NEST Protocol (NEST) - a decentralized price oracle based on Ethereum.

[NEST_Fan]

2020.8.14–2020.8.21 Nest Weekly Revenue:
Total income of NEST system this week: 2267.6961ETH

System income savings contract: 353.5392ETH

NEST holder income #distribution: 1914.1569 ETH

One million NEST holds income: 1.16416 ETH

[NEST_Fan]

Is it possible to “misappropriate” NEST oracle prices?

“Several questions about the price of the NEST oracle machine”
Some people recently mentioned that the price of the NEST oracle machine may be replicated, which makes it impossible to charge. We think that this kind of doubt is not true, because there are various problems with these replication methods, and NEST can govern the behavior of these replications through a number of ways.
There are two main methods of these replications. One is technical replication, which reads data off-chain and then verifies on-chain to ensure that it comes from the NEST oracle machine. The other is shared use, through a shared contract, anyone calls NEST after the oracle machine, copies the price data to the contract for others to use for free. There is another category that requires centralized institutions to trigger or upload prices (guarantee that prices are real and effective), because there is a centralization risk and not in our discussion, we only consider two decentralized options:
Option 1: off-chain reading , On-chain verification.
This method uses the verification relationship of the data on the Ethereum chain. In principle, the NEST price that has been in effect can be obtained, and then it is verified on the Ethereum chain that the price is indeed generated by the NEST oracle, so that it can be used by DeFi. This method has the following fatal problems:
1) The cost of verifying data in this way is extremely high. Taking the current network as an example, only one data needs to be verified to be close to 0.01 ETH, while the NEST oracle call only requires 0.001 ETH (tentative). If the NEST contract slightly modifies the data structure, such as storing price data in two units, the cost of this method will double to 0.02 ETH (more extreme modifications will make the verification cost exceed the block gas upper limit and become Impossible) For DeFi users, “misappropriate” in this way is meaningless NEST prices.
2) In order to match the “misappropriated” price, the downstream DeFi will be designed into a new structure. Split the interaction that was originally completed in one step into two steps: get the data on the chain first, then upload it to ETH for verification, and trigger the contract interaction at the same time, which prevents DeFi from obtaining dynamic real-time prices, so rules must be formulated in which price can be used and which price can’t be used for this DeFi interaction. There are two problems with this type of rule making: Either it is easy to fail the transaction due to accidents such as process delays or a price range is set, such as the price in the last 5 blocks can trigger the contract, resulting in stable arbitrage, Both cases completely destroy the continuity of DeFi.
3) The price is not an isolated point, but a time series. In this way, barely obtained a verifiable single-point price data, but It can not get statistics such as average price and volatility in a transaction, and these are indispensable for many DeFi, so this “misappropriation” does not meet the needs of financial product design.
Option 2: Copy the shared contract.
Do not consider centralized sharing: A specific institution calls the NEST price and then copies it into the contract and then reduces the fee or free for everyone to use. This method is very risky. Once the uploader has an accident or subjective maliciousness, It is a fatal attack to downstream DeFi, which is why the oracle must be distributed, because there is no longer a single point of risk and trust risk.
Distributed shared contract replication, mainly on-chain call replication, and off-chain misappropriation replication in, are described separately:
1) On-chain call replication: design such a contract in which the caller copies the price of his own call to the shared contract It is free for others to use. If each participant does so, the participant who invokes the price can use the following logic to reduce the NEST fee: first check whether the shared contract has a price that meets their needs (such as the price corresponding to the latest block), if so, it is free use; if not, call the NEST price and copy to the shared contract (you can also call directly through the shared contract).
This method makes the cost of each call less than or equal to the NEST charge. If all DeFi is realized through a shared contract, it will result in only one charge for each price of NEST. On the basis of this scheme, there is a more dynamic replication scheme, which through a provided price mapping entry and then users can dynamically generate a price replication shared contract at any time to call the NEST price if necessary, so that no matter what the following contract appears, the problem is that the mapping contract cannot be blocked. As long as there is a contract below (the user can generate it when the price is needed), the price can be continuously copied.
NEST’s response to this solution: First increase the verification mechanism. downstream DeFi to call the price, they must destroy or mortgage several NEST, and after this operation is completed activate the oracle machine within X days. Secondly, set up a blacklist mechanism, as long as there is any copy, piracy uses NEST price contracts or shared contracts, which can be banned through the NEST voting system.
Since the downstream of these contracts are DeFi applications, once the shared contract or the downstream DeFi contract is disabled, it will have a huge impact on the assets and contract services in the contract, so that the entire DeFi needs to re-introduce a new oracle machine (and NEST has time to take effect, so It is impossible to quickly access the new NEST price), which is almost fatal for unmanaged DeFi (without considering any centralized price source). For users who copy the NEST price through mapping, in order to maintain the continuity of the price, they must continuously generate a copy contract, which will cause the copy cost to be much higher than the direct call cost (need to destroy NEST and time cost), and the user cannot complete it spontaneously in this operation.

