What should we expect from ADAMoracle in the era of Oracle 3.0?
As a necessary middleware for connecting real-world data and blockchain systems, the oracle has experienced an upgrade from the oracle 1.0 represented by Provable to the oracle 2.0 product represented by Chainlink. However, the mainstream decentralized oracle 2.0 products in the current market still have shortcomings. The ADAMoracle has launched the first decentralized oracle that supports wide-area node quotation after research and development, this move will officially open the new era of Oracle 3.0.
Oracle 1.0 is a centralized application, with a centralized organization provides data to the operation of smart contracts. This type of oracle does not have any party’s game behavior, and the data obtain function is efficient, but it is not compatible with the data provided by other oracles and its security is questionable. Centralized oracles only obtain quotation from only agency, when a centralized oracle is used as a more valuable DeFi ecological data provider, data demanders can use bribery or even buy out the centralized oracle and manipulate the data source to profit from their own contracts in DeFi. This is obviously not in line with the rules of blockchain.
Oracle 2.0 is a decentralized application. The main representatives in the current market are Chainlink and MakerDao OSM oracles. The design of the decentralized oracle mechanism is consistent with the distributed idea of the blockchain. It mainly provides data services through many trusted nodes, which enhances the fault tolerance of the entire oracle system and can carry a higher upper limit of contract value. However, Oracle 2.0 products still have weakness such as opacity, inaccuracy, difficult to expand, and poor resistance to attacks. For example, some oracle products have a small number of nodes or designated centralized data source institutions, which not only affects the decentralized nature of the oracle itself to a certain extent, and it is prone to data deviation caused by malicious nodes and external attacks.
The oracle 3.0 product, ADAMoracle, realizes true decentralization, solves the common problems of oracle products on the market, and guarantees the absolute security of data transmission.
ADAMoracle is the first complete oracle solution that decentralizes both the oracle and the data source;
Support wide-area node quotation: 33 global nodes and 66 backup nodes, pioneering addition of massive mining machines as computing nodes and storage nodes, creating a grand oracle network, and opening up the entire blockchain industry resource system;
Multi-node deployment method of mixing and matching the global node and the backup node: to achieve a fairer data acquisition and service ecosystem;
It has a complete economic model with modules such as margin pledge, service commission, voting governance, voting rewards, etc., to give full play to the resource advantages of different roles.
Security upgrade of ADAMoracle
The oracle is a very important part of the entire crypto world. The “bZxAttack” that occurred in February 2020 is a typical oracle attack. The “attacker” manipulated the price of WBTC/ETH on Kyber and Uniswap, and exploited the vulnerability of bZx’s reliance on Uniswap. In order to sell a large amount of wBTC at an inflated price that is 3 times the normal value, this is a security accident caused by a single data source in the traditional oracle quotation system.
The security of the oracle mainly depends on two dimensions: the scale of the node and the quotation system. For the first time, Chainlink uses a completely transparent mechanism to ensure sufficient competition between nodes, thereby improving the quality of service. In this regard, ADAMoracle proposed its own plan as wide-area node quotation and a completely transparent game mechanism.
ADAMoracle Node Scale
ADAMoracle deploys a global node network to realize unbounded network computing. ADAMoracle first promotes the wide area node quotation system, which not only retains the traditional data source organization, but also innovatively introduces mining machines as node members. The mainstream mining machines in the current market all meet the requirements of ADAMoracle storage nodes. Mining machines with a rated computing power of more than 90TH/s can meet the conditions for becoming a global node. As a hardware server with its own security protection system, the mining machine has both high security and anti-attack performance and powerful computing power. This is an excellent product to improve the security and scalability of the oracle. The market’s involves thousands of mining Machines entering the ADAMoracle node network will completely eliminate the risk of node collusion and create a new generation of quotation oracle 3.0 applications that everyone can participate in.
Game Mechanism Between ADAMoracle Nodes
- ADAMoracle stucture
The ADAMoracle has three roles: data aggregator, node computing provider, and storage service provider.
Data aggregators obtain key data from multiple exchanges (for example: OKEx, Coinbase, Huobi, Binance, etc.), and transmit the most reliable data to the on-chain ecosystem, thereby providing safe and reliable on-chain prices for the DeFi protocol data.
Storage service providers will be responsible for the verification and storage of data, provide more secure and reliable data, and build a truly safe and reliable decentralized distributed storage oracle network. Storage service providers are also a hub for data aggregators and node computing providers. It is the basis for ADAMoracle to create distributed data sources. ADAMoracle can effectively avoid data sources by saving data information with the help of mining machines and distributed storage systems connected to the main chain. Too single issue.
Node computing providers run on ADAMoracle’s safe and reliable blockchain infrastructure to realize truly decentralized quotation on the chain. In the future, they can create their own mining pools, establish a distributed quotation mechanism, and store corresponding data sources. Obtain the corresponding ADAM tokens paid by institutional customers. The node computing provider is the core of the ADAMoracle that provide accurate data information services on the chain.
2.ADAM token reward and punishment mechanism
In order to ensure that the ADAMoracle can continue to provide accurate on-chain quotation services, the ADAMoracle proposes a node pledge mechanism and a mechanism for reward and punishment.
A node needs to hold ADAM for pledge as a deposit before it can become a node candidate. The ADAMoracle decentralization mechanism will also evaluate the reputation of the node’s work. The ADAMoracle screening contract will check the historical service level of the node’s calculator to verify its authenticity and historical performance. High-quality nodes have the opportunity to obtain the choice of the data demander, and the reliability is low. The oracle node will face elimination.
Of course, ADAMoracle also safeguards the rights and interests of the majority of nodes. In addition to the ADAM fees that nodes receive in providing quotation services, out of the total issuance of 100 million ADAM, ADAMoracle will give out 10.7 million ADAM, which is mainly used for mining and community governance voting rewards for creation nodes and backup nodes. Compared with Chainlink’s random selection of node operators, the node reward and punishment mechanism of the ADAMoracle will be able to more effectively guarantee the accuracy of the quotation service.
The ADAMoracle wide-area node computing network realizes unbounded network computing, so that each multi-type server can realize automated quotation, and has a safe rating function to ensure the accuracy of the quotation and better guarantee the prediction. ADAMoracle will attract more excellent developers to create excellent DeFi DApps applications. These new business model of Web3.0 will also become a new form of economic society and organization in the future.