NEST 3.0 was launched onJuly. So far, the #NEST oracle is officially open to public.
The #DEFI that used NEST oracles include: The Force Protocol, #CofiX Protocol, #DForce Protocol, and the stable currency protocol and mortgage loan protocol in the NEST developer community
Topic: NEST Protocol (NEST) - a decentralized price oracle based on Ethereum. - page 6. (Read 1783 times)
August 26, 2020, 03:15:05 PM
August 25, 2020, 04:31:03 PM
dForceNetwork and NEST Oracle reached a strategic cooperation
We are pleased to announce that we will reach a long-term strategic partnership with dForce.
dForce will integrate NEST oracle as one of the price data sources of the core agreement in the dForce ecosystem. Access to NEST will further enhance the diversification of dForce oracles, and at the same time enable the price data of various protocols in the dForce ecosystem to be more decentralized.
Empower an open financial system
Smart contracts are largely limited by data on the chain, and the disconnection with external data interactions prevents developers from building truly decentralized applications. Through the integration with NEST, we can connect real-world data with the dForce ecosystem in a non-trusted way, providing necessary infrastructure services for developers to build related open financial protocols, greatly expanding open finance Application scenarios of the solution.
About the NEST
NEST is a distributed price oracle machine that solves the problem of price chaining through decentralized incentive solutions. NEST adopts the market game theory to simultaneously generate the price facts of the off-chain market on the chain through miners’ quotation, and combined with the NEST mining mechanism to incentivize quotation miners, making it a logical closed-loop distributed quotation system. Synchronously generate off-chain price facts on the chain to form NEST oracle price data.
About dForce Open Finance Protocol Matrix
dForce is committed to building an integrated and interoperable open financial protocol and currency protocol matrix, including asset protocol (USDx, GOLDx, dToken), liquidity protocol (flash swap, aggregator), lending protocol (open, hybrid ) To form intercommunication and synergy at the level of liquidity and assets. As an application token, dForce token (DF) will be widely used in dForce’s network governance, risk buffer and incentive mechanism. Our team includes elites from Wall Street’s top investment banks and private equity funds (Goldman Sachs, Standard Chartered, Hony Capital) and early participants in the digital currency industry. Investors include CMB International, Multicoin Capital and Huobi Capital.
We are pleased to announce that we will reach a long-term strategic partnership with dForce.
dForce will integrate NEST oracle as one of the price data sources of the core agreement in the dForce ecosystem. Access to NEST will further enhance the diversification of dForce oracles, and at the same time enable the price data of various protocols in the dForce ecosystem to be more decentralized.
Empower an open financial system
Smart contracts are largely limited by data on the chain, and the disconnection with external data interactions prevents developers from building truly decentralized applications. Through the integration with NEST, we can connect real-world data with the dForce ecosystem in a non-trusted way, providing necessary infrastructure services for developers to build related open financial protocols, greatly expanding open finance Application scenarios of the solution.
About the NEST
NEST is a distributed price oracle machine that solves the problem of price chaining through decentralized incentive solutions. NEST adopts the market game theory to simultaneously generate the price facts of the off-chain market on the chain through miners’ quotation, and combined with the NEST mining mechanism to incentivize quotation miners, making it a logical closed-loop distributed quotation system. Synchronously generate off-chain price facts on the chain to form NEST oracle price data.
About dForce Open Finance Protocol Matrix
dForce is committed to building an integrated and interoperable open financial protocol and currency protocol matrix, including asset protocol (USDx, GOLDx, dToken), liquidity protocol (flash swap, aggregator), lending protocol (open, hybrid ) To form intercommunication and synergy at the level of liquidity and assets. As an application token, dForce token (DF) will be widely used in dForce’s network governance, risk buffer and incentive mechanism. Our team includes elites from Wall Street’s top investment banks and private equity funds (Goldman Sachs, Standard Chartered, Hony Capital) and early participants in the digital currency industry. Investors include CMB International, Multicoin Capital and Huobi Capital.
August 24, 2020, 03:45:14 PM
Is it possible to “misappropriate” NEST oracle prices?
“Several questions about the price of the NEST oracle machine”
Some people recently mentioned that the price of the NEST oracle machine may be replicated, which makes it impossible to charge. We think that this kind of doubt is not true, because there are various problems with these replication methods, and NEST can govern the behavior of these replications through a number of ways.
There are two main methods of these replications. One is technical replication, which reads data off-chain and then verifies on-chain to ensure that it comes from the NEST oracle machine. The other is shared use, through a shared contract, anyone calls NEST after the oracle machine, copies the price data to the contract for others to use for free. There is another category that requires centralized institutions to trigger or upload prices (guarantee that prices are real and effective), because there is a centralization risk and not in our discussion, we only consider two decentralized options:
Option 1: off-chain reading , On-chain verification.
This method uses the verification relationship of the data on the Ethereum chain. In principle, the NEST price that has been in effect can be obtained, and then it is verified on the Ethereum chain that the price is indeed generated by the NEST oracle, so that it can be used by DeFi. This method has the following fatal problems:
1) The cost of verifying data in this way is extremely high. Taking the current network as an example, only one data needs to be verified to be close to 0.01 ETH, while the NEST oracle call only requires 0.001 ETH (tentative). If the NEST contract slightly modifies the data structure, such as storing price data in two units, the cost of this method will double to 0.02 ETH (more extreme modifications will make the verification cost exceed the block gas upper limit and become Impossible) For DeFi users, “misappropriate” in this way is meaningless NEST prices.
2) In order to match the “misappropriated” price, the downstream DeFi will be designed into a new structure. Split the interaction that was originally completed in one step into two steps: get the data on the chain first, then upload it to ETH for verification, and trigger the contract interaction at the same time, which prevents DeFi from obtaining dynamic real-time prices, so rules must be formulated in which price can be used and which price can’t be used for this DeFi interaction. There are two problems with this type of rule making: Either it is easy to fail the transaction due to accidents such as process delays or a price range is set, such as the price in the last 5 blocks can trigger the contract, resulting in stable arbitrage, Both cases completely destroy the continuity of DeFi.
3) The price is not an isolated point, but a time series. In this way, barely obtained a verifiable single-point price data, but It can not get statistics such as average price and volatility in a transaction, and these are indispensable for many DeFi, so this “misappropriation” does not meet the needs of financial product design.
Option 2: Copy the shared contract.
Do not consider centralized sharing: A specific institution calls the NEST price and then copies it into the contract and then reduces the fee or free for everyone to use. This method is very risky. Once the uploader has an accident or subjective maliciousness, It is a fatal attack to downstream DeFi, which is why the oracle must be distributed, because there is no longer a single point of risk and trust risk.
Distributed shared contract replication, mainly on-chain call replication, and off-chain misappropriation replication in, are described separately:
1) On-chain call replication: design such a contract in which the caller copies the price of his own call to the shared contract It is free for others to use. If each participant does so, the participant who invokes the price can use the following logic to reduce the NEST fee: first check whether the shared contract has a price that meets their needs (such as the price corresponding to the latest block), if so, it is free use; if not, call the NEST price and copy to the shared contract (you can also call directly through the shared contract).
This method makes the cost of each call less than or equal to the NEST charge. If all DeFi is realized through a shared contract, it will result in only one charge for each price of NEST. On the basis of this scheme, there is a more dynamic replication scheme, which through a provided price mapping entry and then users can dynamically generate a price replication shared contract at any time to call the NEST price if necessary, so that no matter what the following contract appears, the problem is that the mapping contract cannot be blocked. As long as there is a contract below (the user can generate it when the price is needed), the price can be continuously copied.
NEST’s response to this solution: First increase the verification mechanism. downstream DeFi to call the price, they must destroy or mortgage several NEST, and after this operation is completed activate the oracle machine within X days. Secondly, set up a blacklist mechanism, as long as there is any copy, piracy uses NEST price contracts or shared contracts, which can be banned through the NEST voting system.
Since the downstream of these contracts are DeFi applications, once the shared contract or the downstream DeFi contract is disabled, it will have a huge impact on the assets and contract services in the contract, so that the entire DeFi needs to re-introduce a new oracle machine (and NEST has time to take effect, so It is impossible to quickly access the new NEST price), which is almost fatal for unmanaged DeFi (without considering any centralized price source). For users who copy the NEST price through mapping, in order to maintain the continuity of the price, they must continuously generate a copy contract, which will cause the copy cost to be much higher than the direct call cost (need to destroy NEST and time cost), and the user cannot complete it spontaneously in this operation.
“Several questions about the price of the NEST oracle machine”
Some people recently mentioned that the price of the NEST oracle machine may be replicated, which makes it impossible to charge. We think that this kind of doubt is not true, because there are various problems with these replication methods, and NEST can govern the behavior of these replications through a number of ways.
There are two main methods of these replications. One is technical replication, which reads data off-chain and then verifies on-chain to ensure that it comes from the NEST oracle machine. The other is shared use, through a shared contract, anyone calls NEST after the oracle machine, copies the price data to the contract for others to use for free. There is another category that requires centralized institutions to trigger or upload prices (guarantee that prices are real and effective), because there is a centralization risk and not in our discussion, we only consider two decentralized options:
Option 1: off-chain reading , On-chain verification.
This method uses the verification relationship of the data on the Ethereum chain. In principle, the NEST price that has been in effect can be obtained, and then it is verified on the Ethereum chain that the price is indeed generated by the NEST oracle, so that it can be used by DeFi. This method has the following fatal problems:
1) The cost of verifying data in this way is extremely high. Taking the current network as an example, only one data needs to be verified to be close to 0.01 ETH, while the NEST oracle call only requires 0.001 ETH (tentative). If the NEST contract slightly modifies the data structure, such as storing price data in two units, the cost of this method will double to 0.02 ETH (more extreme modifications will make the verification cost exceed the block gas upper limit and become Impossible) For DeFi users, “misappropriate” in this way is meaningless NEST prices.
2) In order to match the “misappropriated” price, the downstream DeFi will be designed into a new structure. Split the interaction that was originally completed in one step into two steps: get the data on the chain first, then upload it to ETH for verification, and trigger the contract interaction at the same time, which prevents DeFi from obtaining dynamic real-time prices, so rules must be formulated in which price can be used and which price can’t be used for this DeFi interaction. There are two problems with this type of rule making: Either it is easy to fail the transaction due to accidents such as process delays or a price range is set, such as the price in the last 5 blocks can trigger the contract, resulting in stable arbitrage, Both cases completely destroy the continuity of DeFi.
3) The price is not an isolated point, but a time series. In this way, barely obtained a verifiable single-point price data, but It can not get statistics such as average price and volatility in a transaction, and these are indispensable for many DeFi, so this “misappropriation” does not meet the needs of financial product design.
Option 2: Copy the shared contract.
Do not consider centralized sharing: A specific institution calls the NEST price and then copies it into the contract and then reduces the fee or free for everyone to use. This method is very risky. Once the uploader has an accident or subjective maliciousness, It is a fatal attack to downstream DeFi, which is why the oracle must be distributed, because there is no longer a single point of risk and trust risk.
Distributed shared contract replication, mainly on-chain call replication, and off-chain misappropriation replication in, are described separately:
1) On-chain call replication: design such a contract in which the caller copies the price of his own call to the shared contract It is free for others to use. If each participant does so, the participant who invokes the price can use the following logic to reduce the NEST fee: first check whether the shared contract has a price that meets their needs (such as the price corresponding to the latest block), if so, it is free use; if not, call the NEST price and copy to the shared contract (you can also call directly through the shared contract).
