{"id":231052,"date":"2022-04-10T12:00:50","date_gmt":"2022-04-10T11:00:50","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=231052"},"modified":"2022-04-16T01:43:05","modified_gmt":"2022-04-16T00:43:05","slug":"demystifying-blockchain-oracles-part-2","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/demystifying-blockchain-oracles-part-2\/","title":{"rendered":"Demystifying blockchain oracles: Part 2"},"content":{"rendered":"

DeFi and decentralized applications wouldn't be possible without blockchain oracles\u2013key components of blockchain infrastructure that enable accessing, processing, and transmitting information between the outside world of off-chain data and smart contracts.\u00a0<\/span><\/p>\n

That said, what are the major engineering challenges when it comes to building resilient and reliable blockchain oracles, and why are decentralized data pipelines so important?<\/span><\/p>\n

CryptoSlate<\/span><\/i> talked to some of the prominent experts on the subject\u2013 some of whom are going to meet in Berlin this June at the world\u2019s first technologically agnostic <\/span>summit<\/span><\/a> that\u2019s fully focused on oracles.\u00a0<\/span><\/p>\n

Oracle resilience and reliability<\/strong><\/h2>\n

\u201cCompanies optimize for efficiency, while DAOs optimize for resilience. With that in mind, the infrastructure that DAOs depend on needs to be resilient and decentralized, and that\u2019s where oracles come in,\u201d noted Niklas Kunkel, Oracle Core Unit Facilitator at MakerDAO<\/a>.<\/p><\/blockquote>\n

This is particularly the case in regards to data, according to Kunkel, who continued to explain the importance of ensuring oracle reliability\u2013using <\/span>Maker<\/span><\/a> as an example. He then further elaborated:<\/span><\/p>\n

\u201cWhat information does Maker need from the outside world? Maker gives loans and people put up collateral to take those loans, so Maker, being a decentralized bank, needs to know what is the price of all of this collateral\u2013what is the price of Ethereum, what is the price of Bitcoin, what is the price of a bundle of mortgage loans\u2013that\u2019s all the information that doesn\u2019t exist within the crypto network and we need to bring it from the outside world,\u201d<\/p><\/blockquote>\n

But what makes oracles so special? And how do they align with unique constraints in the blockchain world?<\/span><\/p>\n

\u201cYou don\u2019t want to have to trust any other party, you don\u2019t want to have to be at the mercy of any centralized point of failure, you don\u2019t want anyone to be able to flip a switch and censor you, and just cut off the data,\u201d Kunkel added, as he continued to address some of the engineering challenges of creating a data pipeline such that whoever is running it can\u2019t just shut it down if they feel like it.<\/span><\/p>\n

Besides censorship resistance, data integrity guarantees are another major constraint that needs to be met, he added, so whoever is running this pipeline can\u2019t manipulate the data.\u00a0<\/span><\/p>\n

In a nutshell, that is the problem that oracles solve\u2013\u201cthey give this pipeline to DAOs and crypto applications without exposing them to risks of data censorship and manipulation.\u201d<\/span><\/p>\n

According to Auryn Macmillan, Governance Lead and Product Manager at Gnosis<\/a>.<\/p>\n

\u201cOracles (or proofs) of some kind are a necessary component of any blockchain-based system that wishes to consume or react to events external to their execution environment. Whether they be in the real world or in some other blockchain or execution environment,\u201d<\/p><\/blockquote>\n

Oracles enable all kinds of useful applications\u2013from verifiable randomness and secret voting\u2013to real-world price feeds.<\/span><\/p>\n

That said, Macmillan clarified how Gnosis utilized an escalation-game-based oracle to decentralize their voting system.<\/p>\n

\u201cFor the Gnosis DAO, we wanted voting to be decentralized and free to participate in, and for vote weight to include much more than simply GNO balances on mainnet Ethereum,\u201d he explained.<\/p><\/blockquote>\n

Using Reality.eth allowed trustless, on-chain execution based on the outcome of off-chain votes\u2013where vote weight is derived from GNO in multiple protocols on both mainnet Ethereum and Gnosis Chain. Concluding, Macmillan noted,<\/p>\n

