Themis is a distributed oracle solution that can provide application scenarios for chain asset price oracles, random oracles, and computational oracles based on different needs. In this article, you can read more about the project.

With the further development of the blockchain industry and wider adoption of digital assets, oracle solutions are gaining popularity as well. One of them is Themis. We’ve spoken with Kumar, the core developer of Themis, tp get more information about the peculiarities of the project and its prospects.

Coinspeaker: What is the main goal behind your project?

Kumar: In the blockchain system, only on-chain data can be obtained. Therefore, when external information is required for certain functions or smart contracts, a bridge is needed. That’s why oracle came into being – oracle can provide off-chain information on blockchain and connect the blockchain and the real world.

DeFi is mainly covers decentralized exchanges, pledge lending, and financial derivatives, etc., which all need off-chain information, such as real-time price of tokens, historical price and other information. Without the prices on the chain, DeFi protocols cannot complete the on-chain logical closed-loop. When this happens, an oracle like Themis will be of great help in obtaining the missing information.

Coinspeaker: What solutions does Themis offer? And who is the target audience of the products?

Kumar: Offering a full set of technology solutions, including attack prevention algorithms, mortgage assets to become data providers, challenge validation, VRFs, and ecological incentive protocols, Themis is a distributed oracle solution that can provide application scenarios for chain asset price oracles, random oracles, and computational oracles based on different needs. By pledged Themis (ERC-20), people can conduct yield farming.

As mentioned before, off-chain information is always needed in DeFi projects. With future development and expansion, more off-chain assets need to be tokenized in DeFi projects. As oracle is the only communication channel, it is vital in DeFi’s development. Themis, being an oracle project, wishes to play a vital role in DeFi’s development.

Coinspeaker: What are the key peculiarities of the Themis Protocol?

Kumar: For now, Themis is the only oracle record all the related information, such as quotations, pledging, rewards, challenge, and arbitration on chain. We call it all protocol data on-chain model. With this model, Themis can build an environment that is more open and transparent, as well as ensuring data security.

In addition, aside from providing multi-asset pricing, Themis can also realize the oracle functions of VRF and computational power.

Coinspeaker: Does the protocol have its native token? And what are the use cases for it?

Kumar: Yes, MIS is the native token of Themis Protocol. MIS can be used in the following cases:

The only pledged token with price feed function in the Themis ecosystem;
By pledging MIS, users can become the data provider, data validator and arbitration node of Themis;
The only payment tool for Themis handling fees.
Coinspeaker: What makes Themis Oracle unique? Please, name the main rivals.

Kumar: Each oracle has its uniqueness and flaw. The most extinct feature for Themis to stand out is the unique on-chain mechanism, which means all protocol data on-chain model. Moreover, while providing multi-asset pricing, Themis can realize the oracle functions of verifiable random function VRF and computational power.

For Themis, there are some rivals, yet in terms of the on-chain model, they are incomparable to Themis, as only Themis adopts the abovementioned on-chain model.

For distributed price oracle NEST, only quotation information can be checked in the NEST ecosystem. As for Band oracle, because of the official utilization of the Layer 2 expansion plan, only the query records can be viewed on-chain. For the self-developed decentralized network, DOS, all internal integrated data and disciplinary mechanisms cannot be queried on-chain.

Similar problems occur in the Chainlink system. Data will be transmitted to Chainlink’s smart contract by off-chain nodes through trusted hardware devices. Since price data are recorded on-chain and smart contract adopts agency model, the contract address cannot be queried from the Chainlink official website. In a word, at present, it is not possible to query the on-chain data on the Chainlink browser.

Coinspeaker: What are the top 5 benefits for users to opt for Themis Oracle?

Kumar:

Themis Oracle has realized multi-asset quotation;
Themis Oracle can prevent malicious quotation through challenge protocol and arbitration protocol;
Themis Oracle supports VRF, which is suitable for DAPPs in the gaming and gambling scenarios;
Themis Oracle supports verifiable computing power;
Themis Oracle adopts all protocol data on-chain model, which is more secure and transparent.

Coinspeaker: How can you describe the further steps for the development of Themis Oracle?

Kumar: This year, Themis has:

Launched multi-asset pledge quotation on the market and supported Walletconnect protocol;
Launched various wallets, such as Metamask, and imToken, etc.
In the further, Themis will:

Apply more wallets that support the Walletconnect protocol;
Develop verifiable random oracle;
Connect with more than 20 global mainstream gambling and gaming DAPP.
Coinspeaker: We wish all the best to the Themis Oracle team and we’ll be happy to hear about its new achievements soon.

Reprint:  https://coinidol.com/themis-mis-oracle/

Recently, random oracle Themis (MIS) officially launched its price feeding platform and released a corresponding official guide, attracting numerous users.

Can Themis, the Goddess of Justice in Greek mythology, guarantee the fairness in farming? From the perspective of market reflection and the increased market value of MIS, Themis has apparently stood out in the market. With its unique technology focus and fair farming mechanism, can Themis lead the development direction of Oracle Machine in the future?

Themis, A Distributed Oracle Solution
The rapid development of DeFi has brought about the popularity of oracle. The oracle is the bridge between the real world and blockchain that can write external information into the blockchain to complete the data exchange. With the ever-expanding DeFi space, more off-chain assets need to be tokenized to serve as the target of DeFi. As the only channel for data communication, oracle is indispensable, triggering the rapid growth in the number of oracle projects, among which, Themis is the most eye-catching one.

Themis can create more DeFi scenarios through its core technology of random number mechanism. The random number mechanism is fair, just and effective, can guarantee the randomness of the product, avoid attacks, and ensure that users can participate in activities in a fair and transparent environment.

Themis provides a whole set of technical solutions, which mainly focuses on random number oracle, in-chain asset price oracle, computational oracle and other application scenes, including mortgage assets becoming the provider of data, identification verification, preventing attack algorithm, verifiable random function VRF, arbitration protocol and other modules, which constitute a set of complete Themis-Protocol. By setting up data providers, data verifiers and arbitration nodes, and through the corresponding token reward and punishment mechanism, Themis can ensure that the data on Themis oracle is authentic and reliable.

Themis can be widely used in social public services, sweepstakes, gambling products, and decentralized games, such as making cryptocurrency be precisely linked to legal tender; pricing a package of tokenized assets or securities; incorporating interest rates into smart financial derivative contracts etc.

In trillion-dollar markets such as finance, insurance, gambling, and the Internet of Things, Themis can also play an important role. In the field of gambling, Themis can ensure the fairness, real-time and safe payment of the games through smart contracts. In financial lending, users can stake crypto assets to borrow fiat currency or other encrypted assets; and the platform use Themis to monitor the margin ratio of the collateral. In addition, Themis can import the credit rating of the borrowers to the system to determine the corresponding loan interest rate.

