Off-chain data feed to on-chain is very important. For example, price discovery of underlying assets for financial derivatives. Thus, an Oracle system is very useful for decentralized and reliable off-chain data feed.
What it does
A POS Oracle. Participants delegate their stakes to several representatives (relayers). Relayers stake its tokens. Relayers then commit its price to oracle smart contract. Smart contract will calculate the final price, and deliver awards accordingly.
How we built it
With typescript. Web3.js to interact with smart contract. React front end. Websocket between frontend and backend.
Challenges we ran into
Accomplishments that we're proud of
Building the system totally from scratch. Has a light but pretty UI. Prices are commited to the smart contract deployed on Kovan.
What we learned
Mechanism of Oracle system. Design considerations of the system.Economics perspective behind the system.
What's next for oracle
Use Layer2 scaling technology to perform off-chain consensus. Bring in randomness in selecting the relayers.