HADOUKEN! The MVP release of Bluzelle Oracles, the first decentralized oracles powered by a secure & high-speed decentralized database and advanced analytics, is here!
Called Ryu, this release is successfully running on the testnet providing production-quality price values for Defi.
Following the successful launch of the Bluzelle Mainnet, our tech team has been on hyperdive in delivering what we promised in the 2021/2022 roadmap. Ryu Oracles MVP is a vital part of achieving our mission in building a tamper-proof and secure infrastructure for Web 3.0.
Our Oracles are 100% native to our own Cosmos-based chain. It is running within our blockchain and leveraging the Delegated Proof-of-Stake Consensus (dPoS) to maximize the integrity of the data.
“Bluzelle’s Oracles are one of a kind, in the industry. We have cleverly employed the natural power of Proof of Stake, inherent in our blockchain, to guarantee the authenticity of our oracle data. We use advanced statistical analytics, historical data patterns, and data filtering techniques, in combination, to produce extremely reliable data feeds to our DeFi customers,” says Bluzelle CTO Neeraj Murarka.
How It Works
Every validator on Bluzelle provides data storage and also acts as a data feeder for the Oracle service. This makes our Oracles a decentralized service that also indexes the data efficiently.
Ryu is able to retrieve pricing data from arbitrary sources, e.g. Binance, associate weights to each source, and provide a strongly validated value for any data points needed.
Validators are feeders that go out and retrieve values from the various data sources. They then sign and cast their votes. All the incoming votes from validators are combined into a single value based on the weights of the voting validators. The more stake a validator has, the more weight it has in determining the value from a data source. After that, the aggregator will combine all the sources, based on the reputational weight of the source, and calculate a final value based on reliability factors. The result is a doubly-blended and doubly-filtered value that has undergone weighting based on proof of stake for our validators but that has also undergone as a secondary filter, weighting based on the reputation and karma of each source we talk to. This allows our oracles to pull data from as many sources as possible and to minimize the risk of attacks. Bluzelle’s approach is a unique, proprietary design that places it above competing oracle services in the industry. Oracles are the key to DeFi and Bluzelle has positioned itself to be the leader.
These features are available for the first version:
All validators are data feeders
Pre-flight votes to prevent front-running
Sources stored within DB itself
Every vote is weighted and filtered using delegated Proof of Stake
Dynamic control of sources by administrator
Support token-related activities
Free reads
Client support in JS
- Using the Bluzelle Oracles
Retrieving price feed data from Bluzelle Oracles:
Developers can consume our JS Library to immediately retrieve any of these data points directly from our Oracles service on our Testnet. Values are updated every 60 seconds, and historical values can also be retrieved as needed. The service is free of charge at this stage. If you are interested, please reach out to us via this form: https://oracles.bluzelle.com/signup
In the coming weeks, we will also make available a consumer dashboard for the public to consume (via a web interface) the data being collected from our TestNet oracle. This dashboard simply displays DeFi prices in a very “consumer” friendly way. So you will be able to see the prices of top crypto’s listed here, several in reference to BLZ.
We will also make available a developer dashboard for the public to consume, that is more advanced and lists the actual sources, the votes coming in from each feeder, their signatures, voting powers, and the final blended values. This is a very interesting interface for developers who want to better understand how our Oracles work. You can filter based on sources and have auto-refresh. It is a vital way to understand our Oracles and why they indeed are the best product in the industry. - Becoming a price feeder
You can become a price feeder by joining the Bluzelle testnet as a validator. You can follow the instruction here: https://docs.bluzelle.com/developers/staking/validator