In the future, as the technology and products of Themis become more mature, Themis will usher in rapid development and be widely used in various scenarios.

Themis All Protocol data On-chain Model

The current blockchain oracle projects have their own advantages and disadvantages, making the market competition fiercer than ever. In the competition, Themis has established a firm foothold with its unique VRF focus and all protocol data on-chain mode, and has become the most potential rising star.

The all protocol data on-chain model is a model in which all the information, including quotation, mining, challenge, and arbitration are recorded on the chain. At present, in the oracle market, most projects underestimate the recording of all protocol data. Take a few mainstream oracle projects as examples: In the Chainlink ecosystem, price data is uploaded to the chain. Since smart contracts use the proxy model, and the contract address cannot be queried from the Chainlink official website, it is currently impossible to query the data on the chain on the browser.

Compared with other existing protocols, Band expands the public chain in the form of Layer 2, allowing decentralized applications to utilize existing data on the Internet without the need for a trusted intermediary. However, due to the official adoption of the Layer 2 expansion plan, all data submission, including security mechanisms, and disciplinary measures, cannot be queried on the chain. NEST Protocol is a price oracle that adopts the market game theory to generate the price facts of the off-chain market synchronously on the chain through miners’ quotation, and combines the NEST price feed mechanism to incentivize miners. As for now, only the quotation information is available on the chain.

In the oracle market, Themis is currently the only project that adopts a all protocol data on-chain model.

The pledge and quotation transactions are recorded as follows:

The pledge and reward retrieving transactions is recorded as follows:

The verification challenge is recorded as follows:

As all the information are recorded on the chain, compared with other oracles, Themis offers a more open and transparent environment, better guaranteeing the data security.

A Fairer Mechanism for Yield Farmers
After gaining a firm foothold in the market, Themis has officially launched its yield farming and was favoured by many farmers.

Just as 2/3 of the world's capital is in the hands of 1% of the people, in the DeFi ecosystem, wealthy people with huge amounts of funds can often obtain a large number of tokens and thus gain the ability to manipulate the market. This will not only greatly affect the enthusiasm of the other farmers, but also may affect the development direction of DeFi due to the insufficient decentralization. In order to solve this problem, Themis adapts a unique mechanism by using a jump ranking weighting algorithm to calculate the pledge ranking.

There are three roles in the Themis ecosystem: data provider, data verifier and arbitration node. Both Themis data providers and verifiers need to pledge MIS, the native token of Themis, to be eligible for participation. The data provider is mainly responsible for providing various types of data, and the data validator verifies and challenges the data offered by the data provider and provides new data. The arbitration node arbitrates the query raised by the data validator and come up with the final result.

Both the data providers and validators of Themis need to pledge MIS to obtain the qualifications, and the caller of external data also needs to pay MIS assets when accessing the data of Themis oracles. If the data has been verified as correct, data providers and validators will receive mining rewards, and the more they pledge, the more rewards they will receive.

In the design of Themis, miners can acquire MIS by providing verifiable random number or offering the price of in-chain assets. In addition, if no mining transaction occurs within a certain period of time, the first newly-emerging block containing mining transactions will acquire all the MIS rewards. In this way, miners can be encouraged to continue mining and maintain the ecological stability of Themis.

The MIS mining quantity of this mining transaction is M, then M=Xi/()×N. Among them, X is the ranking of the MIS pledge amount in the block, and those who pledge the same amount of MIS have the same ranking.

Coin-holding ranking is based on jumping ranking weighting algorithm other than the weighted average of users' coin-holding quantity, with the purpose of avoiding MIS from controlled by the minority, monopoly, and breaking up major clients, as well as realizing community win-win of Themis with best efforts. Users ranking in the best ranking area will acquire the most benefits, which provides good mechanism guarantee to attract more users to participate in mining, benefiting the ecological construction.

It is worth mentioning that the Themis team is actively developing new services and products to continuously optimize user experience. Among them, Themis DAPP will be able to support the Walletconnect protocol soon, so that users can perform farming without depositing coins on the metamask browser plug-in. This is undoubtedly a great news for mobile wallet users.

As its name suggests, Themis, the Goddess of Justice, is committed to ensuring the decentralization and the correctness of the data, providing more application scenarios for DeFi, achieving fairness and justice in mining, and allowing more users to participate in the project and gain profit. Themis is deemed to be more influential and we are looking forward to the future development of Themis.

With the population of DeFi projects, oracle machine projects have launched the market one after another, with a positive development momentum. According to the official release of Themis on its social media, today, Themis, the rising star in the oracle machine field, officially published guidance on the staked mining. Themis, known for its fairness and justice, applies a mining mechanism to ensure that everyone can get a share of the fortune, and has attracted many users even before the mining platform launch the market. Let’s take a look at the detailed operation of Themis mining.

1. Install the latest version of Chrome browser.

2. Download the metamask browser plug-in and backup the private key, mnemonic words and other information. For the installation metamask, please visit the official website of metamask: https://metamask.io/ , or refer to the installation guidance: https://zhuanlan.zhihu.com/p/112285438?from_ voters_ page=true

3. After installing the metamask plug-in, users can enter the following page via the official website of Themis: https://themisoracle.com.

4. After step 3, metamask will be automatically started. Users need to log in and authorize DAPP and metamask.

5. If users have multipul accounts, they can select the account they wish to use for staking after logging in metamask.

6. Before staking, users shall ensure enough MIS and ETH in the metamask account (mainly used as service charge). After selecting the metamask account, the page will automatically show the remaining balance of MIS.

7. Before staking, users shall conduct token authorization on the contract with the metamask account.

8. After the successful authorization, metamask will pop up desktop notifications.

9. Click the refresh button on the page to view the current credit limit.

10. Click the staking button to input the pledge quantity and other relevant information. Click confirm.

11. The extraction of the staking needs to make sure 9600 blocks in between. The extraction will return both the user's pledged MIS and mined MIS to the metamask account.

12. Before the extraction of staking, the user cannot carry out the next staking. If users wish to carry out staking for many times, they can establish multiple metamask accounts and use multiple accounts for the operation.

13. Operation process of data challenging

a) In order to prevent malicious quotations from affecting Themis Oracle's external price inquiry service. Themis designed a data challenging mechanism;

b) Any user can challenge the data. Like the data provider, when challenging, the data challenger needs to pledge MIS. The number of MIS pledged by the challenger is 1.2 times of the number of MIS pledged by the data provider. Aside from pledging MIS, data challenger needs to provide a new data;

c) If the data challenge is successful, the data challenger can receive 80% of the MIS pledged by the data provider as a reward;

d) If the challenge fails, the challenger will lose the pledged MIS;

e) The arbitration standard for the succeed of the challenge is: the deviation between the data and the real-time price at the time of challenge is less than 5%.

