bloXroute & NEST Protocol Announce Strategic Partnership
By bloXroute Labs Global Business Development Shen Chen
NEST protocol is committed to creating a highly decentralized oracle protocol, and since its founding has become one of the leading global oracle solution providers. NEST’s network includes over 400 Quote Miners that provide real time quotes for over 50 active trading pairs, such as ETH/USDT and YFI/ETH.
Despite NEST’s comprehensive design, their performance is still subject to the scalability of Ethereum. As would have it, scaling blockchains by solving bottlenecks at the networking layer is bloXroute’s founding mission.
bloXroute’s BDN is a fast data propagation network created to accelerate on-chain block and transaction propagation. It is currently being used daily by over a dozen ETH mining pools and numerous ETH service providers around the world. With a proven track record of multiple public tests and case studies, the BDN allows users to receive the latest blocks and transactions several hundred milliseconds faster than the P2P network.
NEST plans to utilize bloXroute’s Cloud-API to provide their ecosystem participants with the following benefits:
● Quote Miners can increase their chances of being the winning quote by accessing the latest block feeds ahead of others.
● Quote Miners can also improve their price accuracy by having the most up to date blockchain data.
● Verifiers can discover and seize arbitrage opportunities by getting advanced notice of the latest pending transactions and making more accurate price forecasts.
● Both miners and Verifiers can increase their price efficiency by having their transactions propagated to ETH mining pools faster, thus increasing their chances of being mined by the latest block.
Anyu, a key member of NEST International Community, commented on the partnership: “To provide the best absolute on-chain oracle service, NEST Protocol sacrifices a small portion of features, such as convenience, for greater gains on decentralization, permissionlessness, and absolute security. With strategic partnerships and solutions provided by bloXroute and ZK-Rollups, NEST Protocol is committed to a higher usage rate and providing additional applications in the near future.”
bloXroute Labs Co-Founder and COO Eyal Markovich added, “DeFi has become an additional focus for bloXroute this year because the BDN is a perfect tool for ETH DeFi traders who are suffering from a slow network or being taken advantage of by bad actors. Through this partnership, we believe the BDN can make the NEST ecosystem more decentralized, transparent, and efficient.”
For more information on NEST Protocol’s global oracle solutions, visit NESTprotocol.org.
To learn more about how to utilize bloXroute’s Blockchain Distribution Network to achieve better enterprise-level performance, contact me at firstname.lastname@example.org.
About NEST Protocol
● NEST Protocol is the first permissionless network built for on-chain oracle services, as well as a community of token holders, data providers, and validators.
● As an oracle, NEST Protocol provides a creative solution to verify on-chain data, such as quoting digital assets.
● In the NEST network, all of the data is directly generated on-chain. Users (aka Quote Miners) upload their own asset quotes with a certain amount of collateral in place. After a fixed verification period, The quotes are then input into NEST’s price chain.
● Prevention of foul play is also in place during the verification period where the users’ collaterals are open to all forms of arbitrage. Only quotes with no collateral traded will be accepted.
● While NEST‘s open network remains permissionless and decentralized, the quotes and other on-chain data reliability and authenticity are secured by the game theory between Quote Miners, Verifiers, and Price Callers.
● The Quote Miners are rewarded with QP tokens (Quote Pool tokens include NEST , nYFI ,etc.). Verifiers earn profits directly based on the calculation of price deviation.
● So far, NEST’s Quote Miners are providing real time quotes for over 50 active trading pairs, like ETH/USDT, YFI/ETH, and etc. These quotes are accepted by many Open Price Feed formats, and then used by DEXes and reporters, like Cofix and Coinbase Pro.