Talk:Market & data feeds

Market & data feeds Discussion Page

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Chainlink decentralized oracle networks securely package real-world data and off-chain computation in a consensus-based format to be used by a wide variety of applications across Web2 and Web3.

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Chainlink Price Feeds are on-chain price reference contracts powered by decentralized oracle networks. Each decentralized oracle network is made up of numerous Sybil-resistant node operators, which source prices from high-quality data aggregators to generate accurate market prices that are backed by wide market coverage and infrastructure without single points of failure.--Reggie (talk) 07:14, 4 August 2022 (UTC)

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The service offers a multitude of critical features, combining secure node operators, a decentralized network, and a robust reputation framework to provide world-class price data feeds directly to smart contracts.--Reggie (talk) 09:59, 19 July 2022 (UTC)

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As the industry standard for decentralized price data, Chainlink Price Feeds source data from numerous premium data aggregators, leading to price data that’s aggregated from hundreds of exchanges, weighted by volume, and cleaned from outliers and suspicious volumes. Chainlink’s data aggregation model generates more precise global market prices that are resistant to API downtime, flash crash outliers, and data manipulation attacks like flash loans.--Reggie (talk) 04:50, 15 July 2022 (UTC)

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In order for blockchains to receive real-world data, they need an oracle. However, using a single, centralized oracle presents a strong point of failure. Chainlink solves the oracle problem with over 1,000 unique decentralized oracle networks that consist of independent node operators delivering full market coverage from decentralized and centralized sources, free and premium providers, aggregators and exchanges.

Chainlink Data Feeds use volume-based averaging instead of time-weighted averaging to deliver the most accurate real-time price data to multiple different blockchains without a single point of failure. --Reggie (talk) 03:25, 13 July 2022 (UTC)

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Since Chainlink Data Feeds function as shared public goods, any number of users can consume and fund the same feed. With each new paying sponsor of a Data Feed, and as existing sponsors generate more fees, a greater portion of the Data Feed’s costs can be covered by user fees. Eventually, once user fees surpass the network’s operation costs, the Data Feed’s operation no longer requires oracle reward support and the feed becomes economically sustainable.

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Chainlink Data Feeds are launched based on demand from users for a specific piece of data on a specific blockchain (e.g. the BTC/USD exchange rate on Ethereum). After launch, Data Feeds are initially supported through oracle rewards, in addition to user fees paid by the feed’s active sponsors. --Reggie (talk) 04:31, 29 June 2022 (UTC)

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"Just like how smart contracts are secure because they're ran on multiple machines (blockchain nodes), you can secure the inputs to your smart contracts by having that input retrieved by multiple Chainlink nodes. So if you're a requester, and you want data from a particular API DPA, you define how many Chainlink nodes you want to retrieve that data. To further decentralize your inputs, and if there are additional data providers with the same topic of data, you could have additional Chainlink nodes retrieve from another API DPB to assist with validation." --Reggie (talk) 08:57, 27 June 2022 (UTC)

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External Adapter: This component allows for additional functionality outside of what is supported by the default Chainlink adapters. Data validation and mapping are classic scenarios for external adapters. Functionally, external adapters can be seen as serverless routines that complement the core functionality of an existing Chainlink adapter. --Reggie (talk) 08:52, 27 June 2022 (UTC)

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We might want to dicuss Proxy addresses for Aggregators.

"Updates to proxy and aggregator contracts Aggregator contracts must be updated from time to time to add additional capabilities to data feeds. These updates include changes to the aggregator configuration or a complete replacement of the aggregator that the proxy uses. If you consume data feeds through the proxy, your applications can continue to operate during these changes.

Proxy and aggregator contracts all have an owner address that has permission to change variables and functions. For example, if you read the BTC/USD proxy contract in Etherscan, you can see the owner address. This address is a multi-signature safe (multisig) that you can also inspect.

If you view the multisig contract in Etherscan using the Read as Proxy feature, you can see the full details of the multisig including the list of addresses that can sign and the number of signers required for the multisig to approve actions on any contracts that it owns."

Source: https://docs.chain.link/docs/using-chainlink-reference-contracts/#updates-to-proxy-and-aggregator-contracts --Reggie (talk) 08:14, 20 June 2022 (UTC)

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Some details to consider add.

• Each data feed is updated by a decentralized oracle network.
• Each oracle operator is rewarded for publishing data.
• The number of oracles contributing to each feed varies

Source: https://docs.chain.link/docs/architecture-decentralized-model/

--Reggie (talk) 08:14, 20 June 2022 (UTC)

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