Chainlink Oracle Reputation
What is Chainlink Oracle Reputation? - 2020-05-08
Chainlink Oracle Reputation (‘COR’) illuminates historical and real-time performance of Chainlink oracles on the Ethereum network.
COR provides data insights and visualisation tools that are designed to enable Chainlink oracles to analyze and improve their performance. COR’s engine allows Ethereum users and builders to evaluate and reach consensus on oracle reliability quickly and efficiently.
Comparing the response times of competing oracles
Some of COR’s key features are:
- Profiles for each Chainlink oracle, including total transactions, response metrics and reported data
- A dashboard for the Chainlink network
- Uptime service for API providers
An Oracle-Centric View
COR specialises in analysing the performance of Chainlink oracles. Other platforms that currently exist generally focus on visualising specific data feeds, without providing deeper insight into the oracles that support those feeds.
Reputable protocols utilize reliable oracles. COR helps to identify them.
By providing detailed analytics on individual oracles, COR will be utilized to choose the oracles that build robust price feeds, providing greater security for decentralised finance protocols and other applications utilizing oracles.
Developing innovative Ethereum applications like Synthetix is one thing, sourcing reliable oracles for these applications is another. Prioritizing security and reliability of data is paramount for data-leveraging decentralized applications. Ethereum applications will continue to rely heavily on secure oracle mechanisms as their user base grows and more value is secured in the contracts. The decentralised finance sector alone has grown from zero USD to one billion USD in deposit value since October 2017.
COR provides detailed insight into oracle performance and, therefore, is a timely and necessary complement to the path ahead.
By diving deeper into the performance of individual oracles, Ethereum-specific builders can carefully sort through and select the oracles best fit to secure their application.
Oracle Visualisation Tool
Data is only valuable when it is comprehensible. COR provides clear data insights in relation to oracles on the Chainlink network, affording users a high degree of granularity for their analysis. Using COR, oracles can be analyzed either on an individual basis or in the context of the entire network.
COR’s Chainlink network dashboard provides a holistic overview of the Chainlink network. Weekly statistics on key performance metrics are provided in the dashboard view.
An Analytics Engine
The COR engine is developed to comprehensively analyze oracle transactions. Our engine filters Ethereum blocks for LINK specific transactions and organizes the data for analysis. As the Ethereum network continues to grow and oracle usage becomes more commonplace, COR will scale to monitor and capture all oracle-specific transactions.
The COR engine also remains agnostic to contract type. Currently, the Chainlink network is used primarily for price feeds. As Ethereum grows, smart contracts will begin to use different kinds of data feeds such as weather, IOT & sporting events. The COR engine will be optimised to support all such data.
Chainlink oracles that are active on the Ethereum Mainnet can ‘claim’ their oracle and create a COR profile by signing up and completing the oracle verification flow. Once sign-up is completed, oracle-owners can then customise their profile.
SDL’s oracle profile
When viewing a COR oracle profile, a user can compare the performance of that oracle with another, observing variation in metrics like response time in blocks, LINK earned and jobs completed.
Features to Come
We are working on the following features:
- Building reputation on testnets
- Increased granularity of oracle comparisons
- Further enhanced oracle-specific insights