What Is Berrydata?
Berrydata is a transparent community-veriﬁed price oracle on BSC(Binance Smart Chain). Berry Data provides a trustless and decentralized alternative for off-chain data. Also, it provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data. Berry Data is an oracle system where parties can request the value of an off-chain data point and miners can compete to add this value to an on-chain data-bank which can be accessed by decentralized applications (DApps) on the Binance Smart Chain.
The inputs to this data-bank are secured through a staked miner network. Berry Data utilizes crypto-economic incentive mechanisms that reward data submissions made by miners while pushing out bad actors. This is ensured through Berry Data’s governance token BRY as well as a dispute mechanism. Miners are incentivized to submit data via inflationary rewards, and the data types they update are chosen based on the tips assigned to each query. DApps and other data users can gain access to the latest data feeds by paying a service fee in BRY. They can also request additional data and price feeds by offering rewards as an incentive to miners.
Berrydata Storage Key Points
|Circulating Supply||2,000,000.00 BRY|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How Does Barry Work?
Miners begin to work
Berrydata Coin miners submit their PoW solution and off-chain data points to the Seer contract.
Data Request is Submitted
The user submits a query to Berry Data to incentivize miners to choose this query over other submissions.
Wrong Data can be Disputed
Anyone holding Berry governance token (BRY) can dispute the validity of a mined value by paying a dispute fee.
Data Feeds are Generated and Distributed
Berrydata Every 3 minutes, Berry’s smart contract selects the best-funded queries and provides a new challenge for miners to solve.
Miners are incentivized to submit data using inflationary rewards, and which data types they update are chosen based upon the rewards assigned to each query.
Users can access the latest data feeds by paying BRY as the service fee.
Berrydata Coin In every 3 minutes the BERRY smart contract groups the top five most funded data types and creates a PoW challenge for miners to solve.
The miners risk losing this stake if they submit data that is successfully disputed by BRY holders.
BRY is Berry Data’s governance token. BRY is designed to empower the broader DeFi ecosystem to drive the creation of a fully transparent, community-owned, and open-source oracle platform on the Binance Smart Chain.
BRY has four key use cases:
Pay for Berry Data Feeds
Berrydata token holders can use data as well as access to live data streams and specific data.
Vote on Governance Issues
Any issue pertaining to the association and its platform that has severe implications will be put up for voting by means of the governance token.
Validate Data Through Staking
BRY tokens can be staked to incentivize the validation of existing oracles, scrapers, methodologies, and more.
Build Berry Ecosystem
Berrydata Coin implements a 24 percent ecosystem fund. This revenue stream will be managed by the Berry team and be well utilized to the development of Berry technology, partnership, and investor ecosystem.
BRY is Berry Data’s governance token. BRY is designed to empower the broader DeFi ecosystem to drive the creation of a fully transparent, community-owned, and open-source oracle platform on Binance Smart Chain.