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ZUG, SWITZERLAND, March 13, 2021 /24-7PressRelease/ -- The DEOR project presents one of a kind solution to help the users get ahead of the Oracle problem and bring better transparency, security, and efficiency to the system in a trust-less manner. DEOR accumulates data from multiple sources, combining it to formulate a single repository of authentic data. The same is supplied to the smart contract helping the stakeholders get access to real-world information.
Solving the Oracle Problem
DEOR is built as a solution, but there must exist a problem to devise its solution. Every block on any blockchain holds some data about the users and their transactions. This data on every block is insider information with no links to the outside world. In other words, whatever happens on-chain, has no relation with off-chain. Until there is no need for a smart contract to oversee a transaction between the on-chain and the off-chain world, the oracle network is not needed.
However, to execute a smart contract automatically and in a trust-less manner when the terms of the contract are fulfilled, the blockchain requires authentic information from the outside world. Oracles are tasked to provide that information. This makes the execution of a smart contract dependent on the information an oracle offers, but there is no way to know whether that information is correct. So, there is a problem that the information cannot be completely trusted.
Not only this, Oracles can further become a problem as they can be easily manipulated and can go offline. A network of oracles are connected to a single point of contact, this means, if the central oracle node is down, others will follow.
How does DEOR solve this Problem?
DEOR brings in an innovative solution by collecting data from a series of oracles, analyzing it on a central server, and then providing a refined result to the smart contract. However, it is evident that not all the oracles will provide the information with similar authenticity and assurance. In that case, the results aggregated by DEOR can also be prey to manipulation.
To account for this issue, the DEOR network leverages its built-in Reputation Score and Voting system. Both these aspects have a unique function and benefit. First, the reputation scores are predetermined scores allotted to every oracle feeding information to DEOR. Based on their performance, the information provided by them is weighted in terms of a percentage.
Secondly, since the information from all the oracles comes under the scanner in a similar capacity, it becomes easier to handpick the oracles which are supplying disinformation. In that case, the DEOR users can rank the information-feeding oracles, which directly affects their ranking for future uses. This means that the users can up-vote and down-vote the individual oracles based on information authenticity.
Role of DEOR Tokens on the Platform
The first significant aspect of DEOR is the utilization of the oracles to supply accurate information. The second core feature is the DEOR token that is required to assist the workings of the DEOR network. The DEOR token is used for voting in favor or against the oracles. Another vital function of the same is paying for the usage of the DEOR network.
Since every user has to pay for using the oracle network, most probably, one token for one oracle. This means that any platform using more than one oracle has to pay that many number of tokens for using the services. With DEOR, there is no need to pay extra for using more than one oracle.
Since it is a network, the users will only have to pay one DEOR token for customizing their usage of the DEOR tokens. The tokens are based on the Ethereum blockchain working as ERC20 tokens.
For token distribution of DEOR, 20% of the tokens are kept aside for post-event fair distribution, and the same amount of tokens are kept for pool mining and platform development each. The last 40% of the token tally is kept for vote mining that allocates the users power to vote for different types of oracles according to the authenticity of the information they provide.
To Sum it Up
DEOR solves a major issue dealt by oracle networks regarding the authenticity of information supplied to the on-chain servers. More importantly, it provides a mechanism to rank the oracle nodes on the basis of the information they fetch and supply while creating a system of ranking them for future reference.
Whitepaper - https://github.com/computercybersecurity/DecentralizedOracle/blob/master/DEOR.pdf
PR - Cryptoshib.com
email - [email protected]
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