NEST Protocol

1. NEST oracle quote mechanism

The NEST oracle solves the problem of price on-chain through a decentralized incentive solution, that is, the price predictor.

The core of Nest Oracle: Quote mining (incentive), verification cycle, price chain, beta coefficient.

Take the price of ETH to USDT as an example:

1) Any participant can pass the price that who recognized to the quotation contract, such as 1 ETH = 200 USDT, and then enter these two assets into the quotation contract according to the price ratio, The general scale will be 10-100 ETH and it will charge 1% of the ETH as a handling fee for mining and get NEST incentives.

2) 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. 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.

3) 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.

4) 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.

5) NEST value: mining fees and the use of oracles need to pay a certain ETH fee, unified into the system revenue contract, and distributed to all circulating NEST.

Price deviation defense mechanism: If this quote deviates more than 10% from the last valid quote, the scale of this quote is 10 ETH * 10 (the scale is expanded by 10 times)

2. NEST quote verification mechanism

Anyone can become a verifier, 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 specific verification rules are as follows:

1) The minimum number of validator orders is X * 10 ETH, where X must be an integer;

2) 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)

3) The new quotation initiated by the verifier has no quotation fee and does not participate in NEST mining;

4) The validator needs to pay a transaction fee of 0.1% of the amount of ETH paid while paying the bill;

The live NEST Protocol price today is $0,028494 USD with a 24-hour trading volume of $6 905 420 USD. We update our NEST to USD price in real-time. NEST Protocol is down ,05% in the last 24 hours. The current CoinMarketCap ranking is #513, with a live market cap of $57 143 257 USD. It has a circulating supply of 2 005 474 261 NEST coins and a max. supply of 10 000 000 000 NEST coins.

If you would like to know where to buy NEST Protocol at the current rate, the top cryptocurrency exchanges for trading in NEST Protocol stock are currently CoinTiger, MEXC, Huobi Global, Gate.io, and Hotcoin Global. You can find others listed on our crypto exchanges page.