Coracle

A secure and decentralized boat from off-chain to on-chain

Coracle is a transparent price oracle on BSC(Binance Smart Chain). Coracle provides a trustless and decentralized alternative to Oracle. It provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data in a unique way that benefits the blockchain and the miners.

How it works

Ethereum smart contracts cannot access off-chain data. If your smart contract relies on off-chain (like internet) data to evaluate or execute a function, you either have to manually feed the data to your contract, incentivize users to do it, or rely on a centralized party to provide the data.

The Coracle (or Cola Oracle) is a decentralized oracle. It enables contracts to interact with and obtain off-chain data securely.

Coracle implements a reward mechanism where miners get rewarded using a time-based rewarding mechanism with reputation. When a miner provides the system with correct data, the reputation of the miner is increased, and over the quarter, this reputation is built. Once the quarter finishes, the reward(collected through the tips) is distributed amongst the miners in form of cryptocurrency tokens called Cola.

In short, the miner who has contributed for the longest with the correct values gets a higher share of tokens in reward every quarter.

Since data integrity is the priority, miners have to stay long enough and provide correct data to gain significant incentives, unlike an oracle where anyone can become a miner.

Flow

Tech Stack

Installation

Clone this repo using git clone https://github.com/DarthBenro008/coracle
Make sure you have truffle and ganache installed
Run the following commands to deploy the smart contract
```
truffle compile
truffle migrate
truffle test
```
Go to scripts directory
Run multiple instances of the miner.js file
Run the consumer.js file
You can mint the token by running the owner.js file
Ensure that you change the smart contract address in both the miner.js as well as the owner.js files!