This method makes the cost of each call less than or equal to the NEST charge. If all DeFi is realized through a shared contract, it will result in only one charge for each price of NEST. On the basis of this scheme, there is a more dynamic replication scheme, which through a provided price mapping entry and then users can dynamically generate a price replication shared contract at any time to call the NEST price if necessary, so that no matter what the following contract appears, the problem is that the mapping contract cannot be blocked. As long as there is a contract below (the user can generate it when the price is needed), the price can be continuously copied.
NEST’s response to this solution: First increase the verification mechanism. downstream DeFi to call the price, they must destroy or mortgage several NEST, and after this operation is completed activate the oracle machine within X days. Secondly, set up a blacklist mechanism, as long as there is any copy, piracy uses NEST price contracts or shared contracts, which can be banned through the NEST voting system.
Since the downstream of these contracts are DeFi applications, once the shared contract or the downstream DeFi contract is disabled, it will have a huge impact on the assets and contract services in the contract, so that the entire DeFi needs to re-introduce a new oracle machine (and NEST has time to take effect, so It is impossible to quickly access the new NEST price), which is almost fatal for unmanaged DeFi (without considering any centralized price source). For users who copy the NEST price through mapping, in order to maintain the continuity of the price, they must continuously generate a copy contract, which will cause the copy cost to be much higher than the direct call cost (need to destroy NEST and time cost), and the user cannot complete it spontaneously in this operation.
August 21, 2020, 03:34:32 PM
2020.8.14–2020.8.21 Nest Weekly Revenue:
Total income of NEST system this week: 2267.6961ETH
System income savings contract: 353.5392ETH
NEST holder income #distribution: 1914.1569 ETH
One million NEST holds income: 1.16416 ETH
Total income of NEST system this week: 2267.6961ETH
System income savings contract: 353.5392ETH
NEST holder income #distribution: 1914.1569 ETH
One million NEST holds income: 1.16416 ETH
August 20, 2020, 03:27:37 PM
OIN Finance Announces Partnership with NEST Protocol
OIN Finance, the first decentralized finance (DeFi) project built on Ontology, is delighted to announce it is partnering with distributed price oracle NEST Protocol. The two companies will work to support each other bringing even greater utility, reliability and security to the DeFi community.
The NEST Protocol is a distributed price oracle launched on the main Ethereum network. It utilizes a unique “quote mining” mechanism to ensure that off-chain pricing is driven by on-chain data, providing unparalleled fairness and accuracy for asset pricing and market making. The company also offers the NEST dApp, an intuitive smart contract interaction tool, offering granular asset control while on the move. Thanks to this partnership, OIN Finance can accelerate the process of bringing the many great benefits of NEST to the OIN Finance community.
This agreement sets down a marker and statement of intent for OIN Finance, who are already making waves in the wider DeFi space, even prior to product launch. We’re excited to bring you such exciting news, and have much more planned for the near future. Stay tuned!
OIN Finance, the first decentralized finance (DeFi) project built on Ontology, is delighted to announce it is partnering with distributed price oracle NEST Protocol. The two companies will work to support each other bringing even greater utility, reliability and security to the DeFi community.
The NEST Protocol is a distributed price oracle launched on the main Ethereum network. It utilizes a unique “quote mining” mechanism to ensure that off-chain pricing is driven by on-chain data, providing unparalleled fairness and accuracy for asset pricing and market making. The company also offers the NEST dApp, an intuitive smart contract interaction tool, offering granular asset control while on the move. Thanks to this partnership, OIN Finance can accelerate the process of bringing the many great benefits of NEST to the OIN Finance community.
This agreement sets down a marker and statement of intent for OIN Finance, who are already making waves in the wider DeFi space, even prior to product launch. We’re excited to bring you such exciting news, and have much more planned for the near future. Stay tuned!
August 19, 2020, 04:27:02 PM
ETH/USDT price oracle charging rules:
The NEST oracle machine provides block price sequences for downstream DEFI developers to freely combine and call. The specific charging rules are as follows:
1) The price of each block is 0.0001 ETH for a single call
2) The minimum payment for a single call is 0.001 ETH
3) The highest payment fee for a single call 0.01 ETH
The NEST oracle machine provides block price sequences for downstream DEFI developers to freely combine and call. The specific charging rules are as follows:
1) The price of each block is 0.0001 ETH for a single call
2) The minimum payment for a single call is 0.001 ETH
3) The highest payment fee for a single call 0.01 ETH
August 18, 2020, 04:40:34 PM
NEST Token Application scenario
1. Obtain the ETH income distribution of the NEST system according to the proportion of positions held NEST every week;
2. Hold NEST to participate in nToken bidding and open nToken oracle machine (once the bidding is successful, the bidding fee will be burned off and become a basic
value support for NEST);
3. Participate in NEST system governance to have voting rights, 1 NEST = 1 vote;
4.The NEST proceeds during the governance voting period of NestNode holders will be destroyed by the system (becoming another basic value support for NEST)
5. Th downstream DEFI needs to destroy a certain amount of NEST when docking the oracle for the first time;
6. Native assets on the chain, freely traded;
1. Obtain the ETH income distribution of the NEST system according to the proportion of positions held NEST every week;
2. Hold NEST to participate in nToken bidding and open nToken oracle machine (once the bidding is successful, the bidding fee will be burned off and become a basic
value support for NEST);
3. Participate in NEST system governance to have voting rights, 1 NEST = 1 vote;
4.The NEST proceeds during the governance voting period of NestNode holders will be destroyed by the system (becoming another basic value support for NEST)
5. Th downstream DEFI needs to destroy a certain amount of NEST when docking the oracle for the first time;
6. Native assets on the chain, freely traded;
August 17, 2020, 03:03:11 PM
Huobi Launches Global DeFi Alliance To Merge East and West -NEST Join Huobi DeFi Alliance
Huobi DeFi Labs has launched a global DeFi alliance, which is set to establish universal protocol standards for the DeFi space and improve communications within the DeFi ecosystem. The alliance will also conduct research on emerging DeFi protocols to help avoid future crises in the community. The alliance’s inaugural members are MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX).
In an interview with Cointelegraph, Huobi’s chief investment officer Sharlyn Wu said, “We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to them.”
Wu says the alliance also hopes to bring together the fragmented crypto space and close the cultural divide between the East and the West:
“We deeply feel there is an isolation between the centralised exchanges, financial institutions from the global community, and that we want to close that gap. And also, the huge cultural difference between the East and the West, and we feel that’s part of our responsibility as well to bring the East and the West, the community together.”
Wu, who previously oversaw blockchain strategy and investment at China Merchant Bank International, or CMBI, believes that the future of finance is decentralized. She expects that traditional financial institutions will transition to DeFi over the next 10 to 20 years:
“There’s no reason they shouldn’t go to DeFi because when you go to that system, you don’t need to take any credit risk. And you run in an automated manner without human intervention.”
Wu believes that in the short-term, Blockchain technology is unlikely to have an impact on U.S. and China relations, as it is currently too small to be noticed by the mainstream. However, she believes that the future is borderless and unified:
“With Crypto and DeFi, we’re building a new economy and society that’s on the cloud. This society, this economy, we can’t really think about things in terms of countries. And I know the physical world is broken. Things get more and more isolated. But from my work in crypto space, I can feel that the crypto world is more integrated than ever. And I think that it will become stronger and stronger.”
Written by Michael Kapilkov from https://cointelegraph.com/news/huobi-launches-global-defi-alliance-to-merge-east-and-west
Huobi DeFi Labs has launched a global DeFi alliance, which is set to establish universal protocol standards for the DeFi space and improve communications within the DeFi ecosystem. The alliance will also conduct research on emerging DeFi protocols to help avoid future crises in the community. The alliance’s inaugural members are MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX).
In an interview with Cointelegraph, Huobi’s chief investment officer Sharlyn Wu said, “We have to partner with the entire ecosystem. But we want to work with the best of projects out there and make sure our users have access to them.”
Wu says the alliance also hopes to bring together the fragmented crypto space and close the cultural divide between the East and the West:
“We deeply feel there is an isolation between the centralised exchanges, financial institutions from the global community, and that we want to close that gap. And also, the huge cultural difference between the East and the West, and we feel that’s part of our responsibility as well to bring the East and the West, the community together.”
Wu, who previously oversaw blockchain strategy and investment at China Merchant Bank International, or CMBI, believes that the future of finance is decentralized. She expects that traditional financial institutions will transition to DeFi over the next 10 to 20 years:
“There’s no reason they shouldn’t go to DeFi because when you go to that system, you don’t need to take any credit risk. And you run in an automated manner without human intervention.”
Wu believes that in the short-term, Blockchain technology is unlikely to have an impact on U.S. and China relations, as it is currently too small to be noticed by the mainstream. However, she believes that the future is borderless and unified:
“With Crypto and DeFi, we’re building a new economy and society that’s on the cloud. This society, this economy, we can’t really think about things in terms of countries. And I know the physical world is broken. Things get more and more isolated. But from my work in crypto space, I can feel that the crypto world is more integrated than ever. And I think that it will become stronger and stronger.”
Written by Michael Kapilkov from https://cointelegraph.com/news/huobi-launches-global-defi-alliance-to-merge-east-and-west
August 14, 2020, 04:17:02 PM
Nest Weekly Revenue
Total income of NEST system this week: 1022.27293 ETH
System income savings contract: 310.8349 ETH
NEST holder income distribution: 1743.3396 ETH
One million NEST holds income: 1.06956 ETH
Total income of NEST system this week: 1022.27293 ETH
System income savings contract: 310.8349 ETH
NEST holder income distribution: 1743.3396 ETH
One million NEST holds income: 1.06956 ETH
August 13, 2020, 04:18:10 PM
Building the Infrastructure for the Future Decentralized Financial Market, Coinbase Included HBTC.Com Debut DeFi Project - Nest Protocol
As the world’s leading regulatory compliant digital asset exchange, Coinbase sets one of the most stringent requirements for digital asset listing which includes technical evaluation of projects, legal and risk analysis, market supply and demand analysis, and crypto-economics. Coinbase holds a strong reputation in the digital asset industry, and thus the “Coinbase Standard” is considered as the industry benchmark for other digital asset projects, and the market has even seen the “Coinbase effect”.
On July 25 2020, Coinbase quietly launched the pricing chart of a decentralized oracle project, NEST Protocol (NEST), into its portal. Although Coinbase has yet to announce the inclusion of the project in its evaluation list, it represents a keen interest in the DeFi sector, and particularly in the DeFi price oracle projects.
NEST Protocol is the rising star in the decentralized price oracle sector
Decentralized financial services offered by the current mainstream DeFi platforms such as MakerDAO, Compound, dYdX, etc. rely heavily on the market data provided by the oracle projects. Oracle projects act as reliable information sources to feed these price data to other DeFi Projects, connecting the price data from the centralized world to the DeFi space. As such, the price oracle is an integral part of the decentralized financial services infrastructure.
Traditionally, the price oracle collects data from different platforms and feeds these data points to the DeFi space to create data reference points to enable them to function properly. However, many problems currently exist in the DeFi space, for example, blockchain network congestion, malicious attacks, wild market fluctuations, and other factors that may cause the data given by the price oracle to deviate from the true market data. These ultimately cause users to trade on wrong information in the DeFi space and increases such transaction costs.
