The new technology of trust- Blockchain Technology gives businessmen the option of eliminating middlemen and third-party institutions. With innovations like smart contracts, we need not trust or rely on middlemen for value transfer; mind you, although smart contracts run on on-chain protocols- blockchain-based programs; during the process of value interaction and concrete decision making, the humans of this world require off-chain information. It goes without saying that information obtained from the off-chain world has a major bearing on the critical decisions and conclusions made within the on-chain sphere.
The Inception of the NEST Protocol
To mitigate this challenge of de-trusting the link of obtaining information and de-trusting the current information on blockchains, which is known as the oracle problem, the good people of NEST Protocol have gone ahead to improve on earlier oracle networks to birth the NEST Protocol via the Ethereum Mainnet in December 2018. With values such as stability, security, authenticity, and timeliness, etc., this price oracle network leverages an advanced “quotation mining” model to ensure that information from the off-chain world (in this case “price facts”) is generated simultaneously on the relevant blockchain or DeFi protocol. Essentially, the NEST Oracle is a blockchain-based “machine for price facts”. The NEST protocol has been referred to as “a truly decentralized oracle that provides information for pricing pairs without the risk of manipulation from a third party.”
It will interest you to know that the NEST oracle solution implements a novel reverse verification model. With this new model, price facts miners must use real gold and silver to contribute to the quotation, which is different from the common practice of merely uploading trustless price quotations to on-chain contracts and blockchains. What is more, the NEST protocol is particularly resistant to attack, specifically accurate, sensitive, and directly ensures the credibility of data while being highly decentralized. Just about any breathing human can participate in the quotation mining process.
The difference between the NEST Protocol and existent protocols is that- instead of merely uploading price facts on the chain, the NEST Protocol forms price facts on the blockchain.
NEST Protocol- Achievements Over the Years
Let us go on and explore what the decentralized price oracle network- the NEST Protocol birthed over the years since its inception in December 2018.
The NEST DAPP was birthed on the Ethereum (ETH) Mainnet in December 2018 as a “decentralized smart contract interaction tool”. Its exclusive “quotation mining” model makes sure that off-chain world price information is synchronized on the chain simultaneously. This innovation addresses the blockchain sphere problem of inadequate price information to enable businessmen to make informed investment decisions.
The NEST Decentralized Mortgage Lending Platform
With the strategic alliance between NEST and FIBOS in 2019, the two parties have created viable decentralized mortgage lending products which enable ETH to derive USDT assets, establish several blockchain business Apps, and even promote community governance.
NEST and iNFT
Recently, NEST struck a strategic deal with iNFT, a multi-service exchange for NFT assets. The iNFT program supports Ethereum’s ERC721 and ERC1155 protocols by “using decentralized transaction aggregation” to ensure that the exchange of non-fungible tokens (NFTs) is credible, secure, and transparent.
Both NEST and iNFT are set to provide price reference on NFTs by exploring the “DeFi + NFT” sphere in a bid to set out the financial features of NFT assets. In the near future, what we will see is an invention from both collaborating parties on price quotations “to make dynamic NFT assets generate deterministic prices on-chain, by adding reliable sources of price data for the transactions and thus optimizing the user trading experience”.
On the 27th of April 2021, the NEST 3.6 automatic quotation program was established as a test net well-grounded on the code logic of the quotation program. As quoted from GitHub, the following are the functions of the automatic quotation program-:
“Check the balance of the account and frozen/unfrozen assets; authorize ERC20 token; update the prices on an exchange; initiate the quotation; cancel the quotation; unfreeze quotation assets, support single unfreezing and batch unfreezing; withdraw the unfreezing assets in the contract and re-acquire parameters in the contract.
Parasset Public Beta Launch
The NEST Labs released the Public Beta on the 7th of May 2021 to provide loan facilities, insurance pools, and a traditional assets exchange.
NEST collaborates with the dFORCE Network
On the 21st of May, it became public knowledge that NEST is to be listed on dForce as the latter is set to integrate the NEST oracle as one of the price data sources of the core agreement in the dForce ecosystem. This way, the information on rates of several protocols in the dForce ecosystem will become even more decentralized.
Cross Chain Cooperation between NEST and Poly Network
The 29th of June came bearing news of the cross-chain collaboration between NEST and Poly Network. Currently, the handling fees for when the NEST Token transfers interactions are comparatively high. This new collaboration between NEST and Poly Network addresses this transaction handling fee challenge for cross-chain transactions to other public chains.
What Does the Future Hold?
The NEST Protocol has rolled out laudable solutions this year including the NEST Protocol v3.6 which launched on the 27th of April to officially eliminate developer’s permissions and explore DAO governance; the CoFiX 2.0, which is really an Auto-Market-Maker protocol and the Parasset, a NEST protocol-based platform providing credit facility, insurance pool and a trading platform for traditional assets. The innovative people that make the NEST Protocol team are also cooking the “perpetual contract protocol” known as “Fort” and working on scaling the NEST Protocol to address the challenge that comes with GAS consumption and mining randomness.
The Blockchain community better wear their shades as it promises to be a bright future for the NEST Protocol. The NEST DAPP will continue to evolve by providing more DeFi-based solutions; this way, blockchain proponents and users can continue to conveniently gain access to smart contract interactions in real time. What is more, NEST’s novel solutions have won the hearts of the Chinese by community standing as the most used smart contract on the Ethereum blockchain. We can only smoothen our chins and await the next cutting-edge solution from NEST.