TofuNFT-BinanceSmartChain is a decentralized platform built on the Binance Smart Chain that allows users to create, buy, sell, and trade non-fungible tokens (NFTs). It was founded in [year] by [founder] under [founding company]. The name TofuNFT is derived from the concept of tofu, a versatile food, representing the versatility and uniqueness of NFTs. It aims to provide a seamless and secure experience for NFT enthusiasts on the Binance Smart Chain.
TofuNFT-BinanceSmartChain offers several benefits compared to its direct competitors.
One of the key advantages is the scalability and low transaction fees provided by Binance Smart Chain (BSC). BSC is known for its high throughput, enabling faster and more efficient transaction processing compared to other blockchain networks. This means that users can mint, trade, and interact with TofuNFTs on BSC with minimal delay and at a lower cost.
Additionally, TofuNFT-BinanceSmartChain benefits from the strong ecosystem and infrastructure built around Binance Smart Chain. With BSC's growing popularity and support from major players in the industry, TofuNFT users can leverage a wide range of tools, applications, and decentralized finance (DeFi) protocols that are compatible with BSC. This opens up opportunities for seamless integration, increased liquidity, and enhanced functionality for TofuNFT holders.
Furthermore, TofuNFT-BinanceSmartChain provides users with access to a vibrant community of NFT enthusiasts, artists, and collectors. By tapping into the BSC ecosystem, TofuNFT users can connect and engage with a larger audience, leading to increased exposure and potential opportunities for collaboration and monetization.
While other platforms may offer similar features and functionalities, TofuNFT-BinanceSmartChain's synergistic combination of scalability, low fees, strong ecosystem support, and a thriving community make it a compelling choice for those looking to explore the world of NFTs on the Binance Smart Chain.
TofuNFT-BinanceSmartChain is a platform that leverages blockchain technology to enable the creation and trading of non-fungible tokens (NFTs) on the Binance Smart Chain (BSC) ecosystem. Binance Smart Chain is a blockchain network that operates parallel to the Binance Chain, providing a high-performance infrastructure for decentralized applications (dApps).
The underlying technology behind TofuNFT-BinanceSmartChain consists of smart contracts deployed on the Binance Smart Chain. Smart contracts are self-executing agreements with predefined conditions that facilitate the exchange of digital assets. These contracts enable the creation, ownership, and transfer of unique digital assets, known as NFTs, on the TofuNFT platform.
TofuNFT-BinanceSmartChain functions by allowing users to create and mint their NFTs using the Binance Smart Chain network. Minting refers to the process of creating a new digital asset, attaching unique metadata to it, and making it publicly available. Users can store their NFTs in digital wallets compatible with the Binance Smart Chain, such as MetaMask or Trust Wallet.
Once minted, NFTs on TofuNFT-BinanceSmartChain can be listed for sale or auction. Interested buyers can then purchase these NFTs, which are recorded on the blockchain as verifiable proof of ownership. The transactions and ownership history are transparent and immutable, providing a secure and trustworthy ecosystem for digital asset trading.
Overall, TofuNFT-BinanceSmartChain utilizes the Binance Smart Chain's capabilities to provide a seamless and efficient platform for creating, trading, and owning NFTs. It leverages the decentralized and transparent nature of blockchain technology to enable secure and verified transactions within the NFT space.
DIA takes a comprehensive approach to fetching trade data from various types of exchanges, including DeFi and NFT exchanges. The process differs depending on the type of exchange being referred to.
For centralized exchanges like Coinbase, Kraken, and Binance, DIA utilizes scrapers that directly collect trades from the exchange databases. This is done using Rest APIs or WebSocket APIs, depending on the exchange. The frequency of data collection varies, typically ranging from 1 to 7 seconds. By obtaining the data as close to the source as possible, DIA ensures high precision and accuracy.
In the case of decentralized exchanges, DIA retrieves data from various blockchains by subscribing to swap events in liquidity pools. This allows DIA to access trading data directly from the blockchain itself, enhancing the accuracy of the data. Examples of decentralized exchange sources include popular platforms like Uniswap, curve.finance, and PancakeSwap.
When it comes to NFT marketplaces, DIA captures live trading data by integrating with the smart contracts of these marketplaces. The retrieval period for NFT trading data typically ranges from 20 seconds to 1 minute, covering all the transactions happening in real-time. By directly accessing the NFT marketplaces' smart contracts, DIA ensures data precision and eliminates reliance on potentially unreliable bids and offer data. Notable NFT integrated exchange sources for DIA include Blur, X2Y2, OpenSea, and TofuNFT.
Through this comprehensive data management strategy, DIA is able to provide highly accurate and customizable price feeds for cryptocurrencies, NFTs, and other digital assets. By leveraging a network of websockets, decentralized node providers, and direct access to blockchain data, DIA ensures reliable and up-to-date trade data from a wide range of exchanges.
When computing trade data from TofuNFT-BinanceSmartChain to build price feed oracles, DIA follows a specific process that varies depending on the type of exchange being considered (DeFi or NFT).
For DeFi exchanges, the first step is data cleaning and outlier detection. DIA recognizes the importance of excluding trades that deviate significantly from the current market price, as they can be influenced by market manipulation, errors, or flash crashes. To address this, DIA applies an Interquartile Range (IR) filter to identify and remove data points lying outside an acceptable range relative to the interquartile range. By doing so, DIA ensures that only trades within the "middle" quartiles move forward for further processing.
Once the relevant data points have been identified, DIA applies trade-based price determination methodologies to calculate a single USD price value for each asset. For example, one such methodology is the Volume Weighted Average Price (VWAP), which takes into account the different volumes of trades. The trades are collected and weighted based on their volume, and the weighted average price is derived from the sum of the volume-price-products divided by the total combined volume.
On the other hand, when building price oracles for NFT collections, DIA follows a different process. First, the on-chain trade data is subjected to cleansing filters to exclude market outliers and manipulation techniques. Then, a pricing methodology is applied to determine the collection's floor price. DIA offers various methodologies for this purpose, such as the Floor Price methodology, which provides the lowest sale price recorded on the blockchain within a given time window. However, it is important to note that this methodology is vulnerable to manipulation by malicious market actors.
To address this vulnerability, DIA offers more advanced methodologies, such as the Moving Average of Floor Price. This methodology calculates the moving average of a collection's floor price, taking into account customizable parameters such as the length of the average or the size of the floor window. Additionally, DIA applies an interquartile range outlier detection filter to filter out malicious behavior like wash trading.
In summary, DIA employs data cleaning, outlier detection, and trade-based price determination methodologies to build price feed oracles from TofuNFT-BinanceSmartChain trade data. The specific process varies depending on whether it is a DeFi or NFT exchange.
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.