With a fairer mining mechanism, small and medium-sized miners can enjoy more benefits in the Themis ecosystem. Themis has pointed out a path toward great fortune through launching staked mining, what are you waiting for?

After a series of internal tests, the staked mining of Themis, a decentralized random number oracle, has officially launched in the market. The following is the specific operation process of Themis mining.

1. Install the latest version of Chrome browser.

2. Download the metamask browser plug-in and backup the private key, mnemonic words and other information. For the installation metamask, please visit the official website of metamask: https://metamask.io/ , or refer to the installation guidance: https://zhuanlan.zhihu.com/p/112285438?from_ voters_ page=true

3. After installing the metamask plug-in, users can enter the following page via the official website of Themis: https://themisoracle.com.

4. After step 3, metamask will be automatically started. Users need to log in and authorize DAPP and metamask.

5. If users have multipul accounts, they can select the account they wish to use for staking after logging in metamask.

6. Before staking, users shall ensure enough MIS and ETH in the metamask account (mainly used as service charge). After selecting the metamask account, the page will automatically show the remaining balance of MIS.

7. Before staking, users shall conduct token authorization on the contract with the metamask account.

8. After the successful authorization, metamask will pop up desktop notifications.

9. Click the refresh button on the page to view the current credit limit.

10. Click the staking button to input the pledge quantity and other relevant information. Click confirm.

11. The extraction of the staking needs to make sure 9600 blocks in between. The extraction will return both the user's pledged MIS and mined MIS to the metamask account.

12. Before the extraction of staking, the user cannot carry out the next staking. If users wish to carry out staking for many times, they can establish multiple metamask accounts and use multiple accounts for the operation.

13. Operation process of data validation

a) In order to prevent malicious quotations from affecting Themis Oracle's external price inquiry service. Themis designed a data validation mechanism;

b) Any user can challenge the data. Like the data provider, when challenging, the data validator needs to pledge MIS. The number of MIS pledged by the validator is 1.2 times of the number of MIS pledged by the data provider. Aside from pledging MIS, data validator needs to provide a new data;

c) If the data validation is successful, the data validator can receive 80% of the MIS pledged by the data provider as a reward;

d) If the validation fails, the validator will lose the pledged MIS;

e) The arbitration standard for the succeed of the validation is: the deviation between the data and the real-time price at the time of challenge is less than 5%.

With the development of blockchain technology, obtaining data on the chain only is no longer satisfying and how to bridge the real world and the blockchain world has always been the direction of the technological breakthrough. Under this background, Oracle Machine came to our attention. In particular, with the popularity of the DeFi concept, the industry starts to witness a boom of the application of Oracle Machine in financial derivatives, trading platforms, gambling games, and prediction markets.

At present, Oracle Machine represented by Themis is developing fast with a good momentum, leading the trend of the development of Oracle Machine and continuing to consolidate the basic technical support for the DeFi revolution. Themis’ mining system has been launched in the market, which is refreshing and appealing (see https://themisoracle.com/#/credit for details on the Themis mining).

90% of MIS, the native token of Themis, will be used for mining output. The entire mining mechanism runs through a distributed oracle protocol, which sets up three roles: data provider, data validator, and arbitration node. Reward and punishment mechanisms are applied to ensure the smooth ecological operation.

How does Themis mining work? Is it a new way to become wealthy? What are the characteristics? To answer these questions, we need to analyse the distribution mechanism, mining mechanism, and token value of Themis.

With a fairer mining mechanism, small and medium-sized miners can enjoy better benefits

One of the core values of blockchain is fairness and justice, and allowing everyone in the network to play a role in the system without permission. However, Bitcoin mining is now monopolized by several mining machine vendors such as Bitmain, leaving little space for other miners to participate. If those old PoW public chains, such as Bitcoin, has formed the head effect in mining, what about those new projects? Let's take Cosmos as an example. Since Binance joined its validator node, it has instantly ranked top with the strong financial strength and user base of the top exchange, making the small and medium nodes hard to participate.

After comparison, we can find that the mining mechanism of MIS is very friendly to ordinary users. Assuming that there are 12 mining transactions in a block, the ranking according to the MIS pledged by each transaction would be as follow:

The pledge ranking is based on the jump ranking weighting algorithm rather than the weighted average of the user pledge amount, which can prevent MIS from being controlled by a small number of people, avoid monopoly, creating a win-win situation in the Themis community.

Compared with other mining projects, Themis has introduced a unique pledge ranking method in the mining design. Users in the best ranking area will get the most benefits, which is a good mechanism guarantee for attracting more users to participate in mining. At the same time, it can lead to the decentralization of data providers, ensuring the decentralization of the oracle system and the positive development of the community.
How can miners join in Themis mining? The answer is to become a part of the ecology by playing the role of either data provider, data validator, or arbitration node.

The data provider is mainly responsible for providing various types of data, and the data validator verifies and challenges the data offered by the data provider and provides new data. The arbitration node arbitrates the query raised by the data validator and come up with the final result.

Both the data providers and validators of Themis need to pledge MIS to obtain the qualifications, and the caller of external data also needs to pay MIS assets when accessing the data of Themis oracles. If the data has been verified as correct, data providers and validators will receive mining rewards, and the more they pledge, the more rewards they will receive.

In the mining design of Themis, miners can acquire MIS by providing verifiable random number or offering the price of in-chain assets. Whenever miners call mining contracts, the system will charge no service fee (excluding the service fee of ETH). In addition, if no mining transaction occurs within a certain period of time, the first newly-emerging block containing mining transactions will acquire all the MIS rewards. In this way, miners can be encouraged to continue mining and maintain the ecological stability of Themis.

The number of MIS mining for each mining transaction of miners is calculated as follows:

First, calculate the number of MIS mining rewards N contained in the block of the packaged mining transaction. If the height difference between the block and the previous block containing the mining transaction is y, then N = y * 20.

The MIS mining quantity of this mining transaction is M, then M=Xi/()×N. Among them, X is the ranking of the MIS pledge amount in the block, and those who pledge the same amount of MIS have the same ranking.

Few official pre-mining, while 90% belongs to the community

Based on the official announcement, the distribution of MIS is:

The total amount of MIS is 1 billion, 10% is reserved for early project promotion, the remaining 90% are produced by mining, in which 75% are directly awarded to data providers, 10% to developers, and 5% as reward for arbitration nodes and ecological incentive. The production of mining will be progressively decreased and released with ETH. For some current popular VC-invested projects, institutional holdings hold more than half of blocks and unlock the block every month, which is a huge stress for ordinary pledge users. Many projects also went wrong because institutional investors do not abide by the rules. For MIS, because there is fewer official pre-mining, the selling pressure will be smaller, which is more in line with the value of the blockchain.

