NEST Protocol is Open as a Self-looping Oracle System

Background

It is reasonable to use NEST Token or nToken as an incentive for quoting mainstream assets because the existing assets can be effectively incentivized through community gaming, but some long-tail assets are hard to activate by nToken.

This is why we introduce a new model from the perspective of the project side: the project team or users set up the economic model of incentives, calls, etc. So that they can quote their own tokens and mine their own tokens! Also, the call fees are set and allocated by themselves!

Requirements

Currently, there are a large number of projects on various new public chains as well as Layer2 lacking oracle services with an expected size of more than 1000 all of which have their own tokens and communities so that they can complete the incentive.

Also, since NEST doesn’t charge fees, it’s easy for them to drive without any costs. Currently, there are more than 5 upcoming partnerships.

Value

Since the NEST Token needs to be staked to complete the quotation, that is, to complete the anti-attack game with the size of the staked NEST Token, the project owners need to hold the NEST Token. This represents the staking value that will be amplified in the deflationary NEST system. The value of NEST Token held by the project owners will not decrease but may always increase, which enhances participation.

Basic flow

1. Open the oracle:

1) Inject 1000 NEST Token to start

2) Inject the tokens to be quoted for mining and determine the oracle number

2. Set up the economic model:

1) Mining size and decay factor of the single block

2) Quotation fee

3) Calling fee

3. Start the quotation:

1) Pledge NEST Token and inject bilateral assets

2) Waiting for the validation period

3) Retrieve the collateral and bilateral assets

Summary

This solution is for long-tail assets and new projects with the innovative potential to open the oracle for optimization of the underlying protocol and logic which will make the NEST Protocol oracle more open, secure, cheap, user-friendly, and in line with market laws. This will help more projects’ native tokens enter the DeFi space through the NEST Protocol oracle and align with decentralized finance in a decentralized gaming way.

Nest Protocol is a decentralized oracle built on Ethereum and powered by the NEST token. The protocol is a distributed price oracle network.🌍