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> Whenever a user buys or sells Unum through the Unum Smart Contract, the current US dollar value of the exchanged cryptocurrency is found on another smart cont
by seanwilson 9y ago
> Whenever a user buys or sells Unum through the Unum Smart Contract, the current US dollar value of the exchanged cryptocurrency is found on another smart contract, called the Price Oracle. The Price Oracle is constantly being updated with the current average price of crypto-currencies. This price oracle allows Unum to maintain it's link to the US dollar.
Cool project! How do the updates work? There's a server somewhere running a scheduled task that pulls in the prices and pushes the average. How often does it run? What if it fails to run? Can the lag between the average price given by the Price Oracle and the actual average be taken advantage of in terms of making money?
- impostervt 9y agoIt checks for price changes every minute, and sends an update if the price change is greater than half a percent. If if fails to run (server down) I get an alert. You could do arbitrate with the Unum Smart Contract the same way you could with an exchange, but true arbitrage opportunities are rare.