Second Tezos-based oracle: Harbinger

Second Tezos-based oracle: Harbinger

By Allen Walters | Publish0x posts | 26 Aug 2020

The first oracle on Tezos hasn't been live for a month yet, and the second oracle is already live: Harbinger

The Harbinger
design is a fantastic concept that fits into Tezos perfectly. Oracles need transactions to work. These transactions cost fees. This is how Link is supposed to create scarcity: more oracle use, means more use of the Link token, means more scarcity, means increase in Link price. But Harbinger makes perfect use of Tezos' XTZ token itself: since Harbinger runs on Tezos, fees are payed in XTZ. To pay for these fees, Harbinger account holders, deposit an amount of XTZ on their account, and delegate their XTZ. Delegating means that you earn stakingrewards, without setting up a node. You delegate to a baker, who has a Tezos node running, and gets a small percentage of your stakingrewards. These stakingrewards, pay for the fees that are needed to keep the price-oracle running. Deposit an amount of XTZ once, and the oracle is funded for as long as it will be needed. After whatever period the oracle is needed, you can close your account, and get your XTZ back. This means that Harbinger, has created a free oracle service. One word: genious.

Good news for Tezos holders is that the use of Harbinger doesn't only require fees in XTZ, but when devs that use Harbinger make use of stakingrewards for self sustaining fee payments, this XTZ will be out of circulation for the duration of the oracle use. Which can be years, if not decades. So a win-win for both devs and holders. Usage will produce scarcity for XTZ, while the devs that use the oracle will be able to withdraw their XTZ eventually, totaling the cost of their oracle use effectively zero. 

Trusted price feeds

Harbinger works with price feeds that are supplied by exchanges like Coinbase Pro, Binance, Gemini and OKEx. These feeds are authenticated by public- private key cryptography, which means that these prices can be assured to be legit and not to be tempered with.

Cooperation with important players in the blockchain space

Harbinger is created by Blockscale, but mentions the collaboration of the Tocqueville Group (TQ Tezos), the SmartPy Team, Cryptonomic (Mike Radin in this case), Compound Finance (Huge in DeFi), and last but not least, Arthur Breitman founder of Tezos.

Get started:

Harbinger in its current form can already be used. Check out their Github for more information. 


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Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant.

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