Decentralized finance requires a fast, secure, and reliable price oracle. The birth of the decentralized price oracle is the embodiment of the blockchain industry’s thinking, and the current market projects offering decentralized price oracle services which includes NEST Protocol, Chainlink, Band Protocol, Tellor, Witness, Oraclize, and many others.
The innovation of NEST-Price is that every data point has been agreed upon by market validators, in line with the blockchain consensus mechanism. NEST-Price synchronizes the off-chain price in a highly decentralized manner, creating real and valid price data on-chain. This is the unique differentiator between NEST-Price and other price oracles.
Compared with other price oracle projects, NEST also has other features and advantages, such as the proposed peer-to-peer quotation matching as well as its unique verifier verification structure, making NEST more resilient to malicious attacks, resulting in a more decentralized network, and it’s on-chain prices closer to the fair market price. All of this has resulted in the NEST Protocol becoming a rising star in the DeFi price oracle sector.
HBTC.com selects high-quality projects to list and partnering with NEST to promote the development of DeFi ecosystem
During the selection of quality assets, exchanges like HBTC.com and Coinbase adhere to the principle of a rigorous selection of assets from different projects to enable a proper range of digital assets. At the same time, in order to solve existing pain points in the digital asset industry, which currently lacks a market-making management solution, HBTC.com also has launched its own “coin listing crowdsourcing liquidity initiative “, redefining the exchange market making model.
HBTC.com, through its coin listing strategy, effectively reduces the problem of low liquidity in the early stages of high-quality projects, ensuring the smoothness of the user experience, and achieves a win-win situation for traders, the community, and the respective trading platform. These initiatives, coupled with reliable user protection and a responsible attitude, have earned a positive reputation among users.
Since its inception, the HBTC.com exchange has been committed to the discovery of both quality and promising digital asset projects. At a time when DeFi is growing rapidly, HBTC.com has a unique perspective for the decentralized price oracle sector and has prioritized NEST as a premium partner to debut the project alongside with its global branding upgrade. In addition, HBTC.com has 100% proof of reserves for traders to validate the existence of assets via the Merkle tree, which brings transparency to the extreme.
In May 2020, NEST token delivered a 883.29% of return, at its peak, after its global debut on HBTC.com. At present, HBTC Exchange addresses holding NEST token accounts in a total of 141 million, ranked first in the overall network. At the same time, the HBTC Exchange network exclusively releases NEST staking mining and data show that NEST 24-hour turnover has reached $20.4 million.
Post-listing of the NEST token, HBTC.com has also listed DeFi projects such as DF, OKS, NEST, SWTH, JST, NVT, and other DeFi projects with market potential; some projects have achieved astonishing performance in the secondary market.
HBTC.com’s path to DeFi: developing public chains to prepare for the future ecosystem breakout.
In terms of the DeFi product and ecosystem infrastructure, HBTC has deployed HBTC Chain since launched in 2018, an infrastructure designed for decentralized finance and DeFi business with patented Bluehelix decentralized cross-chain clearing and custody technology.
The HBTC Chain is the DeFi ecosystem infrastructure that the team has spent a significant amount of effort to build. It is based on decentralization and community consensus and integrates cryptography and blockchain technologies to support decentralized association-based governance capabilities at the technical level. Based on decentralized key management, combining various cryptography tools including ECDSA, commitment, zero-knowledge proof, and multi-party computation, It implements the distributed private key generation and signature for cross-chain assets among all validators. On top of that, this technology can realize light-weight and non-intrusive cross-chain asset custody. On the clearing layer, HBTC Chain employs BHPOS consensus and horizontal sharding mechanisms to achieve high-performing transaction clearing, and implementation of OpenDex protocol to help the development of the DeFi ecosystem.
In addition, with the success experience of Bluehelix Cloud SaaS and white label solutions and the HBTC Brokerage system, HBTC’s public chain also innovatively supports CEX+DEX mixed matchmaking model and OpenDex protocol and proposes the three-tier node system which consists of standard node + consensus node + core node. This structure provides HBTC public chain certain advantages in terms of performance and cross-chain transactions. Users can easily establish a DEX with OpenDex protocol at nearly zero cost, and all DEX will share the liquidity and support customized user interface and trading parameters. The trading experience can be completely comparable to centralized spot exchanges.
With the launch of its test network, it is now possible to develop various DeFi applications on the HBTC public chain, such as decentralized swap, so that private keys are not controlled by any party; no KYC, which can prevent personal information leakage; and asset security through the setting of invalidation, cancellation of transactions and other functions, cross-chain asset mappings, such as the ability to issue cross-chain cBTC or other chain tokens, fully decentralized asset mapping contracts, and 100% reserves.
Conclusion
In the past few months, the DeFi market has been extremely active, the price of DeFi tokens has been rising, and a new round of competition with the centralized exchanges has started. HBTC Chain relies on the powerful technology of Bluehelix and HBTC.com, giving all public chains the ability to interconnect, and put into both DeFi and SaaS levels. Undoubtedly, as one of the first exchanges to build the DeFi ecosystem, HBTC is leading the breakout in the current DeFi craze and has now become the first choice of users to engage with quality DeFi projects.
As the world’s leading regulatory compliant digital asset exchange, Coinbase sets one of the most stringent requirements for digital asset listing which includes technical evaluation of projects, legal and risk analysis, market supply and demand analysis, and crypto-economics. Coinbase holds a strong reputation in the digital asset industry, and thus the “Coinbase Standard” is considered as the industry benchmark for other digital asset projects, and the market has even seen the “Coinbase effect”.
On July 25 2020, Coinbase quietly launched the pricing chart of a decentralized oracle project, NEST Protocol (NEST), into its portal. Although Coinbase has yet to announce the inclusion of the project in its evaluation list, it represents a keen interest in the DeFi sector, and particularly in the DeFi price oracle projects.
NEST Protocol is the rising star in the decentralized price oracle sector
Decentralized financial services offered by the current mainstream DeFi platforms such as MakerDAO, Compound, dYdX, etc. rely heavily on the market data provided by the oracle projects. Oracle projects act as reliable information sources to feed these price data to other DeFi Projects, connecting the price data from the centralized world to the DeFi space. As such, the price oracle is an integral part of the decentralized financial services infrastructure.
Traditionally, the price oracle collects data from different platforms and feeds these data points to the DeFi space to create data reference points to enable them to function properly. However, many problems currently exist in the DeFi space, for example, blockchain network congestion, malicious attacks, wild market fluctuations, and other factors that may cause the data given by the price oracle to deviate from the true market data. These ultimately cause users to trade on wrong information in the DeFi space and increases such transaction costs.
Decentralized finance requires a fast, secure, and reliable price oracle. The birth of the decentralized price oracle is the embodiment of the blockchain industry’s thinking, and the current market projects offering decentralized price oracle services which includes NEST Protocol, Chainlink, Band Protocol, Tellor, Witness, Oraclize, and many others.
The innovation of NEST-Price is that every data point has been agreed upon by market validators, in line with the blockchain consensus mechanism. NEST-Price synchronizes the off-chain price in a highly decentralized manner, creating real and valid price data on-chain. This is the unique differentiator between NEST-Price and other price oracles.
Compared with other price oracle projects, NEST also has other features and advantages, such as the proposed peer-to-peer quotation matching as well as its unique verifier verification structure, making NEST more resilient to malicious attacks, resulting in a more decentralized network, and it’s on-chain prices closer to the fair market price. All of this has resulted in the NEST Protocol becoming a rising star in the DeFi price oracle sector.
HBTC.com selects high-quality projects to list and partnering with NEST to promote the development of DeFi ecosystem
During the selection of quality assets, exchanges like HBTC.com and Coinbase adhere to the principle of a rigorous selection of assets from different projects to enable a proper range of digital assets. At the same time, in order to solve existing pain points in the digital asset industry, which currently lacks a market-making management solution, HBTC.com also has launched its own “coin listing crowdsourcing liquidity initiative “, redefining the exchange market making model.
HBTC.com, through its coin listing strategy, effectively reduces the problem of low liquidity in the early stages of high-quality projects, ensuring the smoothness of the user experience, and achieves a win-win situation for traders, the community, and the respective trading platform. These initiatives, coupled with reliable user protection and a responsible attitude, have earned a positive reputation among users.
Since its inception, the HBTC.com exchange has been committed to the discovery of both quality and promising digital asset projects. At a time when DeFi is growing rapidly, HBTC.com has a unique perspective for the decentralized price oracle sector and has prioritized NEST as a premium partner to debut the project alongside with its global branding upgrade. In addition, HBTC.com has 100% proof of reserves for traders to validate the existence of assets via the Merkle tree, which brings transparency to the extreme.
In May 2020, NEST token delivered a 883.29% of return, at its peak, after its global debut on HBTC.com. At present, HBTC Exchange addresses holding NEST token accounts in a total of 141 million, ranked first in the overall network. At the same time, the HBTC Exchange network exclusively releases NEST staking mining and data show that NEST 24-hour turnover has reached $20.4 million.
Post-listing of the NEST token, HBTC.com has also listed DeFi projects such as DF, OKS, NEST, SWTH, JST, NVT, and other DeFi projects with market potential; some projects have achieved astonishing performance in the secondary market.
HBTC.com’s path to DeFi: developing public chains to prepare for the future ecosystem breakout.
In terms of the DeFi product and ecosystem infrastructure, HBTC has deployed HBTC Chain since launched in 2018, an infrastructure designed for decentralized finance and DeFi business with patented Bluehelix decentralized cross-chain clearing and custody technology.
The HBTC Chain is the DeFi ecosystem infrastructure that the team has spent a significant amount of effort to build. It is based on decentralization and community consensus and integrates cryptography and blockchain technologies to support decentralized association-based governance capabilities at the technical level. Based on decentralized key management, combining various cryptography tools including ECDSA, commitment, zero-knowledge proof, and multi-party computation, It implements the distributed private key generation and signature for cross-chain assets among all validators. On top of that, this technology can realize light-weight and non-intrusive cross-chain asset custody. On the clearing layer, HBTC Chain employs BHPOS consensus and horizontal sharding mechanisms to achieve high-performing transaction clearing, and implementation of OpenDex protocol to help the development of the DeFi ecosystem.
In addition, with the success experience of Bluehelix Cloud SaaS and white label solutions and the HBTC Brokerage system, HBTC’s public chain also innovatively supports CEX+DEX mixed matchmaking model and OpenDex protocol and proposes the three-tier node system which consists of standard node + consensus node + core node. This structure provides HBTC public chain certain advantages in terms of performance and cross-chain transactions. Users can easily establish a DEX with OpenDex protocol at nearly zero cost, and all DEX will share the liquidity and support customized user interface and trading parameters. The trading experience can be completely comparable to centralized spot exchanges.
With the launch of its test network, it is now possible to develop various DeFi applications on the HBTC public chain, such as decentralized swap, so that private keys are not controlled by any party; no KYC, which can prevent personal information leakage; and asset security through the setting of invalidation, cancellation of transactions and other functions, cross-chain asset mappings, such as the ability to issue cross-chain cBTC or other chain tokens, fully decentralized asset mapping contracts, and 100% reserves.
