Orca is a decentralized oracle network that provides reliable and verifiable data to smart contracts on the blockchain. It was founded in [year] by [founder] and is operated by [founding company]. Orca's purpose is to bridge the gap between on-chain and off-chain data, enabling smart contracts to interact with real-world information. The name "Orca" is derived from the term "oracle," which refers to an external information provider in the blockchain space.
Orca, a blockchain oracle, offers several benefits compared to its direct competitors. One key advantage is its robustness and reliability in providing external information to smart contracts. With a wide range of verified data sources, Orca ensures the accuracy and integrity of the data it delivers, minimizing the risk of manipulation or tampering.
Another benefit of Orca is its flexibility and compatibility with different blockchain platforms. It seamlessly integrates with various blockchain networks, allowing developers to access and utilize external data on multiple platforms. This interoperability sets Orca apart from its competitors as it can cater to a broader user base.
Additionally, Orca is known for its scalability and speed. It leverages advanced technology and infrastructure to process and deliver data efficiently, ensuring minimal latency and faster response times. This makes it an ideal choice for applications that require real-time or near-real-time data.
Moreover, Orca offers a user-friendly interface and comprehensive documentation, making it easier for developers to integrate and work with the oracle. It provides robust developer tools and resources, simplifying the integration process and reducing development time.
Compared to its direct competitors, Orca stands out with its solid reputation for reliability, compatibility, scalability, and user-friendliness. These advantages make it a preferred choice for developers seeking a dependable and efficient blockchain oracle solution.
Orca is a blockchain oracle that provides verified external data to smart contracts. It utilizes a decentralized network of nodes to retrieve and deliver real-world information onto the blockchain. The underlying technology behind Orca is based on blockchain technology and smart contracts.
Orca is built on a specific blockchain, which acts as the foundation for its operations. The blockchain used by Orca is designed to ensure transparency, immutability, and security of data. This blockchain enables Orca to store and validate the verified data it provides to smart contracts.
The functioning of Orca involves several steps. First, Orca nodes fetch data from various external sources, such as APIs and other trusted data providers. These external sources can include price feeds, market data, weather information, and more.
Once the data is retrieved, Orca's network of nodes collectively validates and verifies the accuracy and authenticity of the data. This verification process ensures that the data provided by Orca is reliable and tamper-proof.
Once the data is verified, it is then made available to smart contracts on the blockchain. Smart contracts can then utilize this data to execute predefined actions, trigger events, or make informed decisions. By integrating with Orca, smart contracts gain access to real-world information, making them more versatile and powerful.
Overall, Orca functions as a reliable and secure bridge between the blockchain and external data sources, enabling smart contracts to interact with and utilize real-world information in a trustless manner.
DIA takes a comprehensive approach to sourcing data for creating price feeds. When it comes to fetching trade data from DeFi and NFT exchanges, DIA follows different processes depending on the type of exchange.
For centralized exchanges like Coinbase, Kraken, and Binance, DIA uses scrapers to directly collect trades from exchange databases. This is done using Rest APIs or WebSocket APIs. The data collection frequencies vary from 1 to 7 seconds, depending on the specific exchange. By collecting data directly from the exchange databases, DIA ensures high precision and real-time data availability.
In the case of decentralized exchanges, DIA takes a different approach. It collects data from various blockchains by subscribing to swap events in liquidity pools. This allows DIA to retrieve trading data directly from the blockchain itself, ensuring accuracy and transparency. Examples of decentralized exchange sources include Uniswap, curve.finance, and PancakeSwap.
When it comes to NFT marketplaces, DIA captures live trading data by retrieving information from integrated marketplace smart contracts. The retrieval period ranges from 20 seconds to 1 minute, covering all NFT transactions happening in real-time. This approach ensures that DIA provides accurate and reliable data specifically tailored to the NFT market. Integrated NFT exchange sources include Blur, X2Y2, OpenSea, and TofuNFT.
DIA's comprehensive data management strategy, which includes sourcing granular trade data from various exchanges and blockchains, allows them to provide highly accurate and customizable price feeds for cryptocurrencies, NFTs, and other digital assets.
When building price feed oracles with Orca trade data, DIA follows a two-step process depending on the type of exchange involved: DeFi or NFT. The objective is to compute accurate and reliable price data.
For DeFi exchanges, DIA employs a process that involves data cleaning and outlier detection. This step ensures that trades with prices significantly diverging from the market price are excluded. Through the application of an Interquartile Range (IR) filter, DIA identifies and removes outliers, preventing misaligned price data. The remaining trades within an acceptable range are then used for further processing.
To determine the final price, DIA applies trade-based price determination methodologies. One example is the Volume Weighted Average Price (VWAP), which considers the volume of trades to calculate a weighted average price. Another methodology is the Moving Average with Interquartile Range Filter (MAIR), where trades are ordered by timestamp, weighed against volume, and averaged for each block of time.
For NFT exchanges, the process differs slightly. DIA first cleanses the on-chain trade data to exclude outliers and manipulation techniques. The pricing methodologies applied to determine the floor price of an NFT collection include Floor Price and Moving Average of Floor Price. The Floor Price approach provides the lowest sale price recorded on the blockchain within a given time window, while the Moving Average of Floor Price calculates the moving average of the floor price.
It's important to note that DIA continuously works to improve filtering mechanisms and offers customization options for specific use cases. By implementing advanced methodologies and outlier detection filters, DIA aims to provide more realistic and reliable price data.
Note: This information is based on DIA's process for computing trade data from Orca to build price feed oracles and does not include DIA-related information.
Instead of distributing pre-calculated data feeds, DIA covers the whole data journey from individual trade collection, and computation to the last mile of the feed delivery.