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One thing I don’t understand here: where does the smart contract get the information of the current luna/usd exchange rate? It can’t be an api call surely, it m
by bspammer 4y ago
One thing I don’t understand here: where does the smart contract get the information of the current luna/usd exchange rate? It can’t be an api call surely, it must be on-chain somehow.
- charcircuit 4y agoValidators vote on the current exchange rate. https://docs.terra.money/docs/develop/module-specifications/spec-oracle.html https://docs.terra.money/docs/develop/module-specifications/...
- bspammer 4y agoAh, that makes more sense. Thanks for the link, all this stuff is so interesting from a thought experiment point of view.
- charcircuit 4y agoIt's really fascinating all of the stuff that exists or at least has been tried out in the cryptocurrency space.
- Sandworm5639 4y agoDo I understand this correctly: there's no inherent incentive to put the "correct" price, they just need to agree with each other. Essentially playing "Guess 2/3 of the average" but it's just "Guess the average".
- charcircuit 4y agoValidators have staked a lot of LUNA and it's in their best interest not to crash the ecosystem.
- kevingadd 4y agoThings like this rely on off-chain "oracles"
- bspammer 4y agoI know the thing is crashing and burning as we speak, but that seems like a crazy single point of failure for something claiming to be decentralized... What if the oracle has downtime?
- rawoke083600 4y agoMany Many nodes :) i.e distributed
- buzzin_ 4y agoMiners put the price (in dollars) in the blocks, and the medium price is taken as the price. You get penalized if the price you put in is 1 standard dev. or more off. You get 1% less of the block award you would get normally.