I was thinking that another way to increase the value of oracle data was fairly simple technically. However, there is a catch…
So, suppose someone creates an oracle for AE. We are concerned with the reputation of said oracle. What keeps oracles trying to do the right thing? (besides game theory stuff).
What if there was a way for some http request for the data to be signed by the origin?
Let’s say coin price info from Coinbase. Instead of an oracle querying Coinbase and relaying the price info… inherently saying to the end user, “Hey, this is Coinbase price info for Bitcoin… it’s legit, trust me!”
Instead. This… the oracle query’s Coinbase for the price info… and Coinbase sends the raw data back with a signature - like we can do with private keys anyway.
What is needed? Coinbase “address” or public key. The raw data response (received query and provided answer), and a signature hash. With that, we can know on the receiving smart contract that this data is straight from Coinbase… and not altered by a nefarious oracle.
The catch, obviously enough, is you’d have to get these providers to incorporate the kind of response, and for their public key to be available for anyone to inspect.
This is so obvious that it is probably already a thing. If so, it should be incorporated in oracles.