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I extend it further: the moment you need to verify that something happened outside the system, your blockchain is broken.
by osrec 8y ago
I extend it further: the moment you need to verify that something happened outside the system, your blockchain is broken.
- dnautics 8y agoThere are ideas around trusted oracles and consensus recommendation ratings for oracles that aren't terrible and may work (no comment on scalability, of course).
- therein 8y agoI cannot trust a system that trusts an oracle.
- hndamien 8y agoWhat if it is a trustless Oracle? Augur kind of tries to be this, and appears to do well within a limited scope.
- davidgerard 8y agoVery limited, i.e. they're down to a few tens of people bothering to vote daily.
- hndamien 8y agoThe amount of people “voting” seems to be less important than the amount at stake, as if it was a large stake proved incorrectly somebody may come in and fix that. $1.2m trades in 1 market with $800k open interest isn’t that bad.
- qyv 8y agoTrusted is the opposite of trustless.
- dnautics 8y agoThe point is that in a trustless system trust can be earned by reputation, which is distributable and relatively trustless. Sure, you are taking the risk that you'll get screwed, but that risk factor should be calculable.
- tim333 8y agoIt's worked so far for the Dai, a USD tethered stablecoin based on Ethereum. Smart contracts buy or sell Dai against ETH to keep the price around US$1, the oracles feed in the USD/ETH rate from various exchanges. No actual USD are bought or sold by the Dai contracts. https://coinmarketcap.com/currencies/dai/ https://coinmarketcap.com/currencies/dai/