Please describe your proposed solution.
We'll build custom oracle contracts with data streams that are initiated through information asset transactions to the oracle contracts. Each type of data stream will have a custom oracle contract with the capability of initiating multiple data stream instances of the same type by anyone in a decentralized manner. The oracle synchronizer nodes would aggregate and import various types of data streams from trusted Oracles such as Chainlink, API3 and UMA to import data streams to the EON Oracle contracts.
The EON Oracle Synchronizer node initiates the start of an oracle data stream by performing an oracle transaction with the unique information asset and the inline datum will contain information about the authorized data stream synchronizer and the data stream frequency. The data stream synchronizer node can synchronize the data stream by performing an oracle synchronizer transaction after aggregating data from a supported oracle such as Chainlink.
The unique data stream UTXO stores the data ingress from the oracle synchronizer nodes in its inline datum. This information can be accessed by other contracts simultaneously using Vasil's read-only UTXO feature without having to spend the UTXO to access the information.
When consuming a data stream from an oracle contract to perform some arbitrary logic based on the data stream to reduce transaction fees and network congestion the scripts will be stored in the blockchain using a reference input and an inline Datum. Instead of including the entire script each time it's used in a transaction, a transaction can refer to the script's location and reuse it for validation when spending a UTXO. This eliminates the need to carry the script's contents within the transaction.
The on-chain rewards algorithm, once per epoch, will evaluate the quantity, impact and quality of the data streams and reward the oracle synchronizer node runners. The rewards will be in ADA and other native tokens that will later be used to start a data stream, becoming an oracle synchronizer, handle governance and more utilities as the protocol evolves. The reward metrics and rewards algorithm will be in the hands of a DAO.
The solution comes with dAPIs composed of fully and transparently governed by a Decentralized Autonomous Organization (DAO) of dAPI consumers, service providers, industry experts and partners. We believe that this new level of transparency, cost efficiency, decentralization and alignment of data provider incentives with those of the solutions they will serve, will lead to a proliferation of new data feeds available to the growing community of developers.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
By increasing the number of products available for the community to use, the solution contributes to the growth and enrichment of the Cardano ecosystem. Developers will have access to a wide range of data feeds, empowering them to create innovative dApps and solutions.
EON promotes the integration of existing oracle solutions, allowing for a more connected and seamless experience between different products. This interoperability enhances the usability and functionality of Cardano-based applications.
Our solution encourages the improvement and expansion of existing products and integrations. By incentivizing on-chain rewards and transparent governance through a DAO, stakeholders are empowered to collaborate and contribute to the development and enhancement of the ecosystem. This will lead to higher-quality solutions and better user experiences.
How do you intend to measure the success of your project?
Tracking the number of developers and projects utilizing the custom oracle contracts and data synchronization mechanisms can indicate the adoption and usage of the solution. This metric can be measured through the number of registered users, the volume of data streams initiated, the number of transactions involving oracle contracts, and the growth of the ecosystem's data feed marketplace.
Measuring the number of integrations and partnerships formed with existing solutions and platforms will demonstrate the project's ability to seamlessly connect different products within the Cardano ecosystem. This can be quantified by tracking the number of collaborations established and the diversity of industries and applications integrated.
Gathering feedback from users and developers on the functionality, usability, and reliability of the solution can provide valuable qualitative insights. Conducting user surveys, collecting testimonials, and monitoring user sentiment on social media and community forums can help assess the quality of the project and identify areas for improvement.
Please describe your plans to share the outputs and results of your project?
Establishing communication channels such as our website, blog, and social media accounts dedicated to the project. These channels can be used to share updates, milestones, and important project outcomes with the community.
Creating detailed documentation and reports that summarize the project's objectives, methodologies, findings, and impact. These documents can be made available to the public, including the Cardano community, through the project website and other relevant channels.
Actively engaging with the Cardano community through forums, meetups, and events to present the project's outputs and impact. This can include participating in conferences, webinars, and workshops where the project team can showcase the results and interact with stakeholders.
Seeking partnerships and collaborations with relevant organizations, content creators, and industry influencers. This can help amplify the project's reach and ensure that the outputs and opportunities are shared with a wider audience.