How does Themis provide a new solution for Oracle?

[Jacob678]

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.