The release plan of developer and arbitration node and ecological incentive is as follows:

The release plan of data provider incentive is as follows:

The MIS awarded per block reduces by 10% in every 4 million blocks, and the reward per block at present is 20 MIS.

We can see that the allocation of MIS follows the following principles.

First of all, as MIS is the platform certificate of Themis, it is very reasonable to reserve 10% of MIS for early project promotion.

Secondly, 90% of MIS is produced through sustainable mining. This proportion can motivate contract users and miners to conduct contract mining, truly implementing the spirit of win-win community and token economy.

Finally, among the 90% of MIS, better incentive mechanisms have been adapted, mining reward ratios are subdivided, which can attract more investors to participate in mining.

Reasonable mining mechanism highlights the project value of Themis

Themis, as a public chain that provides a mechanism to solve the problems in Oracle Machine, has a unique charm in the value of MIS.

From the perspective of the number of tokens, the total amount of MIS is 1 billion, and the total mining pool is 900 million. 90% of the tokens are generated by mining, and the mining output gradually decreases its release with the Ethereum block, showing a great potential in its future added value. The earlier you participate in mining, the more profit you can gain.

From the perspective of Themis’s ecological design, Themis is committed to the original intention of building a price oracle. The data provider pays on-chain fees and pledges a certain amount of MIS, and determines the income obtained according to the scale of the pledge; the validator can make profit from challenging the data. Also, any smart contract developer or user need to pay the corresponding fee when calling Themis, and this part of the profit will be distributed to the data provider in proportion. Through this design, a logical closed loop is completed to ensure the healthy operation of the entire ecology and achieve the goal of mutual benefit. In Themis, all parties in the ecology can work together to grow more wealth.

In all, MIS has a huge potential for future development and arbitrage, and of course, a great profit potential as well.

Today, public chains like Themis are not just a technology platform, but also a symbol of future economic operation mode which connect between the blockchain and the real world. Themis, with a fair, justice and open network through mining, is building a strong token ecology, connecting external chain data and the systems, realising data interaction between blockchain and the real world, and more importantly, creating a new mode of token economy.

The recent popularity of DeFi has attracted the public’s attention to oracle machines. Various oracle projects have launched the market, trying to gain some profit out of this concept. Different from other oracle projects in the market, Themis, while emphasizing distribution, introduced random numbers, becoming the most competitive project in the market. Themis is likely to open a new era of oracles, an era of decentralized random oracle machine.

Themis mainly targets scenarios such as random oracles, chain asset oracles, and computational oracles. Whether it is traditional Internet applications or blockchain-based related DApps, Themis can offer credible, verifiable and unpredictable random numbers. Themis has a wide range of applications, especially in the DeFi projects: with Themis's solution, DeFi can better guarantee the security of financial data. In addition, other blockchain projects can also benefit from Themis's VRF mechanism to further expand their territory and provide users with a more secured experience.

Thanks to the several unique core technologies, including random numbers, adopted by Themis in the design, Themis is on its way to revolutionize DeFi and lead the development of blockchain.

Random Number Oracle

Through the random number mechanism, Themis can provide real and effective random numbers, which are widely used in public service, lottery activities, gambling products, decentralized games etc., and can create more DeFi scenarios. The random number mechanism is fair, just and effective, can guarantee the randomness of the product, avoid attacks, and allow users to participate in fair and transparent environment.

Verifiable Hashrate

With computations exceeding the upper limit of in-chain service fee, consuming a lot of computation time, and limited in-chain storage capacity, Themis may put the computation and the computational data out of the chain, and conduct checking computation and recall by recall mechanism by verifiable mechanism, so as to solve these problems.

Multi-asset Quotation

In Themis's ecology, the quotation process of asset prices on the chain is completely open, anyone can become a data provider, and the price and pledge scale are set independently. The more the users pledge, the more rewards they will get.

After data providers use verifiable random function (VRF) to generate verifiable random numbers and introduce the random numbers and Themis (ERC-20) under pledge to smart contracts, data verifiers can verify the random numbers uploaded, and introduce the verification results to arbitration nodes. Then, Arbitration nodes will arbitrate the verification results. If the deviation between the price provided by the data provider and the actual existence is greater than the threshold, the data provider will lose the pledged Themis (ERC-20). This mechanism ensures that the quotation is a fair price in the market.

With this mechanism, Themis can be used in a variety of DeFi products, such as decentralized transaction, self-settled mortgage loan, and products of futures and options, to ensure data security, fairness and justice.

Anti-attack Algorithm

Hacking is undoubtedly a major hidden danger of blockchain applications and platforms. Themis prevents attacks by increasing the cost of the attacker: Firstly, when verifiers challenge the data, they have to pledge certain Themis (ERC-20). After that, they have to leave a new data or asset, which means that, after verifiers challenge, they must leave correct data or lose more Themis (ERC-20). Secondly, in order to increase attackers' cost, the pledge scale for all the verifiers is arranged as follows: if the pledge scale for data providers is n1, then the pledge scale for verifiers is n2=mx1, in which m>1, meaning that verifiers must challenge with at least twice the pledge scale. With continuous challenge, attackers need to pay extremely great cost to distort the market price for a certain period of time. This algorithm can effectively ensure the safety of Themis ecosystem.

Oracle Machine, as a tool that can implement specific algorithms and connect the real world and blockchain, is bound to have great development potential. With its unique core technology, Themis provides an independent decentralized random number oracle solution, which offers a good data security guarantee and more application scenarios for various applications and platforms. We are looking forward to the technology breakthrough and future development of Themis.

Themis Token (MIS) was listed on HBTC today, Token Value Rocketed up by 355.5%!!!!
Have you heard of this project?

https://twitter.com/ThemisOracle/status/1293535336841191425?cxt=HHwWgoCtjaLix_MjAAAA

The rapid development of DeFi triggered the boom of Oracle projects.

DeFi is getting more widely used in the blockchain ecosystem, and is known as the new financial revolution. Recently, the token price of DeFi project has skyrocketed, making DeFi the focus of cryptocurrency field and even the whole blockchain industry.

When we talk about DeFi, we have to mention Oracle machine. Oracle is an implementation mechanism of the interaction between the blockchain and the real world. It establishes a trusted bridging mechanism between the blockchain and the external world, so that external data can enter the blockchain safely and reliably. At present, Oracle machine is widely used in financial derivatives trading platform, lending platform, express tracking / IOT, stable currency, gambling game, insurance, forecasting market and so on, which is an important prerequisite for the rapid development of DeFi project.

The rising market value and lock-up size of DeFi have attracted great public attention, and many start-ups have turned their attention to this field, hoping to gain some profit in this area. At present, blockchain projects exploring Oracle in the market have different features, offering various solutions. Among them, ChainLink, Themis, OracleChain, NEST and Tellor are the leading projects in the Oracle market. How can they win in the fierce market competition? Who will finally stand out and lead the industry?

