Stands out in the Oracle Market, Here is What You Should Know about Themis (MIS) - OhNo "WTF" Crypto

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Stands out in the Oracle Market, Here is What You Should Know about Themis (MIS)

#OhNoCrypto

Aug 23, 2020 at 08:08 //

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Themis (MIS) realizes all protocol data on-chain model

Recently, random oracle Themis (MIS) officially launched its price feeding platform and released a corresponding official guide, attracting numerous users.

Can Themis, the Goddess of Justice in Greek mythology, guarantee the fairness in farming? From the perspective of market reflection and the increased market value of MIS, Themis has apparently stood out in the market. With its unique technology focus and fair farming mechanism, can Themis lead the development direction of Oracle Machine in the future?

Themis, A Distributed Oracle Solution

The rapid development of DeFi has brought about the popularity of oracle. The oracle is the bridge between the real world and blockchain that can write external information into the blockchain to complete the data exchange. With the ever-expanding DeFi space, more off-chain assets need to be tokenized to serve as the target of DeFi. As the only channel for data communication, oracle is indispensable, triggering the rapid growth in the number of oracle projects, among which, Themis is the most eye-catching one.

Themis can create more DeFi scenarios through its core technology of random number mechanism. The random number mechanism is fair, just and effective, can guarantee the randomness of the product, avoid attacks, and ensure that users can participate in activities in a fair and transparent environment.

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Themis provides a whole set of technical solutions, which mainly focuses on random number oracle, in-chain asset price oracle, computational oracle and other application scenes, including mortgage assets becoming the provider of data, identification verification, preventing attack algorithm, verifiable random function VRF, arbitration protocol and other modules, which constitute a set of complete Themis-Protocol. By setting up data providers, data verifiers and arbitration nodes, and through the corresponding token reward and punishment mechanism, Themis can ensure that the data on Themis oracle is authentic and reliable.

Themis can be widely used in social public services, sweepstakes, gambling products, and decentralized games, such as making cryptocurrency be precisely linked to legal tender; pricing a package of tokenized assets or securities; incorporating interest rates into smart financial derivative contracts etc.

In trillion-dollar markets such as finance, insurance, gambling, and the Internet of Things, Themis can also play an important role. In the field of gambling, Themis can ensure the fairness, real-time and safe payment of the games through smart contracts. In financial lending, users can stake crypto assets to borrow fiat currency or other encrypted assets; and the platform use Themis to monitor the margin ratio of the collateral. In addition, Themis can import the credit rating of the borrowers to the system to determine the corresponding loan interest rate. 

In the future, as the technology and products of Themis become more mature, Themis will usher in rapid development and be widely used in various scenarios.

Themis All Protocol data On-chain Model

The current blockchain oracle projects have their own advantages and disadvantages, making the market competition fiercer than ever. In the competition, Themis has established a firm foothold with its unique VRF focus and all protocol data on-chain mode, and has become the most potential rising star.

The all protocol data on-chain model is a model in which all the information, including quotation, mining, challenge, and arbitration are recorded on the chain. At present, in the oracle market, most projects underestimate the recording of all protocol data. Take a few mainstream oracle projects as examples: In the Chainlink ecosystem, price data is uploaded to the chain. Since smart contracts use the proxy model, and the contract address cannot be queried from the Chainlink official website, it is currently impossible to query the data on the chain on the browser.

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Compared with other existing protocols, Band expands the public chain in the form of Layer 2, allowing decentralized applications to utilize existing data on the Internet without the need for a trusted intermediary. However, due to the official adoption of the Layer 2 expansion plan, all data submission, including security mechanisms, and disciplinary measures, cannot be queried on the chain. NEST Protocol is a price oracle that adopts the market game theory to generate the price facts of the off-chain market synchronously on the chain through miners’ quotation, and combines the NEST price feed mechanism to incentivize miners. As for now, only the quotation information is available on the chain.

In the oracle market, Themis is currently the only project that adopts a all protocol data on-chain model.

The pledge and quotation transactions are recorded as follows:

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The pledge and reward retrieving transactions is recorded as follows:

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The verification challenge is recorded as follows:

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As all the information are recorded on the chain, compared with other oracles, Themis offers a more open and transparent environment, better guaranteeing the data security.

A Fairer Mechanism for Yield Farmers

After gaining a firm foothold in the market, Themis has officially launched its yield farming and was favoured by many farmers.

Just as 2/3 of the world's capital is in the hands of 1% of the people, in the DeFi ecosystem, wealthy people with huge amounts of funds can often obtain a large number of tokens and thus gain the ability to manipulate the market. This will not only greatly affect the enthusiasm of the other farmers, but also may affect the development direction of DeFi due to the insufficient decentralization. In order to solve this problem, Themis adapts a unique mechanism by using a jump ranking weighting algorithm to calculate the pledge ranking.

There are three roles in the Themis ecosystem: data provider, data verifier and arbitration node. Both Themis data providers and verifiers need to pledge MIS, the native token of Themis, to be eligible for participation. The data provider is mainly responsible for providing various types of data, and the data validator verifies and challenges the data offered by the data provider and provides new data. The arbitration node arbitrates the query raised by the data validator and come up with the final result.

Both the data providers and validators of Themis need to pledge MIS to obtain the qualifications, and the caller of external data also needs to pay MIS assets when accessing the data of Themis oracles. If the data has been verified as correct, data providers and validators will receive mining rewards, and the more they pledge, the more rewards they will receive.

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In the design of Themis, miners can acquire MIS by providing verifiable random number or offering the price of in-chain assets. In addition, if no mining transaction occurs within a certain period of time, the first newly-emerging block containing mining transactions will acquire all the MIS rewards. In this way, miners can be encouraged to continue mining and maintain the ecological stability of Themis.

The MIS mining quantity of this mining transaction is M, then M=Xi/()×N. Among them, X is the ranking of the MIS pledge amount in the block, and those who pledge the same amount of MIS have the same ranking.

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Coin-holding ranking is based on jumping ranking weighting algorithm other than the weighted average of users' coin-holding quantity, with the purpose of avoiding MIS from controlled by the minority, monopoly, and breaking up major clients, as well as realizing community win-win of Themis with best efforts. Users ranking in the best ranking area will acquire the most benefits, which provides good mechanism guarantee to attract more users to participate in mining, benefiting the ecological construction.

It is worth mentioning that the Themis team is actively developing new services and products to continuously optimize user experience. Among them, Themis DAPP will be able to support the Walletconnect protocol soon, so that users can perform farming without depositing coins on the metamask browser plug-in. This is undoubtedly a great news for mobile wallet users.

As its name suggests, Themis, the Goddess of Justice, is committed to ensuring the decentralization and the correctness of the data, providing more application scenarios for DeFi, achieving fairness and justice in mining, and allowing more users to participate in the project and gain profit. Themis is deemed to be more influential and we are looking forward to the future development of Themis.

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OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Guest Author, @Khareem Sudlow