FlowPrices Oracle
Decentralized OnChain Real-time Crypto Prices Oracle
Created on 16th July 2023
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FlowPrices Oracle
Decentralized OnChain Real-time Crypto Prices Oracle
The problem FlowPrices Oracle solves
The Decentralized OnChain Real-time Crypto Prices Oracle solves the problem of trust and reliability in obtaining up-to-date cryptocurrency prices for smart contracts. By leveraging validators distributed across the network, it ensures that the price data is accurate, tamper-proof, and verifiable. This solution enables seamless integration of real-time market data into smart contracts, facilitating decentralized financial applications, such as automated trading, lending, and derivatives, with increased transparency and security.
Some buisness that runs on smart contracts dont want to be exposed to Tokens volatility and dont want to use stable coins, so they can use the Oracle for get a stable price for their products, like marketplaces, games
Challenges I ran into
During the architecture challenge, we encountered issues with trust, real-time data reliability, and full on-chain integration. To overcome these challenges, we devised a novel approach using a new concept of data blocks(more explanation about it on the documentation) and validators, ensuring the delivery of reliable real-time data in a fully decentralized manner.
Tracks Applied (2)
DeFi
Ecosystem Tooling and Infrastructure
Technologies used