Sphinx Finance - a cross-web oracle that provides diverse and reliable data for smart contracts.
Contents:
- About Sphinx Finance oracle
- How does Sphinx Finance work?
- Additional information about hot crypto project
About Sphinx Finance oracle
Sphinx Finance - a gateway oracle, a trusted data bridge for smart contracts, connecting the colorful real world.
Blockchains need a data oracle. Blockchains cannot access reliable real information, available outside of their networks. Although they can guarantee that the data on the chain will not be tampered with by the Sphinx protocol as a data bridge. It can transform information into data that can be written to the blockchain.
Sphinx aims to develop an oracle machine that can handle the size of current DeFi assets and adapt to the future DeFi operating environment as it grows:
- The oracle must be resistant to attacks in the same order as the size of the resources, using the oracle machine protocol;
- The speed and scale of the oracle should be consistent with the scenarios for the use of smart contracts;
- High bandwidth, cross-chain consistency and interoperability provide a higher build for the defi network.
We can say that the oracle is the foundation of the entire DeFi building. As DeFi continues to grow rapidly from a base of $ 15 billion, it is vital that funds achieve the level of security and stability, required for an asset of this size. Without this, the skyscraper, built on the beach, will surely collapse.
How does Sphinx Finance work?
Stablecoins, decentralized exchanges, derivatives, credit and insurance platforms. All have one major risk - the oracle. Decentralized stablecoins and lending use excess collateral to mint stablecoins or provide digital currency assets. Accurate and timely oracle pricing keeps the network safe by dictating when and how much of an asset should go into liquidation. Exchanges shape or refine their pricing mechanisms with the help of the oracle, and thus decentralized exchanges become part of the oracle.
Sphinx Oracle is a secure, fast and scalable defi project:
| Reliable tamper-proof network: | use decentralized trusted nodes to get information that best matches real data through competitive pricing. |
| Reacts to market fluctuations: | information is updated every three seconds. Data download time has been reduced to one minute. |
| Multi-chain support: | through the IBC protocol, all decentralized applications in the main chain that support validation nodes can invoke data. |
| Diverse data besides DeFi: | data sources include, but are not limited to: cryptoassets, precious metal prices, OilFut, Internet objects, NFT (non-fungible token), etc. |
The Sphinx is alive now. The data feeds will be updated every minute. Use Sphinx Oracle and integrate price and event feeds into decentralized applications in less than 10 lines of code.
Additional information about hot crypto project
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