OoO, Finchains and Off-Chain Reporting since the summer of 2020!
We at Unification applaud Chainlink’s newly released upgrade to allow off-chain reporting (OCR) today. Much so to a point that we have allowed similar functionality with our toolkit for the majority of this past year.
Ever since our launch of Unification Foundation in 2018, we have taken a pragmatic approach to development on the blockchain.
Our goal has never been to “follow the hype” but rather to build solid products for people and applications on the blockchain to make “real processes” more efficient, secure, and overall more usable for everyone.
It was with this approach that the foundation built and released Finchains in May of 2020. here on our Medium)
The original goal of Finchains was to allow users to see, record & act on discrepancies on price markets, starting with crypto and to continue to expand on any pricing markets including stocks, energy, forex, etc.
In early 2021 Finchains 2.0 improved on the original version by implementing a more secure full WRKChain, similar to enterprise deployments of the Unification Enterprise.
The tools of Finchains have been released on our github to allow anyone to expand into pricing markets that serve them and we have had many teams clone and utilize these tools in private SaaS projects.
The Basic Utility of Finchains by Unfication
1- Take snapshots of defined price indexes across multiple exchanges/sources
2- Compare these price for discrepancies and slippage and later remove the discrepancies
3- Maintain an immutable and historical on-chain record of all of compiled prices
Sounds familiar? We’re not surprised as it was the original genesis of what later grew to include Oracle of Oracles (OoO) which interacts with the Ethereum network utilising xFund.
While Finchains 1.0 was first released as an off-chain API tool in early 2020, the demands of the DeFi market required us to expand the offering further into an expanded and robust on-chain version of the product to be utilized with ERC-20 contract integration which lead to the development of Oracle of Oracles and continuing to expand to this day.
Combining Oracle of Oracles & Finchains
- Developers & end users both have the ability to utilize the platform in the best way that works for them
- Price Oracle Data can be accessed both on or off-chain as it serves a project best
- Fees are paid in xFund for on-chain users or at no cost through the Finchains API
- Data sources are clearly defined without any “black box” node operations
- Sources are made available for integration into all additional data inputs
- Ease of integration with the support of Unification Foundation
But of course we are not done yet, as the foundation & team are deep in work on the next release of both Oracle of Oracles & Finchains. Here’s to being a few steps (and a year in time) ahead of the big boys!
We are happy to see this update from the LINK team and look forward to seeing the industry continue to secure & grow the future of DeFi with more tools and options from Unification, Chainlink and other providers in the community.
If OoO is a good fit for your project, we invite you to get in touch with us to discuss, develop and make the DeFi world better together.
Important Links & Things of Note
For an introduction to xFUND, see the article What is xFUND? And how to participate in the ecosystem
FUND — Native token, hold in web wallet buy and sell here https://www.coingecko.com/en/coins/unification
xFund — Extremely limited supply ERC-20 token designed for Onchain queries and consumption
xFund contract — 0x892a6f9df0147e5f079b0993f486f9aca3c87881
https://unification.com/xfund/
https://www.coingecko.com/en/coins/xfund
xFund LP pool: https://info.uniswap.org/pair/0xab2d2f5bc36620a57ec4bb60d6a7df2a847deab5
UND — Unsupported testnet token., Don’t buy it
OoO — Unification’s Oracle of Oracles onchain oracle (initial docs @ https://docs.finchains.io) powered by xFUND — uses price feeds from https://finchains.io/
Telegram — https://t.me/unificationfoundation
Website www.unification.com
