What Is NEST Protocol (NEST)?
After entering the asset, wait for T0 time (currently 25 blocks, around 5 minutes). During this period, anyone can buy ETH or USDT at the price of the quoter. NEST Protocol If there is no transaction in T0, the quote It is hired by the system; if the transaction is completed completely, the price is invalid, and part of the transaction is partially invalid. After this time, the assets can be recovered. If someone is willing to make a deal with the bidder, then at the same time when he deals, he must also report a new price according to the above standard, so that p1, p2 … price chain is formed after the initial quote P0.
The quote size of the trader is beta times the scale of his transaction, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the perpetrator’s The cost increases geometrically, thus countering the aggressive behavior.
NEST Protocol Storage Key Points
|Coin Name||NEST Protocol|
|Circulating Supply||2.01B NEST|
|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|
NEST quote verification mechanism
Anyone can become a NEST Protocol, verify the price of the quoted miner’s quotation, if there is a deviation between a single quotation and the market price, and there is a certain arbitrage space, then the verifier can take a single arbitrage. The validator needs to submit a new quotation at the same time as the order is submitted. The new quotation size requirement is the beta multiple of the size of the order, the current beta=2;(Note If the verifier’s new offer deviates from the previous effective offer by more than 10%, then the new offer size will be x 10 times).
How does NEST miners offer mining?
When the quotation contract is successfully deployed, it will take effect on the chain immediately. Any third-party verifier can transfer 10 ETH for 2000 USDT, or 2000 USDT for 10 ETH; if it is deal, it means that there is arbitrage between this single quote and the market price; Due to it can represent the market. The fair price quotation will not be traded under normal circumstances, the transaction needs to pay 0.1% transaction fee, and the trader needs to initiate a new quotation out, and the quotation size x beta times, the current beta.
If the quotation is not completed within 25 Ethereum block time (about 5 minutes), then the quotation data of this order will be used by the NEST system to participate in the formation of the oracle price; On the contrary, if the quotation is completely executed by the NEST Protocol, it means that the quotation data cannot represent the fair market price, and will be discarded by the system, and will not participate in the formation of the oracle price. Regardless of whether the transaction is completed or not, after 5 minutes of life cycle, the quoted miner can retrieve the quoted asset from the contract, and also get the NEST mining reward for the next quote.
Calculation of mining output per quote
First, NEST Protocol need calculate the NEST mining reward quantity M contained in the block of the packaged quote transaction. If the height difference between the block and the previous block containing the quote transaction. This means that if there is no quotation mining order for a period of time, the first new mining will get all the NEST rewards that have not been mined before. In this way, miners can be incentivized to conduct continuous quotation mining and maintain the stability and security of the NEST oracle network.
How to open an ERC20 Token/ETH price oracle?
The NEST Protocol oracle is an open system. Any wallet address or smart contract address can create a new ERC20 Token/ETH price oracle through the nToken auction contract. Each ERC20 Token/ETH price oracle can only be created once, and the oracle that has been created cannot be created again. Deploy nToken oracle through NEST DAPP to create a contract. After successful deployment, enter the oracle auction process. The auction period is 5 days and the starting amount is 100,000 NEST.