DOS Team Won a Grand Prize in TRON Accelerator Contest
DOS Network Development Team participated in TRON Accelerator held by Tron at the end of December 2018. The goal of taking part in this contest is to show people the possibilities of DOS Network Oracle.
The Data Feed Oracle and Computation Oracle of DOS Network enable decentralized applications to obtain external data and perform complex computation through a decentralized off-chain network in a secure and efficient manner, which will significantly facilitate application development on blockchain and advance large-scale usage of decentralized applications.
Our dedicated developers are now committed to refining the Beta version that will be launched in February; meanwhile, they diverted a small amount of effort to develop a decentralized application (named Tron Option Market) deployed on the TRON Mainnet using the DOS network Data Feed Oracle and were awarded a prize of $5000 in the contest!
What is TRON
TRON protocol is one of the largest operating system protocols for decentralized application based on the blockchain in the world. It provides underlying public chain support with high throughput, high scalability, and high reliability for decentralized application operations. It is committed to promoting the decentralization of the Internet and building infrastructure for the decentralized Internet.
Introduction to TRON Accelerator Contest
TRON Accelerator is an online contest of TRON with a prize pool of $1 Million and hundreds of participating teams, aiming to support developers and promote innovation in the blockchain industry. The participating teams are required to submit a decentralized application project deployed on the TRON Mainnet by January 4, 2019, to compete for the most intense blockchain Hackathon contest ever. DOS Network is glad to be one of the winning teams awarded $5000 prize!
DOS Network Dapp Project — — Tron Option Market
The award-winning project submitted by the DOS network called Tron Option Market, a decentralized trading platform similar to Contracts for Difference（CFD ）. Both parties will bet on the future price of a target asset, and win the other party’s deposit (TRX) after knowing the price increase or decrease.
The main functions of the Tron Option Market:
1. Makers open CFD orders of an underlying asset by putting TRX as collateral, to benefit from their prediction of the price movement of the chosen asset, or to hedge their current portfolios. The collateral is safely locked in OptionMarket smart contract.
2. As counterparties, takers who hold the opposite view of the underlying assets fill an open order made by makers. By filling an open order, takers put the same amount of collateral as makers do and again the collateral is locked in OptionMarket smart contract.
3. Both maker and taker can finalize the order after the specified exercise time, by sending a transaction to OptionMarket smart contract, an oracle request is processed by DOS oracles to obtain exchange price of the betted asset at the exact exercise time, splitting and transferring funds to makers and takers accordingly.
Highlights of Tron Option Market architecture
Due to the inherent limitation of existing blockchains’ consensus mechanisms and their deterministic virtual machines, smart contracts can neither directly pull in internet data nor invoke external web API by themselves. Therefore, Oracles are needed to be the bridge between smart contracts and external data. The DOS network is exactly a fully-functional (supporting Data Feed Oracle and Computation Oracle) decentralized Oracle network that supports multiple chains. The biggest highlight of Tron Option Market is the utilization of the DOS network Data Oracle which has the following innovative features:
Decentralized and Reliable: A trustworthy decentralized solution without single point of failure;
Secure and Trustworthy: Driven by Verifiable Random Engine and advanced cryptographic signatures;
Real-Time and Verifiable: Near real-time request fulfillment and on-chain verifiable response;
Scalable at a Low Cost: Data query throughput and computation capacity increase as more nodes join;
Compatible to Heterogeneous Blockchains: In addition to completing the deploy on the TRON Mainnet, we support multiple blockchains and enable cross-chain interactions.
On-Chain and Off-Chain Interaction of Tron Option Market
The operation mechanism of Tron Option Market is that when the two parties exercise price, the smart contract sends the request to get off-chain price and the off-chain node operators monitor the data requests at the same time. After receiving the request sent from smart contract, node operators pull in the real-time price data which will used by smart contract to redistribute the deposit from exchange (data source)
Since DOS Network just begun deploying on the TRON Mainnet, the Data Feed Oracle used by the Tron Option Market has only single node, but we will implement a P2P network with multiple nodes on the TRON in the future, making it prevents single point of failure and improving the reliability of data acquired by the off-chain node operators. Please stay tuned and continue to pay attention to the Tron Option Market!
If you are interested in Tron Option Market, please check it out! (http://tronoption.xyz/). Tron Option Market has been officially released on the Tron mainnet, and we will launch mobile version soon.
More Dapp developers are also welcomed to use our DOS Oracle service. We will release the Beta version with supports of multiple nodes in February!
About DOS Network
DOS Network is a scalable layer-2 protocol that offers decentralized data feed oracle and decentralized verifiable computation oracle to mainstream blockchains. It connects on-chain smart contracts to off-chain internet data, also supplies unlimited verifiable computation power to blockchains, enabling more commercial applications with real-world use cases. It supports all mainstream blockchains, for instance, ETH, EOS, TRON, THUNDER, etc.
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