Ran mentioned Charli3 today on Cardano. What is it? What does it do? Where can you get it? Read below to find the answers to all these questions.
What is Charli3?
Charli3 is the first oracle project on Cardano that bridges the data gap between the blockchain and the real world. It offers a better oracle solution based on the Cardano infrastructure by providing trusted data feeds for projects.
Applying existing technologies, Charli3 uses a multi-oracle node consensus for reliable data streams. It ensures a decentralized network, cross-verification, and protection from inaccurate price manipulation. Therefore, Charli3 is a promising project in the Cardano Ecosystem.
Charli3 has many key features, including:
- Utilizing the native token to run a node.
- Redundant oracle networks.
- A trustless network of nodes to prevent Sybil attacks.
- Node reputation and validation.
How does Charli3 work?
Charli3 uses a network consensus running by nodes. Node operators are required to stake tokens for data requests. To earn the reward token, they have to complete the data verification after establishing insurance and consensus with other nodes.
The Charli3 platform has data sources as follows:
- Primary sources are from DEXs and CEXs based on their reputation determined by the Charli3 community. On-chain analytic tools are included to avoid false data. Those sources will earn rewards for API connection to nodes.
- Secondary sources are from other oracle providers, which makes Charli3 an oracle aggregator.
All data sources are cross-verified by all nodes and weighted based on nodes’ stakes. Staked tokens will be transferred from inaccurate nodes to accurate ones. Therefore, if a node is not working well, its reputation will decrease over time. The data will be published and stored via Charil3 reverse oracle services.
On-chain CHARLI3-SC is the smart contract responsible for interacting with Charil3’s clients. It contains three sub-contracts as follows:
- The aggregation contract is responsible for gathering and computing external data sources.
- The order-matching contract organizes the service agreements and indexes requested parameters.
- The reputation contract observes the performance of external data providers.
The client looking for Charli3’s oracle service specifies the parameters of the aggregation contract and the reputation contract.
Charli3 has an operator-based DAO for community changes. To participate in platform governance, node operators have their available stakes affect ELO-based reputation - ELO scores are earned when competing with other participants. This motivates all nodes to perform better in the long term.
What is C3 Token?
Charli3 issues C3 tokens as its utility and governance token. C3 tokens are required to be staked for running a node.
Node’s reputation depends on the number of C3 staked tokens. If there’s any inaccurate node, it can be transferred to other nodes. The reputation affects the token reward and the voice on the Charli3 platform.
How to get C3 Token
You can get C3 through multiple Ethereum-based decentralized exchanges: Uniswap, Sushiswap, etc.
Instead of buying on different exchanges, becoming node operators is an efficient way to earn C3 tokens.
Source:
MMA_Crypto