Ares Protocol has completed its first milestone
Ares protocol is a decentralised cross-chain oracle service protocol in the Polkadot ecosystem, a new generation of oracle service protocol that implements verification on the data chain, and It opens up compensation channels for data users when they suffer business losses due to the use of oracle data. As an infrastructure builder connecting the real world and the blockchain network, facing the grand vision of the WEB3.0 era, it provides safe and reliable data services for multiple-chain interconnection and the development of the digital economy.
At first Ares protocol intended to be deployed on Ethereum. Due to Ethereum gas fee, it is difficult to build complex applications and some problems with transaction delays. It need to to find other platforms to deploy. Because Substrate can be chained with one-click, Polkadot’s blockchain architecture began to be reevaluated , and the Substrate can be customised on the blockchain and can construct out a low-gas-cost blockchain, by combining Babe and off-chain workers so that nodes can easily obtain the price of the oracle, and keep the price of the oracle machine on the chain in real time.
The Oracle serves as a bridge between the real world below the chain and the assets on the chain. It can provide on-chain random numbers for NFT and games to use, provide high quality price feeding for DEFI’s lending, AMM DEX, synthetic assets, stablecoin for asset pricing and clearing, real off-chain data enabling insurance providing, DID, IOT devices and forecast markets.
In Milestone 1 , an oracle framework based on the Substrate have been implemented. It brings off-chain prices to the chain.
The link on Github is https://github.com/aresprotocols/ares-module.
There are 4 main modules.
- the exchange price of aggregation (coded withJava)
- price-feeding procedure (coded with NodeJs)
- Front-end interaction (PolkadotJS )
- Oracle protocol (built by Substrate) which contains two pallets, one is based on the event listeners oracle request event module, and the other is the price-feeding system based on substrate unique Off-chain Worker.
It can be divided into the following 5 parts:
1. Registration and unregistration of validator aggregators
2. Request for data and return of off-chain prices
3. On-chain price aggregation
4. How to get the price with off-chain workers
5. How does the Oracle interact with Polkadot JS
As we worked on the Oracle, we learned more about the implementation details of oracles and learned the advantages of some of the projects on the market. In the future we will achieve:
XCOC, a cross-chain interoperation protocol between parallel chains,
Deep integration of Babe and Off-chain workers for randomness and off-chain data access.
Access control between the INK WASM contract and the ARES price pallet
On-chain verification based on on-chain governance of reputation values.
Interested readers can watch our Demo to know how it works.
Web3 Foundation funds research and development teams building the technology stack of the decentralized web. It was established in Zug, Switzerland by Ethereum co-founder and former chief technology officer Dr. Gavin Wood. Polkadot is the Foundation’s flagship project.
Polkadot is a scalable sharded chain and the first protocol that provides a secure environment for cross-chain composability across multiple shards. Polkadot also introduces a highly advanced, open governance system that will milestone
allow the network to innovate and grow at a much more rapid pace than legacy networks. Applications from DeFi to energy to gaming will thrive on Polkadot, challenging the centralized platforms of Web 2.0.
Learn more about Web3 Foundation by visiting their [website](https://web3.foundation/).
To follow the latest developments at Web3 Foundation, join them on [Reddit](https://www.reddit.com/r/dot/) or [Twitter](https://twitter.com/web3foundation).
Telegram https://t.me/Aresprotocols
Website: www.aresprotocol.com
Twitter: https://twitter.com/AresProtocol
Medium : https://aresprotocol.medium.com/