Who is the best oracle project?

Oracle can provide external data source for the blockchain smart contract, and solve the specific data problem between the blockchain and the real world. When a smart contract on the blockchain has data interaction requirements, Oracle will help the smart contract collect external data outside the chain after receiving the demand, and then send the feedback of the obtained data back to the smart contract after verification. In practical application, the design of Oracle mainly focuses on information confidentiality, integrity and availability.

Generally speaking, all of the Oracle projects aforementioned are decentralized Oracle machines. However, in order to ensure the confidentiality, integrity and availability of Oracle information, different projects adopt different solutions: NEST is a distributed price Oracle network that aims to solve the price chain problem through decentralized incentive scheme; ChainLink is the first decentralized Oracle solution on Ethereum, which is committed to building a high reliability distributed Oracle network; with a different construction mode from ChainLink, Tellor's decentralized Oracle based on POW consensus; OracleChain is the first decentralized Oracle solution on EOS; and Themis, which recently launched in the blockchain market, is an unique project based on Random Oracle.

In terms of data security, in the ecosystem of ChainLink, the quotation node can only become a formal node after assessment. ChainLink will confirm the identity of the node to prevent attacks and use as a constraint on the node. Because the institutional node itself has a high credibility, the reputation cost of series fraud is high, the security of ChainLink is guaranteed. Themis mainly ensures the authenticity and reliability of the data of Themis oracle by setting up data providers, data verifiers and arbitration nodes, and through the corresponding token reward and punishment mechanism; while OracleChain adopts an independent proof of repudiation & deposit mechanism, a reputation system of pawning token reward and punishment mechanism that can rewards data nodes to punish evil nodes, which can be applied in forecasting market platforms, such as Augur, Gnosis, etc.

NEST protocol uses mortgage asset quotation, arbitrage verification, price chain and beta coefficient to ensure the accuracy of the price and protect the system from being attacked. Being a POW Oracle network, Tellor believes that speed is not the core feature of blockchain, and tends to build a network that focuses more on decentralization and provides reliable data query for high-value assets. The combination of the advantages of POW mining and POS pledge provides certain security guarantee and flexible incentive mechanism for Tellor, which has attracted many users.

The above schemes can ensure the security of data to a certain extent. However, with the growth of service business scale, the potential benefits of node forgery is becoming higher, and the security of ChainLink will gradually decrease. Contrary to ChainLink, the security of Tellor’s decentralized Oracle is directly related to the value of its token, TRB. When the market value of TRB is not high enough, it is likely to become a vulnerable target of attacks. Therefore, in the early stage of Tellor, security is at risk. In addition, for financial services which require high price sensitivity, there is a certain price fluctuation risk in extreme cases when NEST price is used.

In contrast, Themis uses multiple token reward and punishment mechanism to increase the attacker's cost, and multiple amplification is used between the new round of pledge scale and the previous round. With the increasing number of rounds of data validation, the token pledged by malicious attackers to maintain their expected malicious price will be higher, and will eventually lose all the pledged assets. After comparison, Themis seems to stand out in the competition of maintaining the security of Oracle data.

How do the Oracle Projects Develop in the Future?

The future development of the Oracle project undoubtedly affects many start-ups. All projects hope to win the competition, lead the trend of Oracle machine, and become the leader of the core reform of DeFi. At present, several mainstream projects in the market still have a lot of room for improvement.

Unlike other mainstream projects that are committed to supporting multiple mainstream public chains, OracleChain is only developed on EOS currently, which will undoubtedly limits its development. For ChainLink, compared with other Oracle projects, its chain aggregation cost is higher with poorer scalability, and the reputation based system is easy to centralize. In this regard, only through liquidity mining to guide liquidity and constantly breakthrough, can ChainLink reach a new height in terms of the number of users, transaction volume, locked assets etc.

As mentioned before, it is difficult for Tellor to provide a separate Oracle service for those DeFi projects with a value of hundreds of millions of dollars due to the lack of market value in the early stage. In order to develop better, Tellor needs to cooperate closely with other encryption projects, or provide services for encryption projects together with other Oracle machines, so as to gradually realize the positive cycle of value growth, enhance its own value, and greatly increase the cost of attack.

NEST can provide good solutions to the price risk problem of DeFi. However, due to the lack of a strong centralized team and the lack of channels and endorsements in the ecological development of the project, NEST will inevitably encounter many obstacles in the future business development. Similar to NEST's ecological construction, Themis also relies on the coin holder community. The total amount of Themis token, MIS, is 1 billion, of which 100 million will be used for early project promotion and exchange for data providers and verifiers to provide and verify data, and the remaining 900 million will be produced by mining, of which 75% will directly reward data providers and verifiers, 10% will reward developers, and 5% will be used as arbitration node awards and ecological incentives. However, Themis has introduced a unique coin-holding ranking method, which well ensures the positive development of the community.

Themis's coin-holding ranking is calculated based on the jumping ranking weighted algorithm, rather than the weighted average of users' coin-holding quantity; users in the best ranking area will get the maximum benefits. This ranking method can avoid MIS being controlled by a few people and avoid monopoly. It provides a good mechanism guarantee for attracting more users to participate in mining. At the same time, it is also conducive to the decentralization of data providers, thus ensuring the decentralization of Oracle system. Themis can bring many opportunities for miners and stimulate the healthy development of its ecosystem. In addition, the random number mechanism introduced by Themis can provide real and effective random numbers, which can serve many DeFi scenarios, including decentralized lottery, decentralized game, decentralized lottery, etc. With Themis’s development momentum, Themis is likely to surpass other developed projects and become the core project in the Oracle field.

In this interconnected era with DeFi projects continue to rise, people begin to pay more attention to data security and authenticity. Oracle solves the problem of data interaction between blockchain, the Internet and the real world, and is the core of blockchain development. We are looking forward to the continuous breakthrough of Oracle technology and the growth of DeFi.

Finance is always one of the most practical application scenarios, and there is no exception in the blockchain industry.

DeFi (Decentralized Finance) is a representative of blockchain finance that mainly refers to decentralized lending, that is, digital currency users can mortgage their digital currency to the DeFi platform to obtain interest, and they can also borrow from the DeFi platform. DeFi is one of the few popular projects in recent years.

