We believe a "whitepaper" should be easy to read and simply help you understand how the project works. We hope the following information provides that. Let's start with the basics.
Blockchain networks allow for fast, secure, transfer, and creation of digital goods in addition to the storage and execution of tamper-proof programs that can manage digital assets. Once these programs are being deployed on-chain, they cannot be changed and are available to everyone with access to the chain, execute based on the deﬁned parameters and interactions (transactions), and are veriﬁed by the blockchain’s consensus mechanism.
These characteristics allow anonymous parties to enter into binding digital agreements, called smart contracts. However, blockchains are isolated from other networks and have no direct access to real-world data. Unfortunately, for smart contracts to bring true utility and off-chain data are necessary. If smart contracts want to realize truly secure and censorship-resistant, off-chain data must be trustlessly provided.
One of the biggest hurdles limiting the potential applicability of smart contracts is a lack of a trustless source of off-chain data. Berry Data aims to ﬁll this gap with an on-chain data feed where data is inputted by a permissionless network of crypto-economically incentivized data providers.
Berry Data is a transparent community-veriﬁed price oracle on BSC(Binance Smart Chain).
Berry Data provides a trustless and decentralized alternative for off-chain data. Also, it provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data.
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 (BSC). The inputs to this data-bank are secured by a network of staked miners. BERRY utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Berry’s governance token, BRY, and a dispute mechanism.