From asset management, insurance claim processing, cross-border payments, to smart contracts, digital identities and IoT, the applications of blockchain cuts across many industries. Blockchain proponents claim it is a trust machine that allows individuals to make transactions in a trustless environment with no trusted third party. Trust is one of the value propositions of blockchain. However, the fact remains that blockchains need more trustworthy means of sourcing for external data. Attaining trust is a long journey and one that can only be covered by taking one step at a time. Using oracles in blockchain systems is one step towards more trustworthy systems.
There are many reasons blockchain systems would struggle to gain trust. One such reason and one problem DApps face is that they have to rely on centralized third parties for their data. All smart contracts and DApps depend on off-chain data. These outside sources of information are beyond the security and rules of blockchain networks and can be weak-links that compromise the integrity of the entire network. BOS Oracle Service provides credible data (in a decentralized manner) from the outside world and puts it “on-chain” for DApps and smart contracts, etc, within the BOS networks. This means that smart contracts can now get valuable data within the BOS blockchain and enjoy the same security and decentralization of blockchain technology.
The first application of BOS oracle service is live and it supplies BTC, ETH, EOS, and BOS price feeds. BOS Oracle service now enables DApps to get reference price feeds without rolling out their own solutions. As seen on the oracle.bos contract, price feed from Binance, OKEX, HUOBI, are pushed to the bos.oracle contract via data providers such as ‘boseosibcmon’, ‘unicoadminn1’ and ‘thechosenone’, etc.
BOS oracle price feeds can be utilized by any DApps that require real-time price of BTC, ETH, EOS, and BOS for their systems.
It makes sense to use decentralized price feeds (or decentralized solutions) for decentralized finance applications. Although Defi only recently came into limelight and the very few that exists are still under development, there are many indications that this new system is potent and not just a fad. The benefit of using decentralized price feeds is not far from the benefit of decentralization itself which is trust. The spirit of decentralization is gradually sweeping over the internet. In the near future, people will find it difficult to trust centralized solutions especially when it has to do with the supply or management of data.
BOS Oracle price feeds makes it easy for anyone to get on-chain data of price feeds. With this DApps can maintain the spirit of decentralization and they don’t have to compromise on the security of the system (by relying on centralized solutions) to keep their DApp running.
BOS oracle service achieves decentralization and credibility in its oracle service by using intelligent risk control and arbitration. These methods ensure that data providers have skin in the game and a reputation which makes them accountable to the BOS network. With their reputation and funds at stake, data providers are dis-incentivised from acting unfairly.