Conclusion
In the past few months, the DeFi market has been extremely active, the price of DeFi tokens has been rising, and a new round of competition with the centralized exchanges has started. HBTC Chain relies on the powerful technology of Bluehelix and HBTC.com, giving all public chains the ability to interconnect, and put into both DeFi and SaaS levels. Undoubtedly, as one of the first exchanges to build the DeFi ecosystem, HBTC is leading the breakout in the current DeFi craze and has now become the first choice of users to engage with quality DeFi projects.
August 12, 2020, 04:10:31 PM
5. How is NEST different from Chainlink?
What difference between Chainlink and NEST Oracle machine, this is the most questioned question and let’s introduce it.
1） The NEST price oracle program can effectively verify the price data, which is completely accord with the blockchain consensus logic; while the LINK indirect oracle program cannot effectively verify the price data, that can only trust those nodes that upload the data.
2） NEST is a highly decentralized oracle protocol that can never shut down and has long-term development advantages
3） The NEST community has a group of high-quality DEFI users who are very appreciative of the decentralization spirit and NEST consensus.
4） The NEST community has a group of core developers who are at the forefront of the industry in the field of blockchain technology and financial innovation, who will have a great impact on the downstream ecological development of NEST.
What difference between Chainlink and NEST Oracle machine, this is the most questioned question and let’s introduce it.
1） The NEST price oracle program can effectively verify the price data, which is completely accord with the blockchain consensus logic; while the LINK indirect oracle program cannot effectively verify the price data, that can only trust those nodes that upload the data.
2） NEST is a highly decentralized oracle protocol that can never shut down and has long-term development advantages
3） The NEST community has a group of high-quality DEFI users who are very appreciative of the decentralization spirit and NEST consensus.
4） The NEST community has a group of core developers who are at the forefront of the industry in the field of blockchain technology and financial innovation, who will have a great impact on the downstream ecological development of NEST.
August 11, 2020, 04:50:22 PM
Understand for decentralized oracle machine NEST 3.0: How to form prices in the game and continue to output value?
NEST, the decentralized oracle machine system developed by the anonymous team, officially released version 3.0 on July 13;
At the same time, NEST was also officially published providing an external calling interface. This is the first time the NEST oracle system is officially published providing an external call interface for other DeFi developers.
This means that the NEST oracle quote system, which has been in internal testing, will be openly verified by the market for the first time to verify whether the quote oracle provided by it can be used by other blockchain systems. If it passes the test, NEST’s continuously running quote mining system will eventually reach the real world and provide real value to the real world, to solve the problem of the oracle quotes that has never been solved, thus providing the core token NEST in the system. Provide value support.
Providing accurate on-chain asset pair quotes is the core value provided by the decentralized oracle NEST, and it is also a core problem that has not been solved in the blockchain system and open financial system.
At the same time, NEST3.0 also added the nToken quotation system, that is, in addition to the original unique quotation pair ETH/USDT, newly added support for opening any ERC20 token and ETH trading pair.
What new features does NEST3.0 have? How does the newly added nToken system achieve cold start? How does nToken capture value? And do ordinary people still have investment opportunities? The following news will explain the update one by one. In addition, News also interviewed the head of the NEST community — Bruce and asked him to tell us the guiding strategy of NEST’s overall promotion and the intention behind its incentive design.
New Quote Deviation Defense Mechanism to improve resistance to Attack
Firstly, let’s see what new features are available in the 3.0 version of the Nest oracle machine-of course, if readers still don’t know about the decentralized oracle machine system NEST, it is recommended to read the articles published before Lianwen if Uniswap is not a good one Prediction machine, how can we improve it? , To understand its basic design concepts and operating principles.
According to Bruce, NEST 3.0 has added a price deviation defense mechanism.
Previously, in order to prevent quotations from being malicious, the NEST system would impose a limit on the size of the bidder’s quotation (that is, the “verifier” of the system). Quotation of integer multiples of the former beta, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the cost of the perpetrator will increase geometrically, thus resisting the attack behavior .
This time, NEST 3.0’s new “price deviation defense mechanism” further effectively protects against malicious behavior: If the price of the bidder deviates from the last effective price by more than 10%, the current price scale is 10 ETH * 10 (scale 10 times larger), which makes the system more secure.
New nToken system
The newly added nToken system is essentially an extension of NEST 2.0. In addition to the original unique asset pair ETH/USDT, any ERC20/ETH asset pair quotation is added-this means that the new version supports the opening of any ERC20/ETH trading pair. In NEST 3.0, this is called “nToken” system”.
Each individual nToken system has its own independent nToken token, which is an ERC20 Token issued based on the Ethereum network. Every time an ERC20 Token/ETH price oracle is opened, an nToken will be created, which may be nDAI or nHBTC.
Taking HBTC Token/ETH as an example, once the trading pair is opened in NEST 3.0, a token “nHBTC” that maps HBTC will be generated in the NEST system.
How does the nToken system work?
In the new nToken system, miners use the quote to mine, and the mining method is basically similar to the 2.0 system, but how to open a new quote pair is a matter of learning.
The nToken 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 oracles that have already been created cannot be created again.
And to innovate any new ERC20 Token/ETH price oracle machine, you need to use NEST tokens to open-opening nToken system has become one of the new use cases of NEST tokens.
To open any new ERC20 Token/ETH quote pair, the creator needs to hold a minimum of 100,000 NEST, which is achieved through bidding auction. Anyone can participate in the auction and the auction will last for 5 days. Of course, the successful bidder will eventually need to pay NEST tokens as auction funds, and these tokens will be permanently destroyed in the system. The advantage for successful bidders is that once the bidding is successful, the “5%” share of nToken, the reward for block mining release, can be obtained permanently.How does the nToken system work?
In the new nToken system, miners use the quote to mine, and the mining method is basically similar to the 2.0 system, but how to open a new quote pair is a matter of learning.
The nToken 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 oracles that have already been created cannot be created again.
And to innovate any new ERC20 Token/ETH price oracle machine, you need to use NEST tokens to open-opening nToken system has become one of the new use cases of NEST tokens.
To open any new ERC20 Token/ETH quote pair, the creator needs to hold a minimum of 100,000 NEST, which is achieved through bidding auction. Anyone can participate in the auction and the auction will last for 5 days. Of course, the successful bidder will eventually need to pay NEST tokens as auction funds, and these tokens will be permanently destroyed in the system. The advantage for successful bidders is that once the bidding is successful, the “5%” share of nToken, the reward for block mining release, can be obtained permanently.
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Participants who have not succeeded in bidding can not only get back the bidding funds, they can even earn NEST token income through nToken’s bidding incentives. Specifically, the auction incentive mechanism will use a portion (50%) of the difference between the bid price of the current bidder and the previous bidder to reward the previous bidder. This mechanism can effectively reduce the loss of bidders who failed to bid successfully. You can even use this speculation to earn NEST tokens to stimulate market participation. For example, speculators will buy NEST directly in the market to participate in the auction, and start to join the auction to earn NEST when the price is low. Since they know that they can not shoot the final bid price, it is safe to earn NEST in this way.
This is an ingenious game design: on the surface, it is equivalent to subsidizing the amount of NEST destruction to auction participants, but at the same time it stimulates more auction competition, and the participation of more bidders will stimulate a higher bid Amount.
Bruce told News that the design of this auction incentive mechanism is mainly to stimulate market participation. Although the total amount of NEST destroyed after each auction is reduced, the calculation formula of NEST token destruction is (starting price P0 + final bidder bid Pm) /2, which is equivalent to subsidizing part of NEST’s destruction to unsuccessful bidders, but overall increased interaction and increased market participation. The whole process went down, increasing the demand of NEST. He foresees that in the early stage of the project, the effect of destruction is not necessarily more direct than increasing the activity.
According to the new version of the white paper, there is no upper limit on the total amount of nToken, and the release mechanism is deflation year by year. In addition to the successful bidders who opened the quotation pair, they can permanently receive the “5%” block release reward, and the remaining 95% is obtained by the miners. Miners mining will successfully quote the asset pair (successful quotation means that the quotation has not been accepted, but adopted by the system), you can get nToken block reward. According to the new version of the white paper, the Ethereum block number of the nToken oracle when it is activated is the initial output block, and each block starts to produce 4 nTokens, which decays every 2.4 million blocks (about 1 year) The number of nTokens produced by each block in turn decayed to 80% of the original, and the decay stops when the number of nTokens produced in a single block is 0.4.
What is the value of nToken?
What is the use of the obtained nToken? In other words, what is the motivation for miners and developers to obtain nToken?
In the NEST ecosystem, nToken tokens have two main uses. One is freely tradable on exchanges, OTC platforms or DEXs, and the other is holding nTokens to receive ETH weekly reward pool rewards.
According to the new version of the white paper, based on the proportion of positions held by nTokens, miners can obtain the distribution of the ETH revenue pool of the nToken system. The system will pool the ETH revenue pool for distribution once a week. The distribution mechanism is similar to NEST and is also based on specific nToken tokens. The proportion of positions is calculated.
In other words, the more nTokens held, the more ETH income will be received from the weekly income pool, and the decisive influence on the nToken income pool is the nToken predictor call fee (When DeFi developers call nToken predictor price data, A certain amount of ETH fee needs to be paid to the nToken system, 80% of the fee goes to the nToken revenue pool, and the other 20% is rewarded to the quoted miners who dug the block at that time. Is 1% of the size of the quoted ETH) and the nToken quoted processing fee for the validator (the processing fee is 0.1% of the ETH size).
In other words, the value capture of nToken depends on the number of times the downstream DeFi product calls the nToken oracle. This is a process in which the oracle system outputs the quotation to obtain the “value” input by the external system. The more often the downstream DeFi application uses the NEST quotation system, the greater the value captured by the oracle system. However, only when the newly created nToken quote pair has more miners participating in the quote, and a stable and accurate quote is achieved, will more downstream DeFi products choose to call their quotes. In the early stage, how to promote the cold start of the nToken quote trading pair?
Bruce told Lianwen that although DeFi downstream calls determine the stability of the system, the downstream calls cannot achieve a cold start, and only the incentive determines whether the system can start. He said that nToken uses a deflation mechanism to motivate early participants to mine mining quotes, allow advanced people to mine more nTokens, and provide early mining advantages. When the advantage is maintained until the quotes appear continuously, the caller will appear .
Taking the popular quote asset HBTC as an example, because people have high expectations for it, once nHBTC is launched on NEST, it will promote the demand for people to hold nHBTC, which will effectively promote the cold start of the quote pair.
NEST 3.0 has been officially launched for 1 day. At present, there are multiple oracle machine quote assets under auction opening, of which the HBTC oracle machine auction bidding assets amounted to 1.33 million NEST, and other quotation assets under auction opening are HT (115 Million NEST), OKB (1 million NEST), HUSD (930,000 NEST), DAI (780,000 NEST), imBTC (730,000 NEST), WBTC (720,000 NEST), BIX (710,000 NEST), LINK (500,000 NEST) and MKR (410,000 NEST).
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“Only when there is continuous input of value in the future, the NEST system may be further amplified or balanced, and the early stage is unbalanced, and all advanced people have advantages.”
It should be noted that in the nToken revenue pool, part of the ETH payment fee paid by nToken miners will be “transfused” to the NEST revenue pool. Initially, 40% of the revenue will be lost to the NEST revenue pool, and then decay once every six months, and then decay to The 20% is kept constant, that is, 20% of the nToken miner’s quotation fee is always sent to the NEST revenue pool.