When the public chain is still competing with each other in the traditional market, DeFi has already marched marched into the vast potential market. Recently, the scale of DeFi lock up has continued to rise, reaching approximately US$1.23 billion, and the competitiveness has gradually concentrated. According to relevant data, the number of ETH lock up is approximately 3.54 million, accounting for 3.2% of its total supply; while the number of EOS lock up is approximately 82.61 million, accounting for 8.11% of its total supply. In the lock up market, the lock up scale of Maker is approximately US$450 million, with a market share of 37%, which it’s the highest market share rate. The lock up scale of EOS REX comes next with approximately US$230 million, with a market share of 19%; while the lock up scale of Edgeware is approximately US$150 million, with a market share 13%. The other platforms take up the market share of 32%, with the lock up scale of US$390 million.

The development of DeFi is rapid, and the public has paid an increasing attention to DeFi. The internal reason is the rise of financial services with digital currency as the main body with self-controlled private keys, which is also an embodiment of the diverse application ecology. Among them, Oracle plays an indispensable role in DeFi.

In 1939, Alan Turing, the father of computer, put forward the concept of Oracles and hypercomputation in his doctoral dissertation. Oracle machine is more powerful than the Turing machine and can answer some questions that cannot be solved by calculation. Oracle machine is more like a data-based derivation, for example, it can predict questions such as “who will win the presidential election in the future".

As the blockchain technology has entered the era of smart contracts, Oracles also ushered in new opportunities. Blockchain network cannot independently collect external information, and the oracle mechanism is the mechanism by which information outside the blockchain is written into the blockchain, making oracle become the interactive interface between blockchain smart contract and the external world. With Oracles, real-world data can be found and verified, and later be submitted to smart contract in an encrypted manner. Oracle allows certain smart contracts to react to the uncertain external world, and can be simply understood as a pre-processor for external data or a third-party data agent.

Due to the differences in the technologies used by different Oracles, the classification standards vary. Among them, Random Oracle represented by Themis is a rising star with a broader application potential and market prospects from the perspective of technical characteristics and product advantages.

Can Random Oracle Lead the Trend?

With the rapid development of the DeFi industry, Oracle has attracted great interest and popularity. On July 13, the price of Token LINK of the Oracle project ChainLINK reached over US$8, with a 24-hour increase rate of over 30%. Since March 12, the price of Token LINK has increased by over 400%, and its market value has surpassed EOS.

The boom of LINK is inseparable from the prosperity of the DeFi industry. The total market value of DeFi has risen from less than US$10 to US$8 billion in 60 days. Although the rise is partly due to the COVID epidemic and the weakening global economic situation, it is certain that DeFi has come to its time, and the industry explosion of oracle, the core of DeFi, is inevitable.

It is worth mentioning that Oracle has a far greater potential. In addition to DeFi, Oracle can be applied in many other practical scenarios where blockchain applications need to interact with off-chain data. Base on the difference of Oracle project technology, the application prospect of Random Oracle is the most promising.

The traditional random number generation method is centralized, and the specific value of the random number is related to the physical state of the specific machine. The random number on the blockchain needs to be distributed, yet VRF requires randomness, making the two hard to integrate. To solve this problem, Random Oracle came into being.

In addition to the combination of mainstream public chains, DeFi and Random Oracles, Themis mainly focuses on random number oracle, in-chain asset price oracle, computational oracle and other application scenes, including letting cryptocurrency be precisely linked to legal tender; pricing a package of tokenized assets or securities; incorporating interest rates into smart financial derivative contracts; event trigger based on precise SI (International System of Units) time measurement; working as a weather forecast based insurance fee calculator; predicting market trends and sports betting-related contracts; interoperable functions; gas price predictors etc.

In the market of finance, insurance, betting, and the Internet of Things etc that concerns trillions of dollars, Themis can play an important role.

Insurance: Users purchase aviation delay insurance, crop insurance and other insurance on the insurance platform and Themis can introduce external data sources for such events, so that smart contracts can make decisions about whether to settle insurance products according to the agreement.

Gambling: Ensure the fairness, real-time and safe payment of the games through smart contracts, which is more of advantages compared with traditional centralized casinos. The most important thing for non-centralized casino applications is the unpredictable and verifiable random number input. In this field, Themis is highly integrated with the application scenarios.

Internet of Things: A blockchain-based Internet of Things application can transmit off-chain sensor information to the blockchain through Themis, allowing the smart contract to trigger the next action after verification.

Financial lending: Financial lending allows users to mortgage crypto assets to borrow fiat currency or other encrypted assets. The platform can use Themis to monitor the margin ratio of the collateral, and will issue a warning and trigger the liquidation process when the margin is insufficient. At the same time, Themis can import the credit rating of the borrowers to the system to determine the corresponding loan interest rate.

In all, it is obvious that with the maturity of the technology and products in the field of Random Oracles and the full opening of the commercial market, Themis will achieve a rapid development, and its business layout is expected to grow exponentially.

How Can a Project Stand out in the Competitive Oracle Market?

At present, of all the oracle projects in the market, ChainLink, Oraclize, Themis, DOS Network, and OracleChain are the more mainstream ones.

ChainLink is committed to building a highly reliable distributed oracle network; Oraclize is a centralized oracle with proof of authenticity and it currently supports multiple platforms such as Ethereum, Rootstock, R3 Corda, Hyperledger Fabric and EOS; OracleChain is a decentralized oracle platform based on the EOS platform for the EOS ecosystem; while DOS Network is a decentralized oracle service network that supports multiple mainstream public chains. Unlike all the above projects, Themis is one of the few oracle service networks based on Random Oracles.

In terms of technical implementation, the design of the oracle in practical applications always focuses on three elements: Integrity, Confidentiality, and Availability. Integrity means that the information is complete, accurate and reliable, and has not been destroyed or tampered with intentionally or unintentionally. Confidentiality means that the content requested by the smart contract from the oracle machine will not be leaked. Availability means that when data is retrieved through the oracle, the required information can be obtained in time, including the realization of censorship-resistance.

In general, in order to take into account of all the above three elements, each oracle project adopts different technical implementation strategies. ChainLink's plan is to combine reputation contracts, order matching contracts and aggregation contracts; DOS Network uses verifiable random equations and threshold passwords; while Themis introduced verifiable random function (VRF).

Technology is to serve different scenarios. As we can see in the market, most of the current mainstream public chain projects have adopted the technical solution strategy of PoS+BFT+VRF. The expansion of the public chain has reached the bottleneck, and DeFi has greatly helped public chain keep its vitality and maintain the flow of funds.

With the further opening of the DeFi market, the demand for Oracles in the financial, gambling, and Internet of Things markets will continue to increase. Making good use of Verifiable Random Function (VRF), Themis can integrate better with the technical equipment and engineering implementation, and meet most of the mainstream commercial needs. It is expected that the Random Oracle represented by Themis will welcome its boom in the near future.

