Berry Data — a community-tested transparent price oracle on BSC (Binance Smart Chain). Berry Data provides a trustless and decentralized alternative to off-chain data. In addition, it provides infrastructure for dapps to request data off-chain, properly incentivizing miners to provide data.
The work of the Berry Data project
Berry Data — an oracle system, where parties can request the value of an off-chain data point, and miners compete to add that value to an online data bank, available to all DApps on Binance Smart Chain. The input to this data bank is protected by a network of miners.
BRY — a governance token of Berry Data. BRY aims to empower the DeFi ecosystem to create a fully transparent, community-owned, open-source oracle platform on Binance Smart Chain.
The total circulation of BRY tokens is 12,500,000 pieces. The distribution of tokens is as follows:
| 55% — mining | 40% of BRY will be mined as a block reward for miners on the Berry oracle network. 15% BRY will be backed by liquidity mining. |
| 23% — ecosystem fund | Will be used by partners to create the BerryData project and its ecosystem as a repository. 7% will be used for the initial listing campaign and pooling. 16% will be locked up for 2 years and will be released every quarter. |
| 16% - IFO | Will be sold on PancakeSwap IFO. |
| 6% - team | Will be locked for 2 years and will be released every quarter. The distribution of teams will begin from the second quarter after the listing. |
Members of the system
Miners: who are interested in submitting data by using inflation rewards and what types of data they update are selected, based on the “hints”, assigned to each request.
dApps/Data users: can access the latest data feeds by paying BRY as a service fee. Apart from existing data feeds, they can request additional data/price feeds by providing rewards as an incentive to miners.
Data flows: every 3 minutes, the BERRY smart contract groups the most funded data types and creates a problem for miners to solve. The first five miners to provide a PoW solution and off-chain data points will be rewarded with newly minted tokens + accumulated service fees for specific data requests.
Deposit and reward system: in addition to the security, provided by the PoW process, BerryData's main layer of security lies in the deposit of BRY tokens, which acts as a deposit or stake requirement for miners to participate in the PoW process.
Reviews (0)