Provable Oracle Service On Aeternity

æpp Development
, ,
1

Greetings Everyone,

With a recent hackathon, I had a chance to look at my notes and see what I was planning on Aeternity, It’s quite a list to complete but for recent submission, I have to bring back an idea Decentralized Insurance

But this post is not about discussing it. This is about a new feature that I was planning to develop on aeternity. We know aeternity oracles are a very powerful way to let our smart contract talk outside. I am planning to move one step forward and create Authentic Oracles or Provable oracles (Whatever you like to call them).

What is it ?
I would like to define them as the Oracle with proofs. So they will be simple oracles easy to integrate as I have a design planned) but what they do is they provide proof in their response, With proof (I will document) a way to reverse track the starting point of the request maker to look for its integrity.

You can relate them with Trusted price feeders in smart contracts, Price feeding just based on URL requests you can do much more Trusted in your contracts and Combine them with Decentralized Oracles I was working on previously and will continue shortly.

Most of you might know and the above text seems related because I am inspired by provable technology on ethereum and having it on aeternity can open many new applications on the blockchain.

It all requires further time and resources to develop, So I am here to discuss with the community, According to the effectiveness of this feature on Aeternity and the applications that can be built on it or any other area you can think of, What is your opinion on it?

Sincerely,
Jeevanjot Singh

5 Likes
2

My notes/Question on this,

It’s generalists to oracles approach.

  1. How do we get more people involved in running the oracle feeders. (Incentives)
  2. How do we make sure that data fetched by oracles are correct and won’t affect the Daap workings, ($100 Million Liquidated on Defi Protocol Compound Following Oracle Exploit – News Bitcoin News)

Thanks

2 Likes
3

Maybe some sort of reputation system could solve both problems. Positive as well as negative incentives for good behaviour of the oracle provider.

2 Likes
4

Thank you for introducing the problems @Vikram and very well solution for the above problems @erik.chain.

The solution you provided is what chainlink use and they are bound to the complexity of this model because of the business sense they produce with their product (Very nice technology as well)

What I proposed cannot produce the above failures for which we might need that kind of solution. It is a way to let users know the response they got is totally from where it is supposed to be and the source of the response is not altered and all that can be handled by a single Virtual machine operating all requests.

Now for the source to be changed like You mentioned Dai incident, That is true and can happen but to tackle this I will introduce Decentralized oracles (mentioned above), More like Mean, Median, Mode functionality in contracts to choose the most expected response in such scenarios, and this can be either on contract end or on the node end (virtual machine) Can be done on both too to choose from.

3 Likes