TEZOS (XTZ) takes DeFi a step further by integrating the Harbinger award oracle network

By patou | patou | 31 Aug 2020


Different DeFi applications need a service from Oracle that provides them with a reliable price feed.
This information is indeed essential for them in the development of derivative products, forward contracts or in developing guaranteed loan offers.
Trust then becomes a sensitive aspect when it comes to making a choice among the Oracle services available on the market. Tezos chose Harbinger to provide its network with signed price feeds based on market data from multiple exchanges.

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The integration of Harbinger into Tezos

Developed by Blockscale, Harbinger will deliver real-time market data directly to the Tezos network based on information gathered from multiple exchanges.
The method that will be used is also quite similar to the network staking process allowing token holders to delegate their XTZ to a validator. Additionally, an account that pays the cost of updating the Prize Oracle can be delegated and pre-funded with staking rewards. "This enables the development of stand-alone prize oracles, where the rewards for participating in proof of consensus on issues outweigh the costs required to keep the oracle data up to date," the official announcement states. integration.

What sets Harbinger apart from other services of its kind?

While it is true that it is primarily based on Compound's Open Price Feed, a few major changes have been made to Harbinger.
We have already mentioned above the possibility of paying the fees required to display the price data with the staking rewards earned by Tezos holders.
The way Harbinger works is more or less different from that of other Oracle vendors with a rather peculiar system.
The process starts with the retrieval of market data from the stock exchanges by a signer who authenticates them with a private key.
Subsequently, the signatory's prices are collected by a poster which will display them on the storage contract.
Depending on the case, it is possible to invoke a recall on the storage contract in order to pass the price data to a standardization contract.
This determines the weighted average price according to the volume that is transmitted to DeFi protocols.
This ensures that the normalized price will not be influenced by outliers on low volumes.
Finally, any DeFi protocol can invoke a reminder on the standardization contract so that the last standardized price is carried over to its own contract.

conclusion:
With the integration of the Harbinger service that will transmit its data directly to the network, the development of DeFi applications in the Tezos ecosystem takes a serious boost.

 

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patou
patou

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