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Da Hongfei shares built-in oracle perspective following Drake & Buterin discussion on Eth2 proposal

Neo co-founder, Da Hongfei, recently shared a series of tweets on the topic of Neo3’s built-in oracle service, currently under development. Da’s perspective was prompted by a recent discussion between Justin Drake, Vitalik Buterin, and others in the Ethereum community on a proposal for enshrined price feeds in Eth2.

Eth2 price feed proposal

The proposal by Drake suggested the addition of a simple price feed to the beacon chain of Eth2, tracking current exchange rates for a limited number of assets, namely, the fiat currencies USD, EUR, CNY, JPY, and GBP.

This service was intended to provide a reference value for other decentralized oracles that can offer finer granularity than the native price feed, functioning as a public service available for use on Eth1, Eth2, other blockchains, or even off-chain applications.

Although Drake’s proposal is limited in scope, dealing only with current prices for a small number of key assets, the underlying logic essentially amounts to a native Layer1 oracle service, operated by the validators on the Eth2 beacon chain. The beacon chain is responsible for managing Eth2’s Proof-of-Stake protocol and coordinates between shards.

Neo3 oracles

The proposal bears similarity to Neo’s endeavour to provide a built-in oracle service on Neo3, powered by the network’s validators as the source of trust. Neo’s oracles would act as a public utility by encapsulating key information from the Internet onto the blockchain for any applications that wish to make use of it.

However, as Da explains, the Neo3 oracle service will leverage dBFT to provide other unique advantages, and is designed for general applicability:

“Neo’s oracle is the only synchronous oracle design in current blockchain field. User request and Oracle response is atomic in nature, completed within a single block. This synchronous data fetching process optimizes times, network traffic and chain sto...
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