How has the original quoted asset changed from ETH/USDT?
After the new version 3.0 is launched, in addition to the ETH/USDT quote asset pair, there will be multiple independent nToken quote pairs in parallel. The original ETH/USDT quote asset pair will continue to operate. As a mainstream crypto asset, ETH’s quote volume and continuous operation will play a vital role. However, after the 3.0 is launched, there will be some changes to the ETH/USDT quoted assets that have been running, mainly reflected in the source of income.
Previously, the main sources of the ETH revenue pool for weekly income distribution were the quoted miner’s fee (1% of the quoted ETH size) and the verifier’s fee for taking the order (the proportion is 0.2% of the amount of the ETH).
3.0 After going online, the income pool of the ETH/USDT asset pair will add two new sources of income: One is the call fee ETH paid by downstream developers, of which 80% of the call fee will be input into the ETH/USDT asset to the income pool. Dividends are distributed every week, and the remaining 20% is allocated to the quoted miners in the corresponding block at the time of the call; the second is the part of the handling fee ETH paid by nToken miners when quoted.
Among them, the ETH call fee obtained through external DeFi call not only becomes the core income of the ETH/USDT revenue pool, but also the key to support the entire NEST ecosystem. As a decentralized oracle machine, only when its core quotation asset is validated by the market for ETH/USDT and can be called by developers can it truly capture the value outside the system and become a product that matches the market (Product-market fit).
Every time the ETH/USDT price oracle is called, the developer needs to pay a certain amount of ETH fee to the NEST system. Regarding the charging rules, DeFi developers need to pay 0.0001 ETH for a single call to each block price, the minimum payment fee for a single call is 0.001 ETH, and the maximum payment fee for a single call is 0.01 ETH. Of this part of ETH revenue, 20% will be directly rewarded to the quoted miners, and the other 80% will flow into the system revenue pool.
At the same time, as the most important core asset in the NEST system, NEST tokens will gain new use value (the governance voting function mentioned below), as well as a series of new destruction mechanisms, will bring NEST tokens Invisible value support. These destruction mechanisms include the above mentioned. Participation and opening of nToken oracle bidding need to hold a minimum of 100,000 NEST tokens, and once the bidding is successful, the bidding fee will be permanently destroyed. In addition, in terms of decentralized governance, participating nodes The NEST income of the voting NestNode holders during the governance vote will be destroyed by the system; and the downstream DeFi application needs to destroy a certain amount of NEST tokens when it is docked with the NEST oracle for the first time.
Added voting system to support NEST governance
In the upgrade of NEST 3.0, another important function update is the addition of a voting system. The governance mechanism is divided into regular governance and emergency governance. The participants are mainly NestNode holders and NEST token holders.
Here we need to briefly introduce the NestNode token, which is the governance token in the NEST system, which can initiate and vote. As an ERC20 token, NestNode tokens can be traded and circulated, but the total amount is constant at 1500. In addition to the governance authority, holding NestNode tokens can also obtain 15% of the NEST Token mining revenue, that is, for the miners during the mining process, for every 100 NEST Tokens released by the NEST mining pool contract, 15 will be allocated to the guardian Node NestNode.
A typical conventional governance process is: after the NestNode holder pledges at least 10 NestNode tokens, they can initiate a voting contract, and then enter the 1-day “node voting (NestNode voting)” link, pledge the number of NestNode to reach more than 100, Then the node votes to pass (NestNode’s NEST proceeds during the pledge period will be destroyed), and then enters the 7-day “community voting (NEST Token voting)” link, during which NEST holders can use the currently deposited NEST access contract NEST tokens vote, 1 NEST = 1 vote, and only one voting contract can be voted at the same time. At the end of the voting period, the vote rate is >= 51%, then the vote is in the pass state, anyone can execute and make the The contract takes effect.
The main goal of the emergency governance module is to prevent the risk of NEST being stolen in the contract.
When NEST is stolen, you can initiate a fork of the contract through governance. This is the highest level of governance in the NEST system-emergency governance. This means that when NEST is stolen, the contract can be forked and a NEST token rewritten.
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A typical emergency governance process is as follows: Like the ordinary governance process, a pledge contract is initiated after pledged at least 10 NestNodes, and then enters the “NestNode voting session”, where at least 1000 NestNodes are pledged during the voting period (compared to the conventional In governance, the process only needs 100 NESTNodes to pass) The quantity is considered to pass (NestNode’s NEST proceeds during the pledge period will be destroyed), and will enter into the next “NEST Token voting link” immediately after passing. In this session, since NEST was attacked at this time, it is necessary to vote through the number of NEST locks in the “n-1” period, which is also 1 NEST = 1 vote. Once the vote rate is >= 51%, the vote is passed, anyone can execute and make the contract effective without waiting for the 7-day voting period to end.
Briefly summarize the new governance system:
NEST 3.0 incorporates both NEST tokens and NestNode tokens into the governance system, which adds new use value to NEST tokens and NestNode tokens, namely the right to vote and the right to vote. Among them, the pledge of NestNode tokens can initiate voting, while NEST tokens can be used to vote;
Holding a NestNode token can initiate a contract fork vote. This situation applies to emergency governance when the NEST token is stolen. For the highest governance level in the system, the contract can be forked and then a NEST token rewritten;
During the governance period, the block release reward of NestNode tokens will be destroyed, and this destruction mechanism will increase the value of NEST tokens.
Main use cases of various tokens in a multi-token system
It can be said that the NEST ecosystem has evolved from the original NEST token to a multi-token system, in which each token has its own use case and performs different functions.
It is necessary to summarize the main use cases of each token after the 3.0 version upgrade:
NEST token use case: As the earliest native asset in the NEST ecosystem, the NEST token has become the most decentralized token with the most users and the most decentralized tokens. In the 2.0 stage, holding NEST can perform the following operations: 1) Proportion of holding positions to obtain the ETH income distribution of the NEST system; 2) As a native asset on the chain, it can be freely traded;
After the launch of 3.0 this time, NEST tokens have added more utility, such as voting rights in governance, 1 NEST = 1 vote; at the same time, NEST tokens have added a series of destruction mechanisms, which will become a basic value of NEST Support, including 1) NEST Node holders’ NEST revenue during the governance vote will be destroyed by the system; 2) NEST holders can participate in nToken bidding and open nToken oracles, once the bidding is successful, the bidding fee will be permanently destroyed; 3) downstream DeFi When docking the oracle for the first time, a certain amount of NEST needs to be destroyed.
Use cases of NestNode: 1. Possess the right to initiate the voting contract of the NEST system; 2. Possess the right to initiate the fork of the NEST system; 3. Possess the right to earn 15% of the NEST system’s mining release; 4. Native assets on the chain, free transaction.
Use cases of nToken: 1. Obtain the ETH income distribution of the nToken system according to the proportion of positions held each week; 2. The native assets on the chain can be freely traded;
Undoubtedly, NEST is a team with a strong incentive mechanism. They hope that when the demand for early calls is insufficient, the design of the incentive mechanism will stimulate early participants to join and guide liquidity to encourage continuous quotation and promote consensus. In the end, when the demand for downstream calls arises, and when the NEST system can continue to provide value input for itself, the system will further amplify and present a balanced state. Theoretically, NEST’s mechanism design is very clever, and the results need to wait for the market to verify.
Nest Operation Team
NEST, the decentralized oracle machine system developed by the anonymous team, officially released version 3.0 on July 13;
At the same time, NEST was also officially published providing an external calling interface. This is the first time the NEST oracle system is officially published providing an external call interface for other DeFi developers.
This means that the NEST oracle quote system, which has been in internal testing, will be openly verified by the market for the first time to verify whether the quote oracle provided by it can be used by other blockchain systems. If it passes the test, NEST’s continuously running quote mining system will eventually reach the real world and provide real value to the real world, to solve the problem of the oracle quotes that has never been solved, thus providing the core token NEST in the system. Provide value support.
Providing accurate on-chain asset pair quotes is the core value provided by the decentralized oracle NEST, and it is also a core problem that has not been solved in the blockchain system and open financial system.
At the same time, NEST3.0 also added the nToken quotation system, that is, in addition to the original unique quotation pair ETH/USDT, newly added support for opening any ERC20 token and ETH trading pair.
What new features does NEST3.0 have? How does the newly added nToken system achieve cold start? How does nToken capture value? And do ordinary people still have investment opportunities? The following news will explain the update one by one. In addition, News also interviewed the head of the NEST community — Bruce and asked him to tell us the guiding strategy of NEST’s overall promotion and the intention behind its incentive design.
New Quote Deviation Defense Mechanism to improve resistance to Attack
Firstly, let’s see what new features are available in the 3.0 version of the Nest oracle machine-of course, if readers still don’t know about the decentralized oracle machine system NEST, it is recommended to read the articles published before Lianwen if Uniswap is not a good one Prediction machine, how can we improve it? , To understand its basic design concepts and operating principles.
According to Bruce, NEST 3.0 has added a price deviation defense mechanism.
Previously, in order to prevent quotations from being malicious, the NEST system would impose a limit on the size of the bidder’s quotation (that is, the “verifier” of the system). Quotation of integer multiples of the former beta, where beta> 1 (currently beta=2), which means that the price chain will eventually terminate (downtime) with the expansion of the scale, and the cost of the perpetrator will increase geometrically, thus resisting the attack behavior .
This time, NEST 3.0’s new “price deviation defense mechanism” further effectively protects against malicious behavior: If the price of the bidder deviates from the last effective price by more than 10%, the current price scale is 10 ETH * 10 (scale 10 times larger), which makes the system more secure.
New nToken system
The newly added nToken system is essentially an extension of NEST 2.0. In addition to the original unique asset pair ETH/USDT, any ERC20/ETH asset pair quotation is added-this means that the new version supports the opening of any ERC20/ETH trading pair. In NEST 3.0, this is called “nToken” system”.
Each individual nToken system has its own independent nToken token, which is an ERC20 Token issued based on the Ethereum network. Every time an ERC20 Token/ETH price oracle is opened, an nToken will be created, which may be nDAI or nHBTC.
Taking HBTC Token/ETH as an example, once the trading pair is opened in NEST 3.0, a token “nHBTC” that maps HBTC will be generated in the NEST system.
How does the nToken system work?
In the new nToken system, miners use the quote to mine, and the mining method is basically similar to the 2.0 system, but how to open a new quote pair is a matter of learning.
The nToken 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 oracles that have already been created cannot be created again.
And to innovate any new ERC20 Token/ETH price oracle machine, you need to use NEST tokens to open-opening nToken system has become one of the new use cases of NEST tokens.
To open any new ERC20 Token/ETH quote pair, the creator needs to hold a minimum of 100,000 NEST, which is achieved through bidding auction. Anyone can participate in the auction and the auction will last for 5 days. Of course, the successful bidder will eventually need to pay NEST tokens as auction funds, and these tokens will be permanently destroyed in the system. The advantage for successful bidders is that once the bidding is successful, the “5%” share of nToken, the reward for block mining release, can be obtained permanently.How does the nToken system work?
In the new nToken system, miners use the quote to mine, and the mining method is basically similar to the 2.0 system, but how to open a new quote pair is a matter of learning.
The nToken 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 oracles that have already been created cannot be created again.
