MakerDAO_Oracles_Devcon5_Presentation -

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Secure Scuttlebutt •P2P Gossip Network Protocol •Everything is a message, messages are JSON •Similar to a blockchain: immutable hash-linked message chain Oracle V2 Architecture Strategy: Offload computation off-chain as much as possible Reduce # of transactions from O(N) to O(1) Reduce # of SSTORE operations from 2N to 2 Blockchain agnostic & data-agnostic Dark Feeds • Dark Feeds are pseudonymous individuals/orgs that submit price data. • Dark Feeds are pseudonymous out of necessity to prevent Oracle attacks. • Downside to Dark Feeds: 1. No sybil-resistance 2. Users don’t trust pseudonymous Feeds Light Feeds • Light Feeds are organizations with public identities • Organizations are more resilient against coercion. • Users trust the reputation of organizations • A hybrid model is optimal; one which preserves hardness properties of Dark Feeds but benefits from the reputation of stakeholders in the ecosystem. Governance Proposals This morning, MKR Governance ratified 4 Oracle proposals. 1. DeFi Public Feed Proposal 2. Oracle Incentives Restructuring Proposal 3. Responsible Oracle Migration Proposal 4. Oracle Team Mandate Proposal DeFi Light Feed Proposal Appoint each of the following DeFi organizations to run a Light Feed. Oracle Incentives Restructuring Proposal • Decentralized systems, do not just need to be self-governed but also self-sustainable systems. • Feeds are paid monthly by MKR token holders in Dai. • Access to Oracle prices is governed by a whitelist controlled by MKR Governance. • Data consumers pay MKR token holders monthly in Dai to utilize the Oracles. Responsible Oracle Migration Proposal • MakerDAO’s Oracles V1 have seen enormous proliferation throughout the DeFi space. The DAO has a responsibility to its users. • This makes it very challenging to plan a migration. • Oracle V1 will run in parallel with Oracles V2 until at least single-collateral Dai is shutdown (6+ months). • Anyone can get whitelisted access to any Oracle for free for one year. •This allows us to support innovation within the ecosystem while still maintaining a long-term benefit Join the community r/MakerDAO @MakerDAO chat.makerdao.com makerdaoOfficial forum.makerdao.com