Internet Node Token

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 quAbstract: INT will build a framework, based on which a cellular network is made of machines, and create a token, which will be used to coordinate the resource exchange between nodes and heterogeneous links (different nodes may create independent internal links). For example, a node may make a request and pay corresponding tokens to request other nodes (or links) to provide power, network, data,service and other possible resources. The ecosystem will facilitate a credible, secure, and open system through the economic model of cryptography and tokens. In addition, user data can be handled to protect user privacy through zeroknowledge proof (specific improvements are required). At the same time, the INT public chain is based on smart contracts and will become a platform for various Dapps including Defi, NFT, etc. 1 Preface The Internet of things has developed rapidly in recent years, however, concerns have been raised for the standards of communication and data exchanges among manufacturers, the interests of manufacturers, user privacy, as well as fragmented model constraints on overall IoT development. According to the "The mobile economy 2020" report released by GSMA, the total number of global IoT connections reached 12 billion by 2019, and it is expected to reach 24.6 billion by 2025, with a compound annual growth rate of 13%. In 2019, the global Internet of Things revenue was 343 billion U.S. dollars, and it is expected to grow to 1.1 trillion U.S. dollars by 2025, with a compound annual growth rate of 21.4%. However, if interconnectivity within the whole network is not smooth, the fragmented Internet of Things will not fully realize the value of the nodes. Without defining a common set of protocol standards, seeking support from individual manufacturers is inefficient and costly. Through decentralized and economically driven methods, INT creates a new way to make standards for device interconnection. In recent years, with the rapid development of blockchain technology, various applications haveote 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.

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;