\u201cUsing a robust oracle solution for this data allows protocols to focus on their core competencies. That said, introducing an oracle almost always means increasing the attack surface. So it is critical to developers to understand the trust assumptions of consuming data from a given oracle,\u201d<\/p><\/blockquote>\n

There are various oracle designs out there, utilizing different mechanisms to provide resilience and reliability guarantees. While some designs rely on multiple data sources and multiple oracles even, others utilize incentive mechanisms. Some try to do it crypto economically, via crypto staking, while some use a mineable Proof of Work (PoW) competition to eliminate reliance on trusted third parties for access to off-chain data.<\/span><\/p>\n

The importance of decentralization<\/strong><\/h2>\n

Tellor\u2019s decentralized oracle serves as an example of a design secured by crypto-economic incentives.\u00a0<\/span><\/p>\n

The Tellor oracle allows anyone to participate as a data reporter by staking some tokens as a bond that can get slashed by the contract if they submit bad data. Meanwhile, <\/span>\u00a0other token holders and members of the DAO can participate in validating that data by disputing, explained Michael Zemrose, Co-founder at <\/span>Tellor<\/span><\/a>.<\/span><\/p>\n

As he broke down the basics of Tellor\u2019s token governed dispute mechanisms, Zemrose pointed out how their open and permissionless solution was built from the ground up to be censorship-resistant and decentralized.<\/span><\/p>\n

\u201cFrom the design phase, we wanted whatever we made to be open and permissionless, allowing everyone to participate, but preventing any single entity having too much power in the system\u2013including ourselves,\u201d he pointed out, noting that the Tellor team owns only 3% of the tokens.<\/p><\/blockquote>\n

Tellor<\/span><\/a> launched without an ICO, without a pre\u2013mine, and the team also got rid of their admin key privileges, Zemrose mentioned, commenting that the goal was to avoid making the mistake of having too much power, \u201cbecause once you have too much power it is very hard to remove it.\u201d<\/span><\/p>\n

Awakening users to the importance of decentralized oracle solutions is an ongoing challenge, according to Zemrose.<\/span><\/p>\n

\u201cNone of your other decentralization matters if your oracle is centralized,\u201d he said, noting that convincing the community, founders and investors to care enough to become a part of the conversation is becoming easier as the space continues to mature.\u00a0<\/span><\/p>\n

While the network is completely open and anyone can come and try and compete for token rewards by putting data on-chain that users are requesting, it\u2019s in everyone's best interest to be honest.<\/span><\/p>\n

\u201cOtherwise they get disputed and that stake (bond) gets \u2018slashed\u2019 and given to the disputer\u201d, Zemrose added, elaborating how their design is based on the principle of economic rationality.<\/span><\/p>\n

Meanwhile, Maker\u2019s design is based on a \u201cfederated type of model,\u201d Kunkel clarified.<\/p>\n

\u201cWe have a huge conglomerate of crypto projects that are trustworthy in the industry, and that Maker governance has voted in, including Etherscan, MyEtherWallet, Infura, MetaMask, to name a few, and what we end up doing is taking the median of all the data these conglomerates submit,\u201d he explained.<\/p><\/blockquote>\n

\u201cIt\u2019s almost like with PoW,\u201d concluded Kunkel, noting that as long as there\u2019s 51% of participants being honest, the oracle will, for one\u2013stay online, and two\u2013have the correct data.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

DeFi and decentralized applications wouldn’t be possible without blockchain oracles\u2013key components of blockchain infrastructure that enable accessing, processing, and transmitting information between the outside world of off-chain data and smart contracts.\u00a0 That said, what are the major engineering challenges when it comes to building resilient and reliable blockchain oracles, and why are decentralized data pipelines […]<\/p>\n","protected":false},"author":699,"featured_media":232550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77419,46940,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nDemystifying blockchain oracles: Part 2<\/title>\n<meta name=\"description\" content=\"Experts discuss overcoming the challenges of building resilient, reliable, and at the same time decentralized data pipelines.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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