Konomi Q4 Development Plan — Decentralised Governance

With the launch of the official Konomi Lending network, we are pleased to announce that the Konomi DeFi ecosystem is now available after a year’s work by the team, fulfilling the promise the team made to the community a year ago. Users can now use the Konomi protocol to manage assets such as swaps, lending, cross-chain asset management, and staking. In Q4 this year, we will complete the development of Konomi’s decentralised governance and aim to implement decentralised governance for all Konomi products by Q1 next year.

Konomi Oracle will be fully decentralised at three levels — data source aggregation, nodes, and the Oracle network — to make its operation more stable and secure. At the data source level, Konomi Oracle will access data sources and obtain price data. Raw price data will usually be sourced from off-chain trading platforms such as Binance and Coinbase, as well as decentralised on-chain platforms such as Uniswap and Kyber. The data aggregators we partner with will then collect the raw price data from these trading platforms, process it further into a dataset, and filter out outliers and fake transactions. To ensure the reliability of the data, Konomi price feeds will only be sourced from qualified, paid data aggregators.

At the node level, Konomi Oracle will consist of a network of specialist node operators that will capture off-chain market data and transmit it to the blockchain. The node operator of the Konomi Oracle price feed will obtain price data from multiple independent data aggregators, take the median of the data, remove outliers, and guarantee the connectivity of the API interface. This prevents Konomi Oracle from having a single point of failure.

At the Oracle network level, which determines how a group of nodes work together, the Konomi Oracle price feed aggregates data from a number of nodes, responding in a way that takes the median when the number of responding nodes reaches a predetermined value, triggering a price update on the chain. This aggregation mechanism safeguards the overall operation time of the Konomi Oracle network and prevents data from being manipulated during transmission to the blockchain effectively.

At the same time, in completing the decentralisation of Oracle, we will also gradually complete the decentralisation of Konomi’s overall governance, including decentralised verification of lending currencies, collateral selection, and decentralised voting of the protocol earning fee allocation scheme.

ABOUT

KONOMI is a decentralized liquidity and money market protocol for cross-chain crypto assets. Using substrate as the development framework, the network aims to provide a money market for assets in the Polkadot ecosystem.

STAY TUNED ON :

Website: https://www.konomi.network/#/
Twitter: https://twitter.com/KonomiNetwork
Telegram: https://t.me/konominetwork
Medium: https://medium.com/konomi
Mainnet: http://Konomi.tech
Dev net: http://dev.Konomi.tech