Bird.Money: Off-chain Oracle Analytics

Simply put, this is a service that provides information about loan applicants or customers to reduce the risk of default to investors. The more information provided by the borrower, the less collateral needed to borrow and more funds available to be borrowed.

We are increasing access to loans for customers through Bird + by analysing customer payment history in exchange for access to more loans as seen below.

Bird + is simply the extra amount of bird tokens we offer borrowers without any extra collateral based on their transaction history and rating from bird money Off-chain Oracle Analytics.

The Oracle problem with ethereum

Ethereum’s smart contracts are completely self-contained and any data or access to off-chain data is limited. For security purposes, this is necessary because execution in blockchains must be deterministic and the reaction to subsequent calls to outside APIs can change in unknown ways. Nevertheless, with additional outside data, some desirable forms of smart contracts are only feasible.

An Oracle is a conceptual solution that takes off-chain information from the real world and submits an immutable copy of this information into blocks, making it open for future use of smart contracts.

Example of Real world events that can affect on-chain loans and chances of default include but not limited to;

• Customer account activity
• Payment history
• Pandemic
• New government policies

Available information off-chain

Real world events and customer information available off-chain would be used to improve authenticity of borrowers and further alleviate the risk of default. Information such as transaction history, loan history, account transaction history could be analysed and inspected for default, liquidation through etherscan api’s as seen below

Transaction history and Account forensics

Loan Tracker information provided by etherscan and using the graph api to analyse compound, aave and other loan offering protocol data about a customer.

More to follow on off-chain oracle for bird.money

We invite everyone fascinated about blockchain, cryptocurrency, link marines, deFi enthusiasts, ethereum fans, all other altcoin lovers and the rest of the world to come join our community in building bird.money: Money without boundaries.

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