And to innovate any new ERC20 Token/ETH price oracle machine, you need to use NEST tokens to open-opening nToken system has become one of the new use cases of NEST tokens.
To open any new ERC20 Token/ETH quote pair, the creator needs to hold a minimum of 100,000 NEST, which is achieved through bidding auction. Anyone can participate in the auction and the auction will last for 5 days. Of course, the successful bidder will eventually need to pay NEST tokens as auction funds, and these tokens will be permanently destroyed in the system. The advantage for successful bidders is that once the bidding is successful, the “5%” share of nToken, the reward for block mining release, can be obtained permanently.
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Participants who have not succeeded in bidding can not only get back the bidding funds, they can even earn NEST token income through nToken’s bidding incentives. Specifically, the auction incentive mechanism will use a portion (50%) of the difference between the bid price of the current bidder and the previous bidder to reward the previous bidder. This mechanism can effectively reduce the loss of bidders who failed to bid successfully. You can even use this speculation to earn NEST tokens to stimulate market participation. For example, speculators will buy NEST directly in the market to participate in the auction, and start to join the auction to earn NEST when the price is low. Since they know that they can not shoot the final bid price, it is safe to earn NEST in this way.
This is an ingenious game design: on the surface, it is equivalent to subsidizing the amount of NEST destruction to auction participants, but at the same time it stimulates more auction competition, and the participation of more bidders will stimulate a higher bid Amount.
Bruce told News that the design of this auction incentive mechanism is mainly to stimulate market participation. Although the total amount of NEST destroyed after each auction is reduced, the calculation formula of NEST token destruction is (starting price P0 + final bidder bid Pm) /2, which is equivalent to subsidizing part of NEST’s destruction to unsuccessful bidders, but overall increased interaction and increased market participation. The whole process went down, increasing the demand of NEST. He foresees that in the early stage of the project, the effect of destruction is not necessarily more direct than increasing the activity.
According to the new version of the white paper, there is no upper limit on the total amount of nToken, and the release mechanism is deflation year by year. In addition to the successful bidders who opened the quotation pair, they can permanently receive the “5%” block release reward, and the remaining 95% is obtained by the miners. Miners mining will successfully quote the asset pair (successful quotation means that the quotation has not been accepted, but adopted by the system), you can get nToken block reward. According to the new version of the white paper, the Ethereum block number of the nToken oracle when it is activated is the initial output block, and each block starts to produce 4 nTokens, which decays every 2.4 million blocks (about 1 year) The number of nTokens produced by each block in turn decayed to 80% of the original, and the decay stops when the number of nTokens produced in a single block is 0.4.
What is the value of nToken?
What is the use of the obtained nToken? In other words, what is the motivation for miners and developers to obtain nToken?
In the NEST ecosystem, nToken tokens have two main uses. One is freely tradable on exchanges, OTC platforms or DEXs, and the other is holding nTokens to receive ETH weekly reward pool rewards.
According to the new version of the white paper, based on the proportion of positions held by nTokens, miners can obtain the distribution of the ETH revenue pool of the nToken system. The system will pool the ETH revenue pool for distribution once a week. The distribution mechanism is similar to NEST and is also based on specific nToken tokens. The proportion of positions is calculated.
In other words, the more nTokens held, the more ETH income will be received from the weekly income pool, and the decisive influence on the nToken income pool is the nToken predictor call fee (When DeFi developers call nToken predictor price data, A certain amount of ETH fee needs to be paid to the nToken system, 80% of the fee goes to the nToken revenue pool, and the other 20% is rewarded to the quoted miners who dug the block at that time. Is 1% of the size of the quoted ETH) and the nToken quoted processing fee for the validator (the processing fee is 0.1% of the ETH size).
In other words, the value capture of nToken depends on the number of times the downstream DeFi product calls the nToken oracle. This is a process in which the oracle system outputs the quotation to obtain the “value” input by the external system. The more often the downstream DeFi application uses the NEST quotation system, the greater the value captured by the oracle system. However, only when the newly created nToken quote pair has more miners participating in the quote, and a stable and accurate quote is achieved, will more downstream DeFi products choose to call their quotes. In the early stage, how to promote the cold start of the nToken quote trading pair?
Bruce told Lianwen that although DeFi downstream calls determine the stability of the system, the downstream calls cannot achieve a cold start, and only the incentive determines whether the system can start. He said that nToken uses a deflation mechanism to motivate early participants to mine mining quotes, allow advanced people to mine more nTokens, and provide early mining advantages. When the advantage is maintained until the quotes appear continuously, the caller will appear .
Taking the popular quote asset HBTC as an example, because people have high expectations for it, once nHBTC is launched on NEST, it will promote the demand for people to hold nHBTC, which will effectively promote the cold start of the quote pair.
NEST 3.0 has been officially launched for 1 day. At present, there are multiple oracle machine quote assets under auction opening, of which the HBTC oracle machine auction bidding assets amounted to 1.33 million NEST, and other quotation assets under auction opening are HT (115 Million NEST), OKB (1 million NEST), HUSD (930,000 NEST), DAI (780,000 NEST), imBTC (730,000 NEST), WBTC (720,000 NEST), BIX (710,000 NEST), LINK (500,000 NEST) and MKR (410,000 NEST).
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“Only when there is continuous input of value in the future, the NEST system may be further amplified or balanced, and the early stage is unbalanced, and all advanced people have advantages.”
It should be noted that in the nToken revenue pool, part of the ETH payment fee paid by nToken miners will be “transfused” to the NEST revenue pool. Initially, 40% of the revenue will be lost to the NEST revenue pool, and then decay once every six months, and then decay to The 20% is kept constant, that is, 20% of the nToken miner’s quotation fee is always sent to the NEST revenue pool.
How has the original quoted asset changed from ETH/USDT?
After the new version 3.0 is launched, in addition to the ETH/USDT quote asset pair, there will be multiple independent nToken quote pairs in parallel. The original ETH/USDT quote asset pair will continue to operate. As a mainstream crypto asset, ETH’s quote volume and continuous operation will play a vital role. However, after the 3.0 is launched, there will be some changes to the ETH/USDT quoted assets that have been running, mainly reflected in the source of income.
Previously, the main sources of the ETH revenue pool for weekly income distribution were the quoted miner’s fee (1% of the quoted ETH size) and the verifier’s fee for taking the order (the proportion is 0.2% of the amount of the ETH).
3.0 After going online, the income pool of the ETH/USDT asset pair will add two new sources of income: One is the call fee ETH paid by downstream developers, of which 80% of the call fee will be input into the ETH/USDT asset to the income pool. Dividends are distributed every week, and the remaining 20% is allocated to the quoted miners in the corresponding block at the time of the call; the second is the part of the handling fee ETH paid by nToken miners when quoted.
Among them, the ETH call fee obtained through external DeFi call not only becomes the core income of the ETH/USDT revenue pool, but also the key to support the entire NEST ecosystem. As a decentralized oracle machine, only when its core quotation asset is validated by the market for ETH/USDT and can be called by developers can it truly capture the value outside the system and become a product that matches the market (Product-market fit).
Every time the ETH/USDT price oracle is called, the developer needs to pay a certain amount of ETH fee to the NEST system. Regarding the charging rules, DeFi developers need to pay 0.0001 ETH for a single call to each block price, the minimum payment fee for a single call is 0.001 ETH, and the maximum payment fee for a single call is 0.01 ETH. Of this part of ETH revenue, 20% will be directly rewarded to the quoted miners, and the other 80% will flow into the system revenue pool.
At the same time, as the most important core asset in the NEST system, NEST tokens will gain new use value (the governance voting function mentioned below), as well as a series of new destruction mechanisms, will bring NEST tokens Invisible value support. These destruction mechanisms include the above mentioned. Participation and opening of nToken oracle bidding need to hold a minimum of 100,000 NEST tokens, and once the bidding is successful, the bidding fee will be permanently destroyed. In addition, in terms of decentralized governance, participating nodes The NEST income of the voting NestNode holders during the governance vote will be destroyed by the system; and the downstream DeFi application needs to destroy a certain amount of NEST tokens when it is docked with the NEST oracle for the first time.
Added voting system to support NEST governance
In the upgrade of NEST 3.0, another important function update is the addition of a voting system. The governance mechanism is divided into regular governance and emergency governance. The participants are mainly NestNode holders and NEST token holders.
Here we need to briefly introduce the NestNode token, which is the governance token in the NEST system, which can initiate and vote. As an ERC20 token, NestNode tokens can be traded and circulated, but the total amount is constant at 1500. In addition to the governance authority, holding NestNode tokens can also obtain 15% of the NEST Token mining revenue, that is, for the miners during the mining process, for every 100 NEST Tokens released by the NEST mining pool contract, 15 will be allocated to the guardian Node NestNode.
A typical conventional governance process is: after the NestNode holder pledges at least 10 NestNode tokens, they can initiate a voting contract, and then enter the 1-day “node voting (NestNode voting)” link, pledge the number of NestNode to reach more than 100, Then the node votes to pass (NestNode’s NEST proceeds during the pledge period will be destroyed), and then enters the 7-day “community voting (NEST Token voting)” link, during which NEST holders can use the currently deposited NEST access contract NEST tokens vote, 1 NEST = 1 vote, and only one voting contract can be voted at the same time. At the end of the voting period, the vote rate is >= 51%, then the vote is in the pass state, anyone can execute and make the The contract takes effect.
The main goal of the emergency governance module is to prevent the risk of NEST being stolen in the contract.
When NEST is stolen, you can initiate a fork of the contract through governance. This is the highest level of governance in the NEST system-emergency governance. This means that when NEST is stolen, the contract can be forked and a NEST token rewritten.
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A typical emergency governance process is as follows: Like the ordinary governance process, a pledge contract is initiated after pledged at least 10 NestNodes, and then enters the “NestNode voting session”, where at least 1000 NestNodes are pledged during the voting period (compared to the conventional In governance, the process only needs 100 NESTNodes to pass) The quantity is considered to pass (NestNode’s NEST proceeds during the pledge period will be destroyed), and will enter into the next “NEST Token voting link” immediately after passing. In this session, since NEST was attacked at this time, it is necessary to vote through the number of NEST locks in the “n-1” period, which is also 1 NEST = 1 vote. Once the vote rate is >= 51%, the vote is passed, anyone can execute and make the contract effective without waiting for the 7-day voting period to end.
Briefly summarize the new governance system:
NEST 3.0 incorporates both NEST tokens and NestNode tokens into the governance system, which adds new use value to NEST tokens and NestNode tokens, namely the right to vote and the right to vote. Among them, the pledge of NestNode tokens can initiate voting, while NEST tokens can be used to vote;
Holding a NestNode token can initiate a contract fork vote. This situation applies to emergency governance when the NEST token is stolen. For the highest governance level in the system, the contract can be forked and then a NEST token rewritten;
During the governance period, the block release reward of NestNode tokens will be destroyed, and this destruction mechanism will increase the value of NEST tokens.
Main use cases of various tokens in a multi-token system
It can be said that the NEST ecosystem has evolved from the original NEST token to a multi-token system, in which each token has its own use case and performs different functions.
