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> The fatal flaw in Tether is that you have to trust the company behind it. How is Unum any different? Looking at the contract: 1. Contract owner can withdra

by brepl 9y ago

> The fatal flaw in Tether is that you have to trust the company behind it. How is Unum any different? Looking at the contract: 1. Contract owner can withdraw the ETH balance at any time. 2. Contract owner can control the Oracle. 3. If there's not enough ETH balance in the contract, you can't change your unum tokens back to ETH.

jatsign 9y ago
1) Contract owner CANNOT withdraw ETH. 2) True. The Price Oracle is a separate contract that I want to modify to be more like Ark's superdelegate method - a certain number of delegates stake Unum and get to control the price oracle, and in return get to collect the fees from the Unum contract. There's a bit of a chicken-and-egg problem with that for now - it requires people who are interested in collecting a part of the Unum fee. 3) True, but the contract is backed by more than ETH. If the entire crypto market tanks, you'd have to wait for a recovery before you could sell your Unum.
- jstanley 9y ago
  If I'm interested in becoming one of your price oracle delegates, what do I do?
  - jatsign 9y ago
    For now that's just a plan. Assuming people become interested in, and start using Unum, I'll post more about it on the blog. For now, I'd really appreciate any help in getting people to take a look at Unum. https://www.medium.com/unum https://www.medium.com/unum
- RileyJames 9y ago
  Very interesting. Do you have any further info on 'Ark's superdelegate method'? I only found yourself mentioning it via google. I'm interested in how oracles / off-chain data can be decentralised.
  - jatsign 9y ago
    This may explain: https://ark-guide.readme.io/v1.0/docs/what-are-delegates https://ark-guide.readme.io/v1.0/docs/what-are-delegates There are a few currencies doing delegate so I may have confused "super delegates" with another currency.
- baby 9y ago
  2) have you looked into towncrier?
  - BoiledCabbage 9y ago
    Everyone and their mother is starting an alt-coin. My next-door neighbor's sister's hairdresser has started one as well. Every 10th coin you mine, you get 15% off your next appointment. Have you looked into that one yet?
    - baby 9y ago
      TownCrier is actually pretty interesting, it's leveraging Intel SGX to verify requests
  - jatsign 9y ago
    I did, and it seemed like a good solution, except I wanted to be able to instantly get the price info, and town crier is a request/response method. The Price Oracle part of unum caches the price, so I can use a .call method from the Unum contract to retrieve the data immediately.

by brepl 9y ago

jatsign 9y ago

1) Contract owner CANNOT withdraw ETH. 2) True. The Price Oracle is a separate contract that I want to modify to be more like Ark's superdelegate method - a certain number of delegates stake Unum and get to control the price oracle, and in return get to collect the fees from the Unum contract. There's a bit of a chicken-and-egg problem with that for now - it requires people who are interested in collecting a part of the Unum fee. 3) True, but the contract is backed by more than ETH. If the entire crypto market tanks, you'd have to wait for a recovery before you could sell your Unum.

jstanley 9y ago
If I'm interested in becoming one of your price oracle delegates, what do I do?
- jatsign 9y ago
  For now that's just a plan. Assuming people become interested in, and start using Unum, I'll post more about it on the blog. For now, I'd really appreciate any help in getting people to take a look at Unum. https://www.medium.com/unum https://www.medium.com/unum
RileyJames 9y ago
Very interesting. Do you have any further info on 'Ark's superdelegate method'? I only found yourself mentioning it via google. I'm interested in how oracles / off-chain data can be decentralised.
- jatsign 9y ago
  This may explain: https://ark-guide.readme.io/v1.0/docs/what-are-delegates https://ark-guide.readme.io/v1.0/docs/what-are-delegates There are a few currencies doing delegate so I may have confused "super delegates" with another currency.
baby 9y ago
2) have you looked into towncrier?
- BoiledCabbage 9y ago
  Everyone and their mother is starting an alt-coin. My next-door neighbor's sister's hairdresser has started one as well. Every 10th coin you mine, you get 15% off your next appointment. Have you looked into that one yet?
  - baby 9y ago
    TownCrier is actually pretty interesting, it's leveraging Intel SGX to verify requests
- jatsign 9y ago
  I did, and it seemed like a good solution, except I wanted to be able to instantly get the price info, and town crier is a request/response method. The Price Oracle part of unum caches the price, so I can use a .call method from the Unum contract to retrieve the data immediately.