Aresprotocol is Supported by Web3 Foundation Open Grants Program

On Nov 1st, Ares Protocol created by Ares Labs was officially admitted into the Web3 Open Grant List and began its development. It only took less than two weeks from the grant application to its final approval.

Ares Protocol, as the first chain-verified decentralised cross-chain oracle service protocol, aims to provide secure and reliable data services for the interconnection of the chain and the digital economy.

As a key factor of production, data should be stored safely, priced accurately, and transmitted reliably before entering into production and circulation. The idea behind Web 3.0 is to bring identity, assets, and data back to the individual through blockchain technology in a decentralised network based on trust and exchange of value.The mechanism by which information outside the blockchain is written into the blockchain is called an oracle. The oracle is the link between the blockchain and the real world. Ares as a decentralised hybrid oracle fully realises the on-chain and off-chain verification of oracle data.

There are five basic roles in the Ares Protocol:

Aggregator, Challenger, Reputation Committee,Data consumer and Node operator.

• Aggregator

The aggregator obtains external request data through Scanner, and sends the request to the processor to process all Oracle requests. An aggregator is randomly selected through the VRF algorithm. It calls the processor to aggregate data from multiple data sources and submits it to the block, and broadcasts it to the Ares network through the block propagation protocol

• Challenger

The challenger verifies the integrity and validity of the data submitted by the aggregator, and submits fraudulent aggregator transactions and correct data to the Reputation Committee for rewards

• Reputation Committee

By motivating challengers and punishing malicious aggregators, the security of the Area network is ensured. The Reputation Committee is fully self-governing by the community, running for the Reputation Committee through token mortgage and reputation weighting. The internal arbitration of the Reputation Committee needs to vote through the FSP fraud security protocol, and only runs when there is a dispute on the chain

• Data consumer

Data consumers can be objects that need to obtain external data in smart contracts, parachains, and DAPPs. They can provide various credible and effective data for DEFI, market predicting, and gambling. Because Ares’s on-chain data has a certain data challenge period, data Consumers should obtain data on the chain according to certain safety regulations.

• Node operator

The node operator, as a full node of the Ares network, verifies the data by comparing with the locally stored data to ensure the security of the Ares network and provide Oracle RPC service

Ares Protocol is based on Substrate 2.0 and is used as a parallel chain/parallel thread to connect to the Polkadot ecosystem. The specific process is as follows:

1． Polkadot ecological parachains, through the integration of Ares oracle pallet, submit data requests

2． Scanner obtains external request data and submits it to the aggregator

3． Ares Chain randomly selects an aggregator through the VRF algorithm

4． The aggregator calls the processor to aggregate data from multiple data sources and submit it to the Ares blockchain

5． The verification node will verify the data of the aggregator and challenge；

6． The Reputation Committee verifies the data submitted by the challenger and conducts arbitration

Recap

Ares is a decentralised oracle solution, which realises on-chain verification of oracle data. It provides secure and reliable data services for the interconnection and digital economy in the Web3.0 era. Under this agreement, all participants jointly maintain the security of the entire system for their own benefit. We gave a general outline of this architecture, including the various participants in the ecosystem, their economic incentive models and the operations they need to do. We will iterate in the future and provide a more detailed yellow paper to describe the design details.

“Our grants program’s aim is to steward the Web 3.0 ecosystem and carefully manage Web3 Foundation resources. We provide grants that we believe will return the highest impact on the Web 3.0 ecosystem over the long term.”

— — Polkadot

Contact Ares protocol

Telegram: https://t.me/Aresprotocols

Twitter: https://twitter.com/Aresprotocols

Official website: https://aresprotocol.com