Does your protocol require information outside the blockchain, such as a feed of price data? If so, how does this oracle work? What makes the BitBay oracle different?


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Does your protocol require information outside the blockchain, such as a feed of price data? If so, how does this oracle work? What makes the BitBay oracle different?

With this system, a reliance on traditional oracles for price data is unnecessary. Currently users cast votes on the liquid supply based on their own criteria, which acts as a “decentralized human oracle” for liquidity demand. This creates a flexible system that can quickly adapt as market conditions change. However, if other information was needed, then stakers could register their own data and check each other’s results. Incorrect information would result in a penalty on the stake reward.