A New Generation of Verifiable Oracle Machine Based on Polkadot

We expect to provide a data-driven prediction service based on the “asset-backed events” and a data-correction mechanism based on fact checking. The oracle machine could resolve fundamental problems about trusted source of data of blockchain through the mechanism of market arbitrage.

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Why does Hazel appear?

As an objective measurement of value, price is an important basic component for realizing value exchange. With the rapid development of blockchain, whether value can be exchanged at low cost safely and efficiently has become a core standard for measuring the application value of blockchain. Therefore, as it were, the measurement of application value of blockchain is inseparable from the objective measurement of assets on any chain.

Since the applications on the blockchain network are operated based on smart contracts, it is impossible to directly access true and trustworthy information outside the blockchain. Hazel intends to establish a mapping relationship on price of facts through the pledging of assets. This price-fact mapping relationship will serve as an important basis for triggering smart contracts.

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Data Predictor

It refers to the participants who make data predictions with true information by pledging assets for obtaining incentives. In the process of data collection, there may be multiple predictors who will report and predict fact data.

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Data Consumer

The on-chain data finally adopted can be applied in various data usage scenarios in the blockchain ecology including mortgage lending, asset pricing and futures settlement in DeFi (decentralized finance). The data consumer needs to pay a certain amount of Tokens to obtain credible real-time data on-chain of the predicted asset.

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Data Corrector

Regarding the arbitrage space due to the information bias between the predicted data and the fact, the corrector can realize market arbitrage through the automatic exchange of the predictor’s assets to be pledged and then report the data again as a predictor. Consequently, the predicted data will be driven to infinitely approach the fact data.

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Where can Hazel be applied?
Future

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FAQ

Any question will be appreciated

Oracle machine is one of the important infrastructures in the blockchain industry, which is also a mechanism for inputting off-chain information into the blockchain. Any off-chain information such as events, data and payment information can be recorded on the on-chain smart contracts through the oracle, thus expanding the application scenarios of smart contracts and helping the blockchain integrate with other industries.
Hazel is a blockchain-oriented prediction service which features decentralization, or more specifically, a new generation of verifiable oracle machine based on Polkadot. It aims to exactly support the on-chain operation of enterprise-level Internet applications with high-concurrency through consensus mechanisms, smart contracts, trusted computing, privacy protection and the interaction of on-chain and off-chain data.
Hazel is devoted to creating a fully decentralized oracle machine without credit endorsement through the pledging of assets by data predictors. The core concept of it is to correct prediction data on events to make them infinitely approach off-chain real-time data through the spontaneous arbitrage of the market.
Token holders have the right to govern the oracle network and ecosystem there. What’s more, the benefits generated in the process of using data by data consumers will also belong to token holders.

INCUBATING IDEAS

We have many ideas gestating in mind:If you are interested in any of them, please be sure to contact us. Any other ideas will also be greatly welcomed!

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