This article was first published on Komodo
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Decentralized Oracle, Decentralized Feeds and Prediction Markets
Komodo Lead Developer jl777 thanks Zack from Amoveo for the inspiration & debate to create a second type of oracle for the Komodo ecosystem.
The first type of blockchain oracle that jl777 created was a simple feed to make off-chain data sources available for applications and the data became part of the consensus. This new development is a decentralized oracle for trustless external data. The external data for development is the BTCUSD price. The module is called Prices.
Steve Ballmer exclaimed, “Developers, developers, developers, developers, developers” at a Microsoft conference nearly two decades ago. What I am encouraging you to think about for any blockchain enabled application is:
“Validation! Validation!! Validation!!! Validation!!!! Validation!!!!!”
The Prices Custom Consensus Module is used by every node in the PRICES blockchain network. This consensus module is used to validate. Each node validates to form network wide consensus. It is trustless – without relying on a single node to be the trusted entry point for off-chain data. Every node retrieves its own data and does not trust or rely on any other node for the data point requiring validation. The number of price sources is irrelevant at this stage— the more the better otherwise relying on a single price source is no better than the trusted source oracle first introduced in 2018.
This is the first implementation of decentralized oracle technology on Komodo. The Prices Custom Consensus Module includes validation rules used ...
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