Welcome back to our interstellar journey through the @Entanglefi multiverse! š
In this second installment, we'll delve into the sophisticated mechanics behind Synthetic Vaults (SV) and how Entangle Distributed Oracle Solutions (E-DOS) enable their cross-chain existence.
Before we move forward, please note that this thread merely aims to share our understanding of the topic and should not be taken as financial advice.
Disclosure: This post is under a partnership with the @Entanglefi team.
Table of Contents:
š£ What is an Oracle?
š£ Risks and Limitations of Using Oracles
š£ What is E-DOS?
š£ Entangle Multiverse Solutions
š£ Simplifying E-DOS
š£ The Distributors
š£ The Keepers
š£ Entangle Blockchain
š£ Why EB is Different?
š£ Full Capabilities of Entangle Suites
To ensure that you understand the context and technical terminology discussed in this thread, you can revisit the first part of @Entanglefi's visual thread that discussed Synthetics Vault (SV) - the cross-chain #LSD - here:
twitter.com/eli5_defi/status/1638254180224860163?s=20
Blockchains work in a decentralized and trustless way, but they can't obtain certain external information like asset prices.
To solve this problem, an oracle collects the necessary data and provides it to the blockchain for executing transactions or smart contracts.
Although oracles play a significant role in various blockchain applications, their use comes with multiple restrictions:
š£ Centralization
š£ Security threats
š£ Data quality
š£ Possible speed and cost complications, and
š£ Privacy hurdles.
Decentralized oracle networks solve the issues above by using multiple autonomous oracles to obtain and authenticate data. This eliminates the risk of a single point of failure and boosts overall data quality.
References: hal.science/hal-03620931
@Entanglefi Distributed Oracle Solutions (E-DOS) is a decentralized oracle that specializes in obtaining, authenticating, handling, and preserving various types of information
E-DOS architecture and innovations enable cross-chain capabilities for LSD ā” The Synthetic Vaults
E-DOS offers remarkable flexibility, scalability and effectiveness, with a significantly reduced operational cost in comparison to other decentralized oracle networks.
This visual represents a harmonious ecosystem in E-DOS, where three primary roles work hand in hand to provide a solid foundation:
š£ Distributors (developers, dApps)
š£ Keepers
š£ Full node runners and validators that participate in the @Entanglefi blockchain network
In this visual, we explain the path to become distributors and their activities within the @Entanglefi blockchain:
š£ Write Spotter Smart Contracts (SSC)
š£ Define consensus model for SSC
š£ Determine Keepers participating and amount of Keepers needed to deliver information.
On the other hand, Keepers' tasks are straightforward: to collect external information and deliver it to SSC.
Once the relevant parameters are fulfilled, validated, and an event is aggregated in the blockchain, the data is then forwarded to the Distributors.
Entangle Blockchain ā A bespoke oracle-centric blockchain solution, utilizing Ethermint (Tendermint PoS) and offering compatibility with Ethereum Web3.
It enables the storage of E-DOS data and the validation of Oracle messages with cost-efficient and instant finality.
The big question is: why is @Entanglefi blockchain different?
Quick answer:
š£ Cross-chain function calls
š£ Multiple chain smart contract executions
š£ Hyper-flexibility
ā” Cost-effective cross-chain operations and smart contract automation tailored to developers' needs.
The E-DOS full capabilities will not only serve Synthetic Vaults, but it expands to:
š£ Hyper-flexible consensus, cost-efficient with robust security
š£ Multi-chain smart contract automation
š£ Cross-Chain products
š£ Cross-Chain Liquidity for Yield-Bearing Assets.
To understand @Entanglefi more deeply, check out the thread created by
@Cryptotrissy below
twitter.com/Cryptotrissy/status/1636728593903677443?s=20
And another @Cryptotrissy thread that explains the @Entanglefi infrastructure further
twitter.com/Cryptotrissy/status/1635262250511654912?s=20