UMA has officially launched Optimistic Oracle

Too long to watch: UMA's Optimistic Oracle is live. Optimistic Oracles can be used to obtain market data and upload all types of data to the chain. It can not only be used for UMA's financial contracts, but also can be integrated into any DeFi protocol.

UMA quietly builds what it calls an "Optimistic Oracle". The concept is simple: anyone can post an answer on-chain, and only if the answer is wrong will someone raise a dispute. Integrating Optimistic Oracle does not require deploying contracts on UMA.

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The Optimistic Oracle operates in an optimistic manner, which means that in most cases, you will get the answer very quickly. It leverages the economic mechanisms built into the UMA system to guarantee data accuracy. Optimistic Oracles are cheap to use due to minimizing gas usage.

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In terms of market conditions, the rise and fall of DeFi tokens vary today; the top three DeFi tokens on the OKEx platform with the highest gains are UMA, JFI, and MOF;

As of 18:00, the popular DeFi currencies on the OKEx platform are as follows [2021/6/4 23:12:14]

In other words, Optimistic Oracle allows you to obtain accurate data at a very low cost.

Next, we will explore how the Optimistic Oracle works and its best application scenarios in the DeFi field.

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UMA is a decentralized financial contract platform, using the UMA contract design pattern to create unique standardized products. UMA can be used to promote various financial innovations, defining an open source protocol that allows both parties to design and create their own unique financial contracts. [2020/7/24]

There are three types of participants in the Optimistic Oracle system: requesters (contracts that request price information), proposers (off-chain participants who return price information), and disputers (off-chain participants who can dispute unapproved prices).

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In the normal interaction mode, a contract first requests price information and specifies a dispute period (which can be as short as a few minutes or as long as a few days). The proposer then puts up a deposit and sends back a price — no one disputes the price. After the dispute period is over, the data is finalized and the proposer gets back the deposit. The whole process is fast and low cost.

If it doesn't go well, the disputant disagrees with the proposed price. The disputant needs to pay the same amount of deposit as the proposer and submit the dispute to UMA's Data Verification Mechanism. UMA token holders have 48 hours to resolve the dispute. If the disputant is right, it is rewarded with the proposer's security deposit. If the disputant is wrong, ta's bond is awarded to the proposer as a penalty.

The whole system is optimistic because disputes are extremely rare. Over the past year (including some choppy moments), the UMA contract has run in a bullish fashion, with no more than 5 legitimate disputes we've seen. Optimistic concepts have been proven in real production environments.

The Optimistic Oracle has been code-audited by OpenZeppelin over the past few months and is used to secure approximately $200 million of UMA synthetic tokens. Click here to view the code. The system is now open to developers.

Since DeFi developers can use the price input mechanism of Chainlink/Maker/Uniswap to obtain the price data of most cryptocurrencies, why should they pay attention to Optimistic Oracle? The answer is: Optimistic Oracle can come in handy when you need to get other data, or ultra-accurate data. The following is a list of application scenarios for Optimistic Oracle:

Special thanks to the Optimism team (formerly Plasma Group), especially Ben, Jing and Karl. They teach us how to be more optimistic. Their optimism inspires us.

Original link:

https://medium.com/uma-project/introducing-umas-optimistic-oracle-d92ce5d1a4bc

By: Hart Lambur

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