How Berry Data Works
Want to know how Berry Data works? You've come to the right place.
Berry Data is an oracle system where parties can request the value of an off-chain data point and miners compete to add this value to an on-chain data-bank, accessible by all DApps on Binance Smart Chain. The inputs to this data-bank are secured by a network of staked miners. Berry Data utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Berry Data’s governance token, BRY, and a dispute mechanism.
Miners: who are incentivized to submit data using inflationary rewards and which data types they update are chosen based upon the “tips” assigned to each query.
dApps/Data Users: can be access to latest data feeds by paying BRY as the service fee. Apart from existing data feeds, they can request additional data/ price feeds by providing rewards as the incentive to miners.
Data Feeds: In every 3 minutes the BERRY smart contract groups the top most funded data types and creates a PoW challenge for miners to solve. The first five miners to provide the PoW solution and the off-chain data points are rewarded with newly minted tokens + the accumulated service fee for the specific data requests.
Deposit & Rewarding System: In addition to the security provided by the PoW process, Berry Data's main security layer comes through a deposit of BRY tokens that acts as a deposit or stake requirement in order for miners to participate in the PoW process. The miners risk losing this stake if they submit data that is successfully disputed by BRY holders.
Last modified 2yr ago