It is necessary to summarize the main use cases of each token after the 3.0 version upgrade:
NEST token use case: As the earliest native asset in the NEST ecosystem, the NEST token has become the most decentralized token with the most users and the most decentralized tokens. In the 2.0 stage, holding NEST can perform the following operations: 1) Proportion of holding positions to obtain the ETH income distribution of the NEST system; 2) As a native asset on the chain, it can be freely traded;
After the launch of 3.0 this time, NEST tokens have added more utility, such as voting rights in governance, 1 NEST = 1 vote; at the same time, NEST tokens have added a series of destruction mechanisms, which will become a basic value of NEST Support, including 1) NEST Node holders’ NEST revenue during the governance vote will be destroyed by the system; 2) NEST holders can participate in nToken bidding and open nToken oracles, once the bidding is successful, the bidding fee will be permanently destroyed; 3) downstream DeFi When docking the oracle for the first time, a certain amount of NEST needs to be destroyed.
Use cases of NestNode: 1. Possess the right to initiate the voting contract of the NEST system; 2. Possess the right to initiate the fork of the NEST system; 3. Possess the right to earn 15% of the NEST system’s mining release; 4. Native assets on the chain, free transaction.
Use cases of nToken: 1. Obtain the ETH income distribution of the nToken system according to the proportion of positions held each week; 2. The native assets on the chain can be freely traded;
Undoubtedly, NEST is a team with a strong incentive mechanism. They hope that when the demand for early calls is insufficient, the design of the incentive mechanism will stimulate early participants to join and guide liquidity to encourage continuous quotation and promote consensus. In the end, when the demand for downstream calls arises, and when the NEST system can continue to provide value input for itself, the system will further amplify and present a balanced state. Theoretically, NEST’s mechanism design is very clever, and the results need to wait for the market to verify.
Nest Operation Team
August 10, 2020, 03:59:31 PM
The development of #blockchain:
BTC-ETH-NEST
#BTC: Transaction information is generated on the chain (a decentralized ledger)
#ETH: Various smart contract information is generated on the chain (enriched data on the #chain)
#NEST: The price information of the off-chain market is generated on the chain (the market price is brought to the chain and can be verified)
Every breakthrough is due to the latter creating more information on the chain, bringing more possibilities to the blockchain
BTC-ETH-NEST
#BTC: Transaction information is generated on the chain (a decentralized ledger)
#ETH: Various smart contract information is generated on the chain (enriched data on the #chain)
#NEST: The price information of the off-chain market is generated on the chain (the market price is brought to the chain and can be verified)
Every breakthrough is due to the latter creating more information on the chain, bringing more possibilities to the blockchain
August 07, 2020, 04:21:52 PM
2020.7.25-7.31 NEST Weekly Revenue:
Nest system Total Revenue:1022.27293 #ETH
Enter the system revenue storage contract: 104.45458 ETH
NEST Holder's Income #Distribution: 917.81835 ETH;
100,0000 $NEST Income: 0.58809 ETH
Nest system Total Revenue:1022.27293 #ETH
Enter the system revenue storage contract: 104.45458 ETH
NEST Holder's Income #Distribution: 917.81835 ETH;
100,0000 $NEST Income: 0.58809 ETH
August 07, 2020, 04:13:34 PM
Launch of NEST (NEST Protocol) at 15:00 on August 7 (GMT+8)
Dear users,
NEST (NEST Protocol) will be launched on Huobi Global. NEST/USDT, NEST/BTC and NEST/HT trading will be available from 15:00, August 7, 2020 (GMT+8). Deposits and withdrawals are available now.
Click here to deposit NEST: https://www.huobi.fm/en-us/finance-beta/deposit/nest/
Dear users,
NEST (NEST Protocol) will be launched on Huobi Global. NEST/USDT, NEST/BTC and NEST/HT trading will be available from 15:00, August 7, 2020 (GMT+8). Deposits and withdrawals are available now.
Click here to deposit NEST: https://www.huobi.fm/en-us/finance-beta/deposit/nest/
August 06, 2020, 04:35:49 PM
What difference between Chainlink and NEST Oracle machine, this is the most questioned question and let’s introduce it.
First of all, Chainlink, has 20 to 30 reputation nodes to feed data, a simple understanding is that Chainlink, the organization has found a partner, these partners to help them feed the data. These nodes, like the porter of the data, take the price data from platforms such as currency security or CMC, and upload it to the chain oracle contract to form a comprehensive price data for use by the downstream DEFI.
However, for these movings of the data, its authenticity and timeliness is not guaranteed, you can only trust these nodes. Sure, Chainlink claims to have a reputation system and a punishment mechanism, but how to verify the authenticity of the data?
Is it validating data in time, or is it re-validating after the fact? Punishment then?
We don’t know yet, because its LINK pledge mechanism and punishment mechanism is not online yet.
Next talk about NEST, the NEST oracle scheme.
The NEST oracle uses a distributed free-miner two-sided quotation method, in which the quoted assets are transferred into the quotation contract in a certain proportion. such as the current ETH = 240 USDT, Then we need to transfer 10 ETH + 2400 USDT to the price contract at the same time, to tell the market that my offer is 1. ETH = 240 USDT
The offer is then put into effect on the chain, with an effective time of 25 Ethereum blocks (approximately 5 minutes). During this 5-minute period, anyone can transfer 10 ETH to exchange for 2400 USDT, or to 2400 USDT to exchange for 10 ETH.
This is the so-called verifier to take arbitrage, as long as your quotation and the market price does not match, there is deviation, then anyone can take the arbitrage.
In this way, the quote miner will not dare to report the price arbitrarily. If the price is arbitrarily reported, it will be taken away by the verifier, anyone can become the verifier.
The verifier will need to leave a new quote and correct the wrong one while taking the order.
And the verifier’s new offer, offered size times 2.
Suppose I am a verifier, I take 10 ETH, then my new offer will be 20 ETH xxxUSDT, the price is my own offer now.
The quotation taken by the verifier does not participate in the price generation of the oracle. Only the quotation which has successfully passed the five-minute verification period, will participate in the price generation of the oracle.
In simple terms, each effective price on the NEST oracle is a market-proven price, consistent with the blockchain consensus mechanism.
In addition, it is important to note that as long as you quote, you can participate in NEST mining. It has nothing to do with whether or not you are being taken. Although you are being taken, you considered mined NEST.
Through the NEST mining, to stimulate the quotation miners to actively participate in the quotation.
The longer it takes from the last offer, the more NEST it mines. So there’s a game of miners, e.g: A. quoted every 10 blocks, if B. quoted every 9 blocks, so A. will never get mined. A. Is to adjust to every 8 blocks and then B. will never get mined again, this B. will adjust to every 7 blocks…
Each block contains 320 NEST, which is the number of blocks * 320 * 0.8 from the previous quote is the number of NEST mined by miners.
NEST should be the first decentralized project in the industry for the Ethereum blockchain to carry its own mining rewards.
In addition, NEST uses the income right model, ETH-based, oracle charges are also in ETH payments.
The Ethereum community should support more decentralized projects like the NEST Oracle, which added a lot of value to the Ethereum system.
Therefore, the NEST community will not need to quarrel with a business organization like Chainlink in the future. It is different kind of thing.
First of all, Chainlink, has 20 to 30 reputation nodes to feed data, a simple understanding is that Chainlink, the organization has found a partner, these partners to help them feed the data. These nodes, like the porter of the data, take the price data from platforms such as currency security or CMC, and upload it to the chain oracle contract to form a comprehensive price data for use by the downstream DEFI.
However, for these movings of the data, its authenticity and timeliness is not guaranteed, you can only trust these nodes. Sure, Chainlink claims to have a reputation system and a punishment mechanism, but how to verify the authenticity of the data?
Is it validating data in time, or is it re-validating after the fact? Punishment then?
We don’t know yet, because its LINK pledge mechanism and punishment mechanism is not online yet.
Next talk about NEST, the NEST oracle scheme.
The NEST oracle uses a distributed free-miner two-sided quotation method, in which the quoted assets are transferred into the quotation contract in a certain proportion. such as the current ETH = 240 USDT, Then we need to transfer 10 ETH + 2400 USDT to the price contract at the same time, to tell the market that my offer is 1. ETH = 240 USDT
The offer is then put into effect on the chain, with an effective time of 25 Ethereum blocks (approximately 5 minutes). During this 5-minute period, anyone can transfer 10 ETH to exchange for 2400 USDT, or to 2400 USDT to exchange for 10 ETH.
This is the so-called verifier to take arbitrage, as long as your quotation and the market price does not match, there is deviation, then anyone can take the arbitrage.
In this way, the quote miner will not dare to report the price arbitrarily. If the price is arbitrarily reported, it will be taken away by the verifier, anyone can become the verifier.
The verifier will need to leave a new quote and correct the wrong one while taking the order.
And the verifier’s new offer, offered size times 2.
Suppose I am a verifier, I take 10 ETH, then my new offer will be 20 ETH xxxUSDT, the price is my own offer now.
The quotation taken by the verifier does not participate in the price generation of the oracle. Only the quotation which has successfully passed the five-minute verification period, will participate in the price generation of the oracle.
In simple terms, each effective price on the NEST oracle is a market-proven price, consistent with the blockchain consensus mechanism.
In addition, it is important to note that as long as you quote, you can participate in NEST mining. It has nothing to do with whether or not you are being taken. Although you are being taken, you considered mined NEST.
Through the NEST mining, to stimulate the quotation miners to actively participate in the quotation.
The longer it takes from the last offer, the more NEST it mines. So there’s a game of miners, e.g: A. quoted every 10 blocks, if B. quoted every 9 blocks, so A. will never get mined. A. Is to adjust to every 8 blocks and then B. will never get mined again, this B. will adjust to every 7 blocks…
Each block contains 320 NEST, which is the number of blocks * 320 * 0.8 from the previous quote is the number of NEST mined by miners.
NEST should be the first decentralized project in the industry for the Ethereum blockchain to carry its own mining rewards.
In addition, NEST uses the income right model, ETH-based, oracle charges are also in ETH payments.
The Ethereum community should support more decentralized projects like the NEST Oracle, which added a lot of value to the Ethereum system.
Therefore, the NEST community will not need to quarrel with a business organization like Chainlink in the future. It is different kind of thing.
August 05, 2020, 04:17:38 PM
BaseLabs is an encryption laboratory focusing on DEFI infrastructure construction and investment.
BaseLabs has:
1. NestPool mining pool, NEST oracles offer mining;
2. DeFiHub platform, DeFi data analysis aggregation platform;
3. BaseLabs fund, DeFi liquidity mining and investment.
BaseLabs was born in the NEST ecosystem. In the future, it will fully support the NEST quotation and escort the safety and stability of the NEST oracle; the DeFiHub platform will actively access the DEFI protocol developed based on the NEST oracle; the BaseLabs investment fund will deeply participate in these DEFI protocols. Liquidity mining and investment.
BaseLabs has:
1. NestPool mining pool, NEST oracles offer mining;
2. DeFiHub platform, DeFi data analysis aggregation platform;
3. BaseLabs fund, DeFi liquidity mining and investment.
BaseLabs was born in the NEST ecosystem. In the future, it will fully support the NEST quotation and escort the safety and stability of the NEST oracle; the DeFiHub platform will actively access the DEFI protocol developed based on the NEST oracle; the BaseLabs investment fund will deeply participate in these DEFI protocols. Liquidity mining and investment.