[NEST_Fan]

dForceNetwork and NEST Oracle reached a strategic cooperation

We are pleased to announce that we will reach a long-term strategic partnership with dForce.
dForce will integrate NEST oracle as one of the price data sources of the core agreement in the dForce ecosystem. Access to NEST will further enhance the diversification of dForce oracles, and at the same time enable the price data of various protocols in the dForce ecosystem to be more decentralized.
Empower an open financial system
Smart contracts are largely limited by data on the chain, and the disconnection with external data interactions prevents developers from building truly decentralized applications. Through the integration with NEST, we can connect real-world data with the dForce ecosystem in a non-trusted way, providing necessary infrastructure services for developers to build related open financial protocols, greatly expanding open finance Application scenarios of the solution.
About the NEST
NEST is a distributed price oracle machine that solves the problem of price chaining through decentralized incentive solutions. NEST adopts the market game theory to simultaneously generate the price facts of the off-chain market on the chain through miners’ quotation, and combined with the NEST mining mechanism to incentivize quotation miners, making it a logical closed-loop distributed quotation system. Synchronously generate off-chain price facts on the chain to form NEST oracle price data.
About dForce Open Finance Protocol Matrix
dForce is committed to building an integrated and interoperable open financial protocol and currency protocol matrix, including asset protocol (USDx, GOLDx, dToken), liquidity protocol (flash swap, aggregator), lending protocol (open, hybrid ) To form intercommunication and synergy at the level of liquidity and assets. As an application token, dForce token (DF) will be widely used in dForce’s network governance, risk buffer and incentive mechanism. Our team includes elites from Wall Street’s top investment banks and private equity funds (Goldman Sachs, Standard Chartered, Hony Capital) and early participants in the digital currency industry. Investors include CMB International, Multicoin Capital and Huobi Capital.

[NEST_Fan]

NEST 3.0 was launched onJuly. So far, the #NEST oracle is officially open to public.

The #DEFI that used NEST oracles include: The Force Protocol, #CofiX Protocol, #DForce Protocol, and the stable currency protocol and mortgage loan protocol in the NEST developer community

[NEST_Fan]

💡Notice about Upgrade NToken Oracle Quote contract
Upgrade Time: 12:00 August 31, 2020
Upgrade content: Solve MX Token
(0x11eef04c884e24d9b7b4760e7476d06ddf797f36) .
Token quotation compatibility issues that did not implement the standard ERC20
Notice:
1. Do not quote MX Token before the upgrade.
2. NToken oracle quotation miners need to change the new quotation contract address after upgrading.
3. It is necessary to verify whether it is a standard ERC20 before auctioning or quoting the oracle Token.
4. The new NToken oracle quotation contract address will be announced before the upgrade.
NestCore
2020.08.27

[NEST_Fan]

The latest version of @HuobiWallet adds support for one-stop services such as $NEST Token transfer, storage  and ETH income collectionRaising hands

Huobi Wallet is a professional Multi-chain light wallet.

NEST is a decentralized price oracle based on Ethereum.

[NEST_Fan]

$NEST Korean Community was Created


https://t.me/nestkorea

Welcome to Join Korean Community

한인 커뮤니티에 오신 것을 환영합니다

NEST #protocol is a distributed price #oracle network that solves the problem of price on-chain through a #decentralized incentive scheme. #DeFI



https://t.me/nestkorea

[NEST_Fan]

AMA announcement:

Dsdaq & Nest Partnership will hold AMA

Time : Wednesday, Sept 2nd, 10 PM HKT(UTC+8)
Place: https://[Suspicious link removed]/3gR7FvU

Don't miss out and come join with us

[NEST_Fan]

Receive NEST system Income method (Choose any of those)
1. Exchanges such as Huobi, Hobbit, and Bibox that can support agent collection. The currency is placed in the currency asset, and ETH proceeds will be automatically airdropped every week. The release time of each exchange is different, and the follow the exchange announcement
2. It can be received manually through NEST DAPP, operation tutorial:
 https://www.nestfans.com/topics/335
3. It can be collected manually through Huobi Wallet.

[NEST_Fan]

NestCore: NEST v3.5 Developer Program
NEST Protocol v3.5 version development plan:

Intensive optimization of the overall gas consumption of the NEST system, to reduce the operating cost of each link of the NEST system;

Refactor the code of NEST Protocol to improve the security and stability of the NEST system;

Cancel the distribution of 5% mining income to NestCore. This part of NEST Token is used to motivate the callers of the NEST price oracle, and the distribution of the motivation will be in the form of random release (tentative);

To solve the problem that the excessive gasprice causes the increase of mining costs and the decrease of NEST yield rate, consider charging the quotation fee based on gasprice (tentative);

Modify the income collection mechanism of the NEST system and adopt the net value model (tentative);

After the stable operation of NEST V3.5 for a period of time, the NestCore permission wll be removed. Then NEST Protocol wll enter the NEST DAO era, and the system will be upgraded through NEST voting.

NEST V3.5 version development cycle: 2020.09 ~ 2020.11

For more NEST development trends, please follow the NEST Protocol GitHub announcement.