On February 16, 2020, on the Ethereum block height 9484688, the DeFi protocol bZx was attacked. The attacker manipulated the price of tokens on multiple DeFi projects to achieve an arbitrage of $360,000 within 15 seconds. On February 18, 2020, bZx was attacked again at the Ethereum block height of 9504627. When bZx shut down the Fulcrum platform for maintenance, the attacker used Synthetix to conduct transactions and finally received $644,000 in revenue. These incidents shocked the entire DeFi industry, as all the operations of the attacker were not technically difficult, and they just took advantage of the DeFi products, with the loopholes of bZx’s Rule.

From various subsequent technical analysis, it is obvious that one of the reasons of the successful attacks was bZx's own product vulnerabilities; while another vital reason was the loophole of Oracle, an important DeFi infrastructure. bZx is a margin trading protocol and users can pledge one currency as a margin and lend another currency under a certain leverage, with the exchange rate provided by an oracle. Before the incident, the Oracle of bZx was using was provided by Kyber, a decentralized automated exchange. However, in the case of insufficient funds, the exchange price is easy to be manipulated in the decentralized exchange based on AMM; and the attacker of this incident manipulated the relative price of WBTC to ETH through the Uniswap exchange pool integrated by Kyber.

From October to November 2018, after the EOS ecosystem undertook the Ethereum Fomo3D game, various Dice projects started to launch in the market. However, stolen coin incidents also occurred frequently due to random number problems. Through detailed analysis, it is found that at present, neither Ethereum nor EOS has officially provided any random number interface regarding the development of lottery module. Developers need to write random number generation functions which often use blockchain information as parameters and obtain a random number after a series of calculations. However, as blockchain projects are basically open-sourced, and most random number functions use blockchain information as parameters, in the same block, random functions using the same algorithm will always get the same results, making attackers easily deploy an intermediate contract and keep generating random numbers until they get a satisfactory random number, and later gain revenue through the intermediate contract.

As an important infrastructure connecting the real world and the encrypted world, Themis Oracle mainly targets scenarios such as Random Oracle, on-chain asset oracles, and computational oracle verifiable computing. Themis Protocol is a distributed oracle protocol that includes modules such as how to become a data provider, data identification verification, anti-attack algorithm, verifiable random function VRF, and arbitration protocol.

In terms of Random Oracle, Themis mainly uses VRF (verifiable random function) to conduct result output:
The data provider uses VRF to generate a random number, and sends the random number result together with the pledged Themis native token to the smart contract. From the time the data is submitted to the oracle, the verification period for any data submission is limited. After the verification period, data that has not been challenged is called an effective data. Within the validity period of the data, it is scheduled by time, and after it is used up, subsequent requests will be rejected. For the data provided by the data provider, the validators can randomly verify and pass the result to the arbitration node. The arbitration node will execute arbitration on the verification result. If it passes, it will become the final oracle output result. If it fails, the result will be removed and the Themis native token pledged by the data provider will be taken away and used as a reward for data validators and arbitration nodes. If the data provided by the data provider becomes the Themis Oracle output result after the verifications, they will be awarded the native token of Themis.

Regarding the working principle of VRF, it can be understood as a hash function combined with asymmetric key technology. Conventional hash functions, such as SHA256, will obtain a 256-bit binary number by performing functional operations on the data to verify whether the data are equal. But for an ideal hash function, its value range should be discrete and uniformly distributed. Given different input values, its output value should be irregular and randomly distributed in the range of the value range.
At the same time, there is a simple variant of hash function, that is, the hash function combined with secret key, such as result = SHA256 (secret, info). In this function, in order to receive the result, knowing info only is not enough, you must know the secret before calculating the final result.
VRF (Verifiable Random Function) is a hash function combined with asymmetric key technology, such as result = VRF_Hash (SK, info), in which SK is a private key that is kept secret, while PK paired with SK is a public key and needs to be disclosed to the validators.
The specific operation process is as follows:

1. The data provider generates a pair of keys, PK and SK;
2. The data provider calculates result = VRF_Hash (SK, info);
3. The data provider calculates proof = VRF_Proof (SK, info);
4. The data provider submits the result and proof to the data validator;
5. The data provider submits PK and info to the data validator;
6. The data validator verify result = VRF_P2H (proof), if it is established, continue with the following steps, otherwise stop;
7. The data validator calculates True/False = VRF_Verify(PK, info, proof), True means the verification passed, False means the verification failed.

The so-called verification passed refers to whether the proof is generated through info, and whether the result can be calculated through the proof, so as to deduce whether the info and result correspond to a match, and whether there is a problem with the data provided by the data provider. In the entire process, the provider never discloses his private key SK, but the validator can deduce whether info and result match.
In view of the fact that effective random number generation cannot be performed on the blockchain at present, Themis Oracle, which focuses on random number, will provide external data support for various DApps developed based on random numbers, securing the core algorithm mechanism of such DApps.
In terms of asset prices on the chain, Themis has designed a complete mechanism to ensure the authenticity of the final price of the Oracle:

1. The data provider mechanism. Anyone in the Themis ecosystem can become data provider, and the price and pledge scale are set by themselves. But the data provider needs to pledge Themis native tokens to the smart contract while submitting the asset price. Any validator who thinks that the price is problematic can raise their doubts. If any verifier considers such price as questionable, it can identify such price. Afterwards, arbitration node will execute arbitration, determine the offer time according to the block of offer, and inquire the true price of current head exchange at such time. If the difference between the price provided by the data provider and the true price is greater than the threshold value, the data provider will lose the Themis (ERC-20) under pledge, which will be used as ecological rewards. If a malicious data provider wishes to influence the final Oracle output by taking advantage of the identity, he will need to use various data provider identities and pledge a large number of native tokens for manipulation. Thanks to the data validators and arbitration nodes, the malicious data provider will lose all the pledged native tokens and the submitted false price information.

2. Data validators mechanism. For the data provided by any bidder, the validator can question and submit it to arbitration. In order to improve Themis’s pricing efficiency and punish malicious validators, Themis Protocol requires all validator to pledge the original token and provide a new price and asset when raising doubts. Meanwhile, in order to amplify the cost of the attacker, the staking scale of all validators and that of the previous round are amplified by a multiple. The multiple is usually a fixed constant, but it can be adjusted by the Themis ecosystem according to the actual operation. Taking a multiple of 2 for example, the initial data provider pledged the asset size n1, then the verifier who questioned the price needs to pledge n2=2n1, and the number will become n3=2n2=4n1 if the price is questioned again. This means, the price for malicious validator to maintain their desired malicious price will become higher as the number of challenge rounds increase, leading to them losing all pledged assets. Through this mechanism, the validator will either contribute to the correct data or lose an increasing number of pledged native tokens after questioning. It is inevitable that there will be other verifiers on the market for interest arbitrage and data correction.

