In my previous article Trust in Tokens Has Been Broken I shared issues with custody . This of course is an issue relating to transparency, and the general user being able to understand when they are using a protocol level mechanism that doesn’t carry the threat of a counterparty risk with it, and the times when that potential counterparty is present.
While that topic relates more so to how 3rd parties interact with blockchain, the issues relating to bringing data into a blockchain in a ‘trustworthy’ manner have been challenging to the the blockchain industry. Blockchain networks are blind to the meaning of the data, but applications that rely on that data can fail at multiple layers. Financial markets, gaming, igaming, and prediction markets that have a total reliance on a single source for the information, can and will face instances of manipulation. That's not fun.
I believe that integrity, reliability, and trustworthiness through decentralized oracle mechanisms are critical in blockchain networks to maintain Dapps that rely on external real world data.
Peerplays Has One of the Most Advanced Oraclized Data Mechanisms
Which was developed in BOS (Bookie Oracle System). The act of taking real world data into a blockchain while maintaining a consensus on its ‘truth’ is not a simple matter which we have worked on for a few years now.
Information about real world events and/or data all have their own quirks in terms of sources, frequencies, and formats.
From our learnings in BOS, we can adopt its core mechanics and introduce new ones to make the system act in an antifragile manner.
Thanks to the power of microtransactions, many forms of data will be able to be fed into the Peerplays blockchain utilizing a crowdsource which will earn rewards for sharing facts on events. Through this crowdsourcing who acts as data proxies to the network, events in sports, esports, financial markets, commodities, and other predictive events will be capable of being harnessed for many types of game and gamified Dapps which utilize predictive markets or their data.
This will enable the current live Bookie application in Peerplays to become more antifragile in how data is collected, and ensures other BOS applications may have a trustworthy source of data to power the next generation of gamified smart contracts.
This process using gamification will have sources continue to improve over time, and help ensure the whole experience remains fun for participants.While other oracle systems are taking extensive measures to maintain control of sources for data and often only federate the source of information, this gamified open decentralized approach will be a stark contrast which allows for much wider sourcing of data and thus antifragility.
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This is the 9th in a series of articles I will be making over the next month. Be sure to subscribe to get notified of future posts to find out where this goes.
Have thoughts on what I shared? Feel free to leave a comment and share!