After almost six months of development, Konomi Oracle is now officially launched on the testnet, which supports multiple aggregation methods for price feeding of all cryptocurrencies available on centralised/decentralised exchanges.
This update will focus on validator contracts, and the different types of validators will be the core to the decentralised governance of Konomi Oracle in the future. This article will focus on the selection of validators for contract addresses, how they work, as well as the reward and punishment mechanisms.
When a user wishes to price-feed a token using our Oracle, they simply need to provide that token information in the Proposal section on our website. After the user submits the token information, the validator will validate the token’s name, contract address, etc. to ensure that all information about the token is accurate.
The selection of validators will require a certain level of expertise and responsibility as part of the governance process. During the testing stage, before the staking contract is developed, the Konomi Oracle Governance Board will select volunteers from the community with a certain DeFi knowledge foundation to form several reviewing committees, thus achieving fully decentralised governance.
Each contract address will be reviewed by a reviewing committee of seven validators, each of whom will have equal voting weightage and will vote for or against the contract based on their respective validation results. If more than two-thirds of the validators vote for a contract, it will be accepted as a “correct address”; conversely, if a contract fails to receive more than two-third of the votes, it will be identified as an “invalid address”.
For initial volunteers, Konomi will offer a retrospective reward at the end of the test, a 10 Kono reward for the top three validators who provide a correct validation, a 5 Kono reward for the fourth to sixth place, and a 2.5 Kono reward for the last place, all of which will be paid at the end of the process. At the same time, if a volunteer fails to complete the validation within the time limit or makes multiple validation errors, Konomi will withdraw their validation rights and the rewards due.
About Konomi Network
Konomi is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the network aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets and earn interest through decentralised money market products. Konomi also issues its native network token in order to kick start liquidity and decentralised governance.
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