sources on the chain and they are widely visible, extensive and reused , so that the data are facing trust issue and causing a series of security problems , which requires oracles to provide on-chain data services.
Therefore ADAMoracle proposes a brand-new oracle overall solution, which uses blockchain technology and 5G, data, edge computing and other advanced technologies to combine innovation to empower on-chain data governance.
The three characteristics of blockchain are rapid business changes, large data volume, rich data types, and high data mining costs. And in the direction of development, data is showing a trend of expansion from basic data to business data, and from single-chain data to cross-chain data.
Therefore, ADAMoracle emphasizes in the development roadmap that it will realize cross-chain connection of ETH, Polygon, Polkadot, BSC and other public chains, open up the entire chain ecosystem, and realize the borderless transmission of data and information. At the same time, the huge data form of the Web3.0 is processed or stored, and richer application scenarios are realized through interplanetary node storage.
ADAMoracle as the basic service facility of the blockchain, undertakes the mission of breaking data islands and realizing the free flow of data. It is not only a bridge connecting real-world data and blockchain, but also a natural cross-chain application to empower major public chain ecology.
In response to “data and security issues”, ADAMoracle pioneered a wide-area node price feeding mechanism, take he responsibility of “data transmission agent”, connecting thousands of diversified servers as price feeding nodes for quotation, and effective construction a safe, expandable oracle system to ensure the safety, accuracy and effectiveness of each data transmission service.
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 cost of the attacking the system will be.
ADAMoracle uses “supervisor” (server monitoring plug-in) for data monitoring to confirm that the nodes are qualified for price feed. For example, ADAMoracle will conduct star rating from the historical price feed service of the nodes, the number of votes, the credit investigation, etc., and the inferior nodes will be eliminated from time to time to continuously improve the overall performance of the ADAMoracle oracle machine.
In response to the “data cost issue”, ADAMoracle plans to establish a global distributed data source. While ensuring the security and accuracy of data transmission services, ADAMoracle also pursue more efficient and low cost price feeding services. Therefore, ADAMoracle adopt advanced technologies such as the Internet of Things and edge computing to build global distributed data sources and organize data information further improves the efficiency of data transmission and reduces the cost of data adoption. Therefore, becoming an ADAMoracle node needs to contribute storage space to help the establishment of a new oracle system.
In the Web3.0 era, data is the core condition, and ADAMoracle will build a secure, credible, accurate, decentralized data service provider that prevents attacks and can be self-maintained, and replaces the traditional oracle with Turing intelligence. Complete the mission of building a global decentralized oracle ecosystem with global miners, and jointly open a new era of oracle 3.0!