Berry Oracle Network is Officially Launched
Today, we are excited to launch the Berry Oracle Network！
What is Berry Data Oracle?
Berry Data is an oracle system where parties can request the value of an off-chain data point and miners compete to add this value to an on-chain data-bank, accessible by all dApps on Binance Smart Chain. The inputs to this data-bank are secured by a network of staked miners. Berry Data utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Berry Data’s governance token, BRY, and a dispute mechanism.
What are the Roles?
- Miners: Incentivized to submit data using inflationary rewards. The data types they update are chosen based upon the total rewards assigned to each query.
- dApps/Data Users: Access is granted to the latest data feeds by using BRY as the service fee. Apart from existing data feeds, they can request additional data/price feeds by providing rewards as an incentive to miners.
- Data Feeds: Every three minutes the Berry smart contract groups the top most funded data types and creates a Proof-of-Work (PoW) challenge for miners to solve. The first five miners to provide the PoW solution and the off-chain data points are rewarded with newly minted tokens + the accumulated service fee for the specific data requests.
- Deposit & Rewarding System: In addition to the security provided by the PoW process, Berry Data’s main security layer comes through a deposit of BRY tokens that acts as a staking requirement in order for miners to participate in the PoW process. The miners risk losing this stake if they submit data that is successfully disputed by BRY holders.
According to the tokenomics, 5 million BRY (40% of the total supply) will be minted by the oracle network and will be distributed to data miners as rewards. The 5 million BRY miner rewards will be distributed equally within three years.
To create a properly incentivized system, a “Tipping” mechanism will be introduced and miners will be able to submit data using inflationary rewards. The data types they update are chosen based upon the total rewards assigned to each query. Every three minutes the Berry smart contract groups the top five most funded data types and creates a PoW challenge for miners to solve. The first five miners to provide the PoW solution and the five off-chain data points are rewarded with newly minted tokens + the accumulated tips for the specific data requests.
Become a Data Miner
Miners have to stake 1,000 BRY tokens to be able to mine. Staking allows the implementation of economic penalties for miners submitting incorrect values. If a miner wants to withdraw his stake, he can request a withdrawal at any time. The miner’s tokens are then locked for 7 days in order to wait for potential disputes, at which point the tokens can be unlocked for transfer. Please read the whitepaper for a detailed guide.
Also, here is a brief guide to set up your machine https://medium.com/berry-data-official/how-to-become-a-berry-data-oracle-miner-9c8fd00c1c0e
Roadmap & Outlooks
Berry is dedicated to the Binance Smart Chain (BSC) ecosystem and will work closely with DeFi projects on BSC by providing secure and reliable on-chain data feeds at a more reasonable fee scale.
- For the first 180 days after launching the oracle, all data feeds are free to Berry Partners. The fee scale will be designed and announced in Q2.
- Data feed “plug-in” tools will be released and dApps on Binance Smart Chain will be able to easily access and require on-chain price feeds by engaging with the Berry oracle.
- The Dispute Center will be launched in which every BRY token holder can monitor and dispute error data. Those who execute successful disputes will win rewards.
- An updated Berry Data smart chain will take into consideration the reputation and track record of miners, and the source of data as important components for selection. Those well-behaved miners and high qualified sources can qualify for an extra bonus.
- More partners will be brought on board to access on-chain data feeds through Berry Data. Berry is dedicated to becoming the most widely used oracle on BSC.
- Cross-chain implementations will see Berry on Ethereum and other chains.