Konomi Network: Step-by-Step Oracle Guide

Konomi Network would like to thank our community for the ongoing support in our project! In this article, we’ll give you a step-by-step guide on how to access and use the Konomi Oracle test network. The features are accessible via either the Binance Smart Chain test-net or the Ropsten test-net. Let’s begin!

Introducing Konomi Network

Konomi Network is a decentralized liquidity and money market protocol. It’s a management solution for cross-chain crypto assets. Konomi is using the Substrate framework, with the intention of supporting more assets in the Polkadot ecosystem. On the platform, users can manage their crypto holding positions, trade assets, and earn interest through decentralized money markets and other products.

The Konomi Oracle is a service that obtains prices on crypto assets from several off-chain sources. The Oracle then verifies the various sources of information and integrates the different pieces of information to create an accurate data point. The Konomi Oracle solves the three challenges when integrating information into the blockchain that is integrity, confidentiality, and availability.

Konomi Network has passed Beosin Technology’s Comprehensive Security Audit. Beosin is an experienced auditing company that has reviewed over 1,000 smart contracts worldwide. The audit gave a pass grade to the Konomi technology in all categories Coding Conventions, General Vulnerability, and Business Security.

Step-by-Step Oracle Guide

Step 1: Connect Crypto Wallet

Login to our website (https://test.konomi.tech/) and connect your crypto wallet (we support BSC test net and Ropsten currently).

Step 2: Add Appropriate Testnet

We will be using the BSC test-net for this example. Get BNB test tokens (https://testnet.binance.org/faucet-smart) for the BNB test-net, then add the RPC URL of the BNB test net to your crypto wallet. Herd are the BNB test network parameter settings:

Network Name:BSC Testnet
New RPC URL:https://data-seed-prebsc-1-s1.binance.org:8545/
ChainID:97
Symbol: BNB
Block Explorer URL:https://testnet.bscscan.com/

For the Ropsten test network, choose the RPC which is included already in the MetaMask’s networks list.

You can get ETH test tokens(https://faucet.ropsten.be/) from Ropsten Ethereum Faucet.

Step 3: Obtain KONO Test Tokens

To obtain Kono test tokens in our discord server, enter your wallet’s address in the test-token channel, we will send you the test tokens as soon as possible. Also, add Kono test tokens to your wallet using the contract address “0x9d31a83faeac620450ebd9870fcecc6afb1d99a3” with the ‘import token’ option on MetaMask.

Step 4: Access Konomi Oracle

Click the ‘Oracle’ tab at the top of the homepage to enter the following page:

Step 5: Subscribe

Click ‘Make Subscription’ and select the token you want to add from the Currency List (here we use BTC as an example). Then select BTC again from the ‘Currencies On Watch list,’ select ‘Aggregation Strategy,’ the ‘Lease Period,’ and finally click the ‘Subscribe’ button to approve the transaction in your wallet.

Step 6: Complete!

Refresh the page, you will see the tokens you have just finished subscribing to in the ‘Summary’ column.

Now you’re all set to test the Oracle features on the Konomi platform on both the BSC and Ropsten test-nets!

Conclusion

Konomi Network is building a cross-chain DeFi platform that will allow users the ability to manage all their crypto assets using one platform. We’re building using the Substrate framework provided by Polkadot.

By bringing all of DeFi to a single easy-to-use interface we’re making the entire ecosystem more simple and cost-effective. Start now on our test-net to begin familiarizing yourself with our suite of features!

About Konomi Network

Konomi Network is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the platform aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets, and earn interest through decentralized money market products. Konomi also issues its native network token in order to kick start liquidity and decentralized governance.

Contact Konomi Network:

Website: https://www.konomi.network/
Twitter: https://twitter.com/KonomiNetwork
Twitter (Germany): https://twitter.com/KonomiGermany
Telegram: https://t.me/konominetwork
Telegram Announcements: https://t.me/konominetworkchannel
Telegram (Vietnam): https://t.me/konominetwork_vn
Telegram (Germany): https://t.me/joinchat/2Ph5PJy6roZjN2Qy
Reddit: https://www.reddit.com/r/KonomiNetwork/
Discord: https://discord.com/invite/mpjgCSJGvW
Youtube: https://www.youtube.com/channel/UC9l-CdUVBXWRL-ZIP_Fadyg

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store