NestCore team

2020.09.04

[NEST_Fan]

NEST Protocol: Permissionless System of Price Oracles:

https://medium.com/@fan_nest/nest-protocol-permissionless-system-of-price-oracles-ee86e827220

[NEST_Fan]

CoFi: Computable Finance
The public blockchain chain eliminates credit risk, the NEST oracle brings a quantifiable information source on the chain and computable financial products can be designed

[NEST_Fan]

NEST Developer:

Announcement on Modify NEST #Oracle Price Parameters:

Increased the Transfer fee for #ETH/USDT and #HBTC/ETH price

https://github.com/NEST-Protocol/NEST-announcement/blob/master/24_ChangeParameters.md

[NEST_Fan]

1. Flash Swap Agreement
2. Stable Coin Agreement
3. Loan Agreement
Inject the external value into the NEST Oracle.
When external benefits> quotation system loss, the entire system is making money, and the value will naturally rise

[NEST_Fan]

2020.9.04–2020.9.11 NEST Weekly Revenue:

Total income of NEST system this week: 1048.6491 ETH

System income savings contract: 109.7298ETH

NEST holder income #distribution: 936.91936ETH

One million NEST holds income: 0.62169 ETH

[NEST_Fan]

NEST Lists Oracle pair for YFI
Starting today, all users will be able to begin quote mining for nYFI, to create a global price variable for the YFI/ETH trading pair.

There is now an official YFI/ETH pair on NEST where the users can participate in quote mining to earn nYFI tokens. Quote mining is a form of liquidity mining, where participants stake the assets with a quoted price (in this case, YFI and ETH) in Nest’s smart contract for 25 blocks on the Ethereum network (about five minutes) to earn corresponding nTokens(nYFI).

NEST is a Protocol designed to create an permissionless system of Price Oracles

This campaign is to promote the new YFI/ETH global price oracle. Read to learn about NEST Protocol here: (link to NEST introduction blog)

How are price oracles created?

Any ERC20 tokens can create a global price oracle with NEST. Anyone can create a price oracle with a bidding contract and staking NEST. Once a price oracle is initialized, miners and verifiers are rewarded with nTokens and ETH for participating in the network.

Taking YFI for example, a user would:

Create an auction contract for YFI price oracle through NEST DAPP.
Once approved, a quote mining becomes available for YFI price oracle.
Now anyone can participate in quote mining by staking a pool of YFI/ETH. Participants are rewarded with nYFI tokens.

What do participants of the network receive?

Miners are rewarded with newly minted nYFI
nYFI holders are rewarded with ETH the network accrues on a weekly basis
Token holders can participate in network governance
Read more about nYFI token in detail here: https://medium.com/nest-consensus-labs/nyfi-price-oracle-for-yfi-tokens-on-the-nest-protocol-f40473d536de

[NEST_Fan]

What is an Oracle
Most Decentralized Finance (DeFi) protocols depend on data input outside ethereum, such as ETH/USDT price for lending. A protocol which provides the data on ethereum is called Oracle.
The Challenge of Oracles
The finance dapps build on ethereum are growing fast, the lending asset on ethereum dapps are 1.5 billion USD right now, and liquidation of those assets as highly depends on the price provided by the oracles, so the price from the oracle is becoming more and more important.
Currently, most of the oracles solutions are built on multi-node input, where the nodes are permissioned to join the oracle network and the dapps built on those oracles should trust the node’s ouput.
But due to low transaction volume, the pricing data can be easily manipulated and be susceptible to attack. This problem has been exploited in the bZx and Synthetix oracle attacks, and it won’t be the last.
So the market needs a new permissioinless decentralized oracle solution, which is hard to be manipulated — NEST protocol.

[NEST_Fan]

NEST Oracle are currently support:

$HBTC $DAI $HT $WBTC $YFI $renBTC $HUSD $YFII $MRK $LINK $imBTC $ant $KNC $USDC $LEND $OKB $TUSD $REN $COMP $MANA $HPT $PAX $LRC $BAT $ZRX $BAL $MX $SNX $BIX $KEY $AMPL

[NEST_Fan]

Increase the scale of NEST oracle quotation assets

Modify content
Adjustment to ETH/USDT quote track:
The minimum quotation ETH asset scale was changed from 10ETH to 30ETH

The scale of the quoted asset scale was changed from 10ETH to 30ETH

The minimum asset size for order taking is changed from 10ETH to 30ETH

Quotation deviation penalty changed from 100ETH to 300ETH

Cancel the one-thousandth fee for taking orders, from one-thousandth to zero

Adjustment of nToken quotation track:
The size of the quotation is still 10 ETH to start, prepare for a period of buffer period for community miners, and then it will be adjusted to 30 ETH

Cancel the one-thousandth fee for taking orders, from one-thousandth to zero

Quotation miners prepare in advance

NestCore team

2020.09.17

[NEST_Fan]

2020.9.11-9.18 NEST Weekly Revenue:

Total income of NEST system this week: 849.984 #ETH

System income savings contract: 84.9984ETH

NEST holder income #distribution: 764.9857.3145 ETH

One million NEST holds income: 0.44977 ETH