Since it was first proposed in 2018, Open Finance (DeFi) has stood out among the “fierce battlefields” of several major trends in blockchain industry, and has become the next hit subject in the domain of blockchain.
Furthermore, the prelude to the DeFi world has just begun: All the gameplays and tricks in the traditional financial world will be implemented through smart contracts in the blockchain world by the means of DeFi. DeFi, which currently only reaches the multi-billion-dollar market, is actively exploring the trillion-scale treasures of the financial world.
After nearly three years of development, DeFi sector includes a long list of products existing and fully functioning. Functionally, DeFi products can be divided into:
2. Decentralized exchange
4. Loan protocol
5. Pegged assets
As one of the six major sections of DeFi, oracles have always been the most critical pain point and a necessary component. Oracles play indispensable role in providing fair market prices for various DeFi protocols to achieve the tasks of calculating the collateral rate and performing liquidation.
DOS Network applies Verifiable Random Function (VRF), Threshold Cryptography, and a token-incentive economic model to provide blockchain with correct off-chain data in a secure, reliable, efficient and scalable way. In particular, DOS Network can provide price data for various DeFi protocols.
Compared with other oracle projects in the market, the characteristics and advantages of DOS Network are:
1. Decentralized and reliable: A trustworthy decentralized solution without single point of failure
2. Real-time verifiable results: Near real-time request fulfillment and on-chain verifiable response.
3. Compatible to heterogeneous: Support multiple blockchains and enable cross-chain interactions with simple and convenient interface integration operation
4. Secure and trustworthy: Verifiable Random Engine and advanced cryptographic signatures protect the network from Matthew effect and sybil attacks
5. Scalable at a low cost: Data query throughput increase as more nodes join. Nodes complete the aggregation and achieve consensus off the chain, so network performance is not hindered by the transaction speed of the public chains, which greatly reducing the number of on-chain transactions and overhead
6. Crypto incentivized: Dynamic network incentivized by honest participation rewards. Economic theory mechanism makes the cost of attacks far greater than the benefits of that, significantly enhancing network security.
As a powerful competitor on the broad track of the oracle, DOS Network is currently focusing on technology development and iteration to ensure the stable operation of the mainnet as well as is preparing to launch a new economic model. DOS Network will announce some great news around next week.
Please stay tuned for more updates and launches and thank you for the support!
DOS Network Team