Michael Clare: Data security defense is the strategic position of ADAMoracle
Due to the popularity of the crypto market and fierce competition among various projects in the past year, the high-speed development has not only brought the total market value of cryptocurrencies to a record high, but also brought security risks. Security incidents occurred frequently in the industry, and the number of stolen coins has broken historical records in previous years.
In Accordance with the relevant statistics, the heaviest loss of Crypto Currency due to hacker attack in 2021 occurred in the DeFi field. DeFi protocol Cream Finance suffered a fast loan attack in October, resulting in nearly 130 million dollars in tokens in its contract address being destroyed. The fundamental reason behind the attack is that its oracle is subject to price manipulation, and this is not the first time Cream Finance has encountered such a security threat.
For the numerous attacks and thefts in the DeFi field, Michael Clare, the global strategy officer of ADAMoracle, believes that the most important thing is that DeFi projects cannot be completely decentralized in the industry, and third-party external services are required. Therefore, the importance of security tools cannot be ignored.From DeFi to Mataverse and NFT ,the market hot topics changed frequently . However, no matter what type of application it is, the focus of the crypto market is still on the issue of fund security, which is the foundation of the blockchain and the key to be able to develop healthily.
Michael Clare also stated that the creation of the “wide-area node price-feeding system” from ADAMoracle Labs is also out of security considerations. The opportunity for centralized oracle has gradually withdrawn from the stage, which is the choice of technological development. However, there is no particularly complete solution for the decentralized oracle in the current industry and the main reason lies in the risk that the price feeder node may conspire to commit evil or be manipulated. Thus, ADAMoracle decided to create a global wide-area node network and build a price-feeding node network with thousands of hardware server equipments, which increased the cost of attacks greatly and enhanced the security of the oracle. That is, the reliability of data is ensured to the greatest extent.
As the most critical middleware for crypto world data transmission, ADAMoracle has established a comprehensive risk control model in order to improve the overall security performance, mainly for the control of price-feeding nodes and data feeding processes.
First of all, it is necessary for ADAMoracle node to measure the security, storage space and computing power of the node server, which is the first step to ensure the overall security of the oracle network. Also, through the “Supervisor” (a server monitoring plug-in) data monitoring, ADAMoracle Nodes star rating will be carried out from the historical price feeding service of the nodes, the number of votes, the evaluation and the credit investigation, etc., Therefore, the inferior nodes will be eliminated from time to time, and the overall performance of the ADAMoracle will continue to be improved.
Secondly, during the data feeding process, ADAMoracle searches and verifies real-world data through the wide-area node network, seeking for the most matching price-feeding node, and the node receiving the request will transmit the accurate data to the security backstage of the ADAMoracle, which will select the node with the most accurate price feeding data through the aggregation contract to complete the price feeding service.
ADAMoracle network can accommodate thousands of nodes for price feeding services through the wide-area node price feeding mechanism. With the nodes getting more, the cost of nodes colluding to commit evil or attacking the oracle system is higher. This could effectively avoid fast loans, Sybil Attack and other security risks. So a solid shield for the transmission of data on and off the chain will be created.
Michael Clare reckons that data is the result of human behaviors in the past, but also the basis for predicting human behaviors in the future. Therefore, the importance of data security is self-evident. Blockchain technology has made a great contribution to data security, but in the future of everything is connected, we still cannot ignore the security issues of on-chain and off-chain data connection.
From the industry leaders represented by Bitcoin and Ethereum, to various application fields such as DeFi, NFT, and chain games, to infrastructures such as public chains, Layer2, and cross-chain protocols, have all achieved considerable development in the past year. The development of the digital economy has inevitably increased the value of data greatly. The integration and re-creation of data has resulted in more and more application scenarios, which has contributed to the prosperity of the crypto market.
“Human race is welcoming a vast new world, and this new world needs more sense of security.” Michael Clare called that data security is an important topic in the entire digital economy era, and it is also the strategic position of ADAMoracle. He hopes that the industry will pay attention to the development of decentralized oracles, and more people can create diversified data security protection methods with new technologies.