Are you working on decentralized application or DeFi development and using a centralized Oracle to bring data from external world?
Do you know, an "Oracle" failures can be massive in Blockchain, yes just look at how “Luna Classic” protocol exploited due to pricing error.
And a trading bot acted on a price oracle relaying the price of KRW as 1000x higher than was true, and ended up winning out $1 billion from Synthetix. Though this was quickly fixed, but the noise it created was huge!..
there are many more scenarios we are witnessing, which stress the importance of a secure, robust decentralized oracle infrastructure in DeFi.
Why oracle is necessary?
Oracles are fundamental to blockchains – to their functioning, their integrity, and success. A blockchain with faulty, poor, compromised, or centralized oracles, loses the very purpose of its design as a distributed network.
Oracles provide and record data from external sources to smart contracts on-chain; they are a critical component of smart contract execution. Because oracles can be used to pull any real-world data on-chain, they can massively expand the utility of blockchains. They do, however, also pose a risk as a point of failure, a point of reliance – particularly as the blockchain has to “trust” the data it receives.
How Plugin works?
- A DeFi protocol or Smart Contract requests an update on the price of Crypto
- It launches the event from smart contract
- The task is then distributed to a specified number of validators
- The Validator node, who vetted the data from the reliable data source provides the pricing information back to the aggregator smart contract.
- Aggregator then captures the data from multiple oracle and write the aggregated data on-chain
The benefits of Plugin Network powered oracles
- Our network is 3-tier network pool which comprised of “Validator”, “Pre-Processor” & “Standby Warriors”
- Our oracle itself is decentralized and it is not reliant on one datafeed, but many.
Reliable Datasource Partner
- We partnered with “TeejLab” - Ocean of API provider
- We are welcoming data feed partners
Implementation made easy
- All the complex steps are abstracted from user and just few lines of contract helps you to integrate Plugin Oracle
Better User Experience
- Are you from a non-XDC user? no worries, we have a solution for you!, with our npm package now you can access Plugin Oracle Pricing & feed that result in your smart contracts which runs on “Ethereum, Polygon, & others”.
How to access our Feeds?
- We are constantly adding new feeds into our feeds marketplace.
- Explore https://feeds.goplugin.co/
- Explore now and Integrating this feeds in your use case, and it is that simple now!.
How to access our Feeds via npm Package?
- npm install plugin-pricing-index-pair
- Choose the feed you want to access
- Fund #PLI(Oracle Fee)
- You are done!
It is always good to collect the feedback and improvise!, so we appreciate the developers who are building something amazing, to try our Plugin Oracle and feel the user experience.