Price Oracle
As the digital landscape continues to evolve, the demand for seamless integration of blockchain technology and real-world data has never been higher.
The UPCX Price Oracle bridges the gap between these two domains, enabling businesses and individuals to harness the power of decentralized finance through UPCX.
UPCX Price Oracle for Accuracy and Efficiency
The UPCX Price Oracle is designed to be a highly reliable and secure bridge between the digital realm of the blockchain and the data of the real world. As blockchains and smart contracts are unable to access information beyond their network, oracles play a vital role in enabling these systems to interact with real-world data and utilize real-world data.
With the UPCX Price Oracle, users can access up-to-date rate information for various currency pairs, sourced directly from multiple reputable external crypto asset exchanges and financial institutions. By storing this data within smart contracts on the blockchain, users can view and utilize rate information within their decentralized applications (DApps) and smart contracts, all without paying any additional fees.
Key Features of the UPCX Price Oracle
Precise price data
The UPCX Price Oracle obtains rate information from over 10 well known external crypto asset exchanges and financial institutions, ensuring the most accurate and reliable data for UPCX users.
Seamless integration
The UPCX Price Oracle has been meticulously designed for ease of integration with DApps and smart contracts, empowering UPCX users to leverage real-world data in decentralized financial projects.
UPCX features an off-chain node that retrieves rate information from over 10 external crypto asset exchanges and financial institutions and stores it in the Oracle inside the digital realm of the blockchain. The problem with off-chain nodes is whether they can accurately synchronize rate information.
In commodity and currency trading markets, rate information changes from one moment to the next. In the digital realm of the blockchain on the other hand, rate information is reflected only 2-3 times per second at most.
Therefore, there will be a slight difference between the commodity and currency trading markets rate information and the rate information that the Oracle holds in the digital realm of the blockchain, resulting in arbitrage.
To prevent this from happening as much as possible, UPCX first and foremost strengthens the processing power of off-chain nodes and increases the synchronization cycle.
Any rate provider who provides rate information can gain UPCX's trust through real name authentication.
Rate providers can then build their own off-chain nodes directly on the device and update rate information.
In return, the rate providers periodically receive a fixed amount of compensation from UPCX.
If an off-chain node provider changes the rate information more than 10 times for malicious purposes, UPCX will reduce the rate providers credibility thereby avoiding the information from this rate provider to be reflected to the UPCX Price Oracle.