Token Economy

Themis ensures that the data of Themis Oracle is authentic and reliable by setting up data providers, data validators and arbitration nodes, and through the corresponding token reward and punishment mechanism. MIS is the native token of Themis Protocol, which is mainly used as asset pledge and incentive for data providers and verifiers to provide and verify data in the ecosystem. It is also an asset paid by external data callers to retrieve Themis Oracle data. The profit will be proportionally distributed to data providers.
The total amount of MIS is 1 billion, of which 10% is for preliminary project promotion. The remaining 90% are produced by mining; to be more specific, 75% are directly awarded to data providers, 10% to developers, and 5% as reward for arbitration nodes and ecological incentive. The production of mining will be decreased and released with ETH block. In the meantime, Themis designed an accumulation reward mechanism: the arbitration node will randomly select some of the proposals as the incorrect data offered by data providers. When a validator challenges the data, the system will not punish the data providers, and accumulation award will be triggered to reward the data validators.

Mining economy

90% of the total MIS is produced by mining, 75% is obtained by data providers and data validators, 10% is awarded to developers, and 5% is used as arbitration node rewards and ecological incentives. All 1051499 block from the Ethereum was officially opened. The initial reward for developers and arbitration nodes and ecological incentives is 25MIS/block, and the initial reward for data providers and data verifiers is 20MIS/block.

Every 4 million blocks, the MIS awarded per block reduces by 10%. The reward per block at present is 20 MIS.

Miners acquire MIS by providing verifiable random number or offering the price of in-chain assets. Whenever miners call mining contracts, the system will charge no service fee (excluding the service fee of ETH). Miners need to pledge certain amount of, at least 100, MIS whenever calling the contract.

The computation of MIS mining quantity of miners’ every mining transaction:

At first, the number of MIS mining reward N included in the block of package mining transaction shall be worked out. If the height difference of such block from the last block including mining transaction is y, then: N=y×20

It means that, if no mining transaction occurs within a certain period of time, the first new block including mining transaction will acquire all the MIS rewards before.

In such way, miners will be motivated to keep mining, so as to maintain the stability of Themis ecology.

In which, X is the rank of MIS pledge quantity in such block. People holding the same quantity of MIS rank the same.

Assume that there are 12 mining transactions in a block, the rank according to the MIS under pledge of every transaction is:

Coin-holding ranking is based on jumping ranking weighting algorithm other than the weighted average of users’ coin-holding quantity, with the purpose of avoiding MIS from controlled by the minority, monopoly, and breaking up major clients, as well as realizing community win-win of Themis with best efforts.

Users ranking in the best ranking area will acquire the most benefits, which provides good mechanism guarantee to attract more users to participate in mining. Meanwhile, it is good for making data providers more scattered, so as to ensure the decentralization of oracle system.

Themis, originated from Greek mythology just like Oracle, symbolises the Goddess of Justice. It mainly focuses on random number oracle, in-chain asset price oracle, computational oracle and other application scenes, which aims to provide a fair, accurate and timely data services for smart contracts on the chain. With Themis being the intermediary for Internet and blockchain to process data, smart contracts can connect to out-of-chain data and systems to realize data interaction between the blockchain world and the real world.

In the white paper, Themis-Protocol is proposed. Themis-Protocol contains the provider of data, identification verification, preventing attack algorithm, verifiable random function VRF, arbitration protocol and other modules, which can guide all ecological participants to provide authentic and credible data through the mining mechanism as well as the reward and punishment mechanism.

Both Themis data providers and validators need to pledge Themis tokens to be qualified for participation. Data providers use verifiable random function (VRF) to generate verifiable random numbers, and introduce the random numbers and Themis (ERC-20) under pledge to smart contracts. Data verifiers can verify the random numbers uploaded, and introduce the verification results to arbitration nodes. Arbitration nodes arbitrate the verification results. If it is proved that the random numbers uploaded fail to pass the verification, data uploaders will regard the Themis (ERC-20) pledged by such transaction as the reward and distribute it to data verifiers and arbitration nodes. If the data provided by data providers is out of question, the Themis (ERC-20) got will be regarded as the reward of data provision, and the Themis (ERC-20) under pledge will also be returned to data providers after a certain period of time.

MIS, the native token of Themis Protocol, can be used as asset pledge and incentives for data providers and verifiers to provide and verify data in the ecosystem. It is also an asset paid by external data callers when they retrieve Themis oracle data. The total amount of MIS is 1 billion, of which 100 million will be used for early project promotion and exchange for data providers and validators for data provision and verification. The remaining 900 million will be produced by mining, of which 75% will directly reward data providers and Validators, 10% reward developers, 5% as arbitration node rewards and ecological incentives.

Themis Token is named as MIS with the total amount of one billion. It is expected to use 10% for preliminary project promotion. The remaining 90% are produced by mining, in which 75% are directly awarded to data providers, 10% to developers, and 5% as reward for arbitration nodes and ecological incentive. The production of mining will be progressively decreased and released with ETH block. Miners acquire MIS by providing verifiable random number or offering the price of in-chain assets. Whenever miners call mining contracts, the system will charge no service fee (excluding the service fee of ETH). Miners need to pledge certain amount of, at least 100, MIS whenever calling the contract.

In addition, if there are no mining transactions for a period of time, the first new block including mining transaction will acquire all the MIS rewards before. In such way, miners will be motivated to keep mining, so as to maintain the stability of Themis ecology. The MIS mining quantity of such mining transaction is M: M=X_i/(x_1+x_2+x_3+⋯+x_n )×N. In which, X is the rank of MIS pledge quantity in such block. People holding the same quantity of MIS rank the same.

Coin-holding ranking is based on jumping ranking weighting algorithm other than the weighted average of users' coin-holding quantity, with the purpose of avoiding MIS from controlled by the minority, monopoly, and breaking up major clients, as well as realizing community win-win of Themis with best efforts. Users ranking in the best ranking area will acquire the most benefits, which provides good mechanism guarantee to attract more users to participate in mining. Meanwhile, it is good for making data providers more scattered, so as to ensure the decentralization of oracle system.

With the continuous improvement of the blockchain network and the continuous development blockchain technology application, optimized Oracle structures will likely to jointly build a more practical and easier-to-use blockchain infrastructure, allowing more convenient and simpler communication. At present, traditional Internet-related applications themselves lack trust in centralized servers and opaque algorithms, and blockchain-based related applications are also vulnerable to attacks because they cannot generate secure random numbers on closed chains. To solve these problems, Themis can provide an independent and non-application decentralized random number oracle solution. Both traditional Internet applications and blockchain-based related DApps can obtain credible, verifiable and unpredictable random functions through Themis.

With DeFi projects on the rise, Oracle has been a hot investment destination recently. Themis, the Goddess of Justice, aiming to provide new solutions for Oracle and further promote the development of DeFi projects, is definitely worthy of our attention.