August 04, 2020, 04:58:56 PM
NEST 3.0 will be released on the Ethereum mainnet
Core Content:
The NEST Oracle is officially open to the public;
New nToken system, it will support any ERC20 Token/ETH price of oracle;
New voting system, it will support NEST Protocol decentralized governance;
Optimization and adjustment of other systems;
NEST3.0 contract Code Open Source address: https://github.com/NEST-Protocol/NEST-oracle-V3
Notes:
Miner group: It is recommended to stop the quotation before 2020.07.13 14:50PM and get back the quotation assets in the contract. After the upgrade done, you can replace the new version of the quotation contract and continue to participate in the quotation;
General Users: After the upgrade of NEST DAPP (Android version is normally upgraded, iOS version needs to wait for App Store review), it is necessary to actively retrieve NEST assets from the old system revenue verification contract and then deposit it into the new version of the contract;
For NEST related developing news, you can follow NEST Protocol GitHub to know.
NestCore
Core Content:
The NEST Oracle is officially open to the public;
New nToken system, it will support any ERC20 Token/ETH price of oracle;
New voting system, it will support NEST Protocol decentralized governance;
Optimization and adjustment of other systems;
NEST3.0 contract Code Open Source address: https://github.com/NEST-Protocol/NEST-oracle-V3
Notes:
Miner group: It is recommended to stop the quotation before 2020.07.13 14:50PM and get back the quotation assets in the contract. After the upgrade done, you can replace the new version of the quotation contract and continue to participate in the quotation;
General Users: After the upgrade of NEST DAPP (Android version is normally upgraded, iOS version needs to wait for App Store review), it is necessary to actively retrieve NEST assets from the old system revenue verification contract and then deposit it into the new version of the contract;
For NEST related developing news, you can follow NEST Protocol GitHub to know.
NestCore
August 03, 2020, 04:14:19 PM
What kind of Oracle does DeFi need?
A few weeks ago, the hottest topic in the industry was the DeFi asset “attack” event that occurred on the bZx protocol. According to PeckShield data analysis, the two attacks resulted in a cumulative loss of 3649 ETH for bZx protocol. Since the Uniswap protocol uses algorithmic prices, the price is prone to drastic changes when its trading depth is limited. The arbitrageurs took advantage of Uniswap’s algorithmic price flaws and manipulated the transaction prices of certain assets in a direct or indirect manner, resulting in huge asset losses for users of the associated DeFi protocol that introduced Uniswap price data.
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The analysis from Arcane Research
From the above point of view, this is an arbitrage behavior that occurred on multiple DeFi protocols such as dydx, bZx, Uniwap, etc ; the essence of these two attacks is to control the price of the oracle introduced by the DeFi protocol. The attacker manipulates the the price data of the oracle successfully carried out arbitrage between DeFi agreements.
The bZx incident exposed the oracle problem again, triggering collective talk in the DeFi industry. Long before the bZx event, the famous Synthetic asset platform Synthetix had a major oracle attack:
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At 3 am on June 25, 2019, Synthetix was attacked by oracle price and lost more than 37 million sETH. According to official disclosure, Synthetix’s oracle obtain the prices from exchange‘s API, and integrates it as the final result. At the time of the incident, the price of KRW was only provided by two APIs, and one of the APIs intermittently reported the wrong KRW price (1000 times the normal price), which caused the oracle to take the average value after obtaining the price data from the two APIs. The wrong price obtained is reported to the exchange rate contract of the platform. A trading robot on the Synthetix platform used this error to conduct a large number of transactions sKRW, and made a profit of 1 billion US dollars in less than an hour.
Fortunately, after the incident, the Synthetix platform negotiated and communicated with the users urgently, rolled back all transactions, and gave its users bug bonuses, thus fixing the $ 1 billion error!
Regarding Oracle-related attacks, Synthetix and bZx all occurred. We are very clear that this is not the last time, maybe it is just the beginning.
The oracle problem is a public problem in the entire blockchain industry. In the article “Vitalik: Review of the economic progress of blockchain in the past 5 years, and the emerging problems”, the oracle problem is ranked in Article 16. On a core element. As one of the most important infrastructures in the Web 3.0 era, a safe and stable decentralized oracle system will play a decisive role in promoting the development of DeFi!
So, what kind of Oracle does DeFi need? What are the requirements for a qualified oracle?
At present, the existing Oracle network in the industry usually uploads offline data (price) to the chain by “feeding data” to the contract on the chain, forming a so-called Oracle for other contract calls.
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Chainlink data transmission graph
There is a fundamental problem with this method, that is, the verification of data is not direct, but it indirectly guarantees the authenticity of the data by verifying the uploader. We call this scheme an indirect oracle. Another problem with the indirect oracle is that the credit risk of the node that uploaded the data determines the attack cost of the oracle’s data. If 1 trillion dollars of assets are derived based on the price provided by the oracle, the credit of the oracle node should also match it. This is obviously impossible in reality, and no matter what kind of node randomness is used, it cannot be guaranteed. This is an essential issue, not a technical issue, so indirect oracles can only be used in small-scale, non-financial scenarios.
Now, we can refine the oracle characteristics required by DeFi:
1) The data is accurate: it can truly reflect the market data
2) The data is sensitive: the response to market data is fast enough
3) Data is resistant to attack: the cost of distorting or affecting real data is extremely high
4) Direct verification of data: the verifier is any third party, and does not require review or threshold
5) The network system is distributed: no review or threshold is required, anyone can enter or exit freely
The above 5 points are our strict requirements for a true oracle system. There are not many facts available on the chain, and the fact that the data is off-chain is particularly important.
Common oracle networks currently on the market include Oraclize, ChainLink, DOS.Network, NEST Protocol, MakerDAO, Band Protocol, Tellor, etc. They each have their own characteristics, and the degree of decentralization and verification schemes are also different. According to our previous definition, most of them belong to indirect oracles, and do not directly generate data facts on the chain. The special one is that Tellor uses the pow mechanism for verification, but it is also an indirect oracle in nature; in addition, it is worth noting that the NEST distributed price oracle, which defines and implements a new generation oracle on blockchain. NEST oracle quote facts on the chain uses market game theory to generate the price facts of the off-chain market on the chain through the bilateral asset quotes of miners. Combined with the NEST quote mining mechanism, the miners are encouraged. And become a set of logic The closed-loop distributed quotation system perfectly generates the off-chain price facts on the chain simultaneously, forming a distributed price prediction machine.
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NEST oracle mechanism
Thinking about the price data of the oracle:
1) The essence of price chain is not to “upload” price information to the chain, but to form (generate) price facts on the chain;
2) Whether it is to upload price information in a centralized manner or to upload in a decentralized manner, it means that the fact that the price is off-chain is generated before the chain. And the true oracle system should have the fact that the off-chain price facts are generated on the chain simultaneously;
3) The uniqueness of the NEST distributed price oracle is that a price fact is formed directly on the chain, while other oracle systems only upload a price fact to the chain, which is an essential difference;
4) The cost and credit scale formed by the price of the oracle machine must be able to support DeFi far beyond this scale, and it is the correct oracle machine.
As the most important infrastructure for the application of blockchain technology, the oracle machine plays a decisive role in the development of the DeFi industry! We need more innovative and excellent oracle programs, not just ChainLink, NEST, Tellor…
A few weeks ago, the hottest topic in the industry was the DeFi asset “attack” event that occurred on the bZx protocol. According to PeckShield data analysis, the two attacks resulted in a cumulative loss of 3649 ETH for bZx protocol. Since the Uniswap protocol uses algorithmic prices, the price is prone to drastic changes when its trading depth is limited. The arbitrageurs took advantage of Uniswap’s algorithmic price flaws and manipulated the transaction prices of certain assets in a direct or indirect manner, resulting in huge asset losses for users of the associated DeFi protocol that introduced Uniswap price data.
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The analysis from Arcane Research
From the above point of view, this is an arbitrage behavior that occurred on multiple DeFi protocols such as dydx, bZx, Uniwap, etc ; the essence of these two attacks is to control the price of the oracle introduced by the DeFi protocol. The attacker manipulates the the price data of the oracle successfully carried out arbitrage between DeFi agreements.
The bZx incident exposed the oracle problem again, triggering collective talk in the DeFi industry. Long before the bZx event, the famous Synthetic asset platform Synthetix had a major oracle attack:
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At 3 am on June 25, 2019, Synthetix was attacked by oracle price and lost more than 37 million sETH. According to official disclosure, Synthetix’s oracle obtain the prices from exchange‘s API, and integrates it as the final result. At the time of the incident, the price of KRW was only provided by two APIs, and one of the APIs intermittently reported the wrong KRW price (1000 times the normal price), which caused the oracle to take the average value after obtaining the price data from the two APIs. The wrong price obtained is reported to the exchange rate contract of the platform. A trading robot on the Synthetix platform used this error to conduct a large number of transactions sKRW, and made a profit of 1 billion US dollars in less than an hour.
Fortunately, after the incident, the Synthetix platform negotiated and communicated with the users urgently, rolled back all transactions, and gave its users bug bonuses, thus fixing the $ 1 billion error!
Regarding Oracle-related attacks, Synthetix and bZx all occurred. We are very clear that this is not the last time, maybe it is just the beginning.
The oracle problem is a public problem in the entire blockchain industry. In the article “Vitalik: Review of the economic progress of blockchain in the past 5 years, and the emerging problems”, the oracle problem is ranked in Article 16. On a core element. As one of the most important infrastructures in the Web 3.0 era, a safe and stable decentralized oracle system will play a decisive role in promoting the development of DeFi!
So, what kind of Oracle does DeFi need? What are the requirements for a qualified oracle?
At present, the existing Oracle network in the industry usually uploads offline data (price) to the chain by “feeding data” to the contract on the chain, forming a so-called Oracle for other contract calls.
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Chainlink data transmission graph
There is a fundamental problem with this method, that is, the verification of data is not direct, but it indirectly guarantees the authenticity of the data by verifying the uploader. We call this scheme an indirect oracle. Another problem with the indirect oracle is that the credit risk of the node that uploaded the data determines the attack cost of the oracle’s data. If 1 trillion dollars of assets are derived based on the price provided by the oracle, the credit of the oracle node should also match it. This is obviously impossible in reality, and no matter what kind of node randomness is used, it cannot be guaranteed. This is an essential issue, not a technical issue, so indirect oracles can only be used in small-scale, non-financial scenarios.
Now, we can refine the oracle characteristics required by DeFi:
1) The data is accurate: it can truly reflect the market data
2) The data is sensitive: the response to market data is fast enough
3) Data is resistant to attack: the cost of distorting or affecting real data is extremely high
4) Direct verification of data: the verifier is any third party, and does not require review or threshold
5) The network system is distributed: no review or threshold is required, anyone can enter or exit freely
The above 5 points are our strict requirements for a true oracle system. There are not many facts available on the chain, and the fact that the data is off-chain is particularly important.
Common oracle networks currently on the market include Oraclize, ChainLink, DOS.Network, NEST Protocol, MakerDAO, Band Protocol, Tellor, etc. They each have their own characteristics, and the degree of decentralization and verification schemes are also different. According to our previous definition, most of them belong to indirect oracles, and do not directly generate data facts on the chain. The special one is that Tellor uses the pow mechanism for verification, but it is also an indirect oracle in nature; in addition, it is worth noting that the NEST distributed price oracle, which defines and implements a new generation oracle on blockchain. NEST oracle quote facts on the chain uses market game theory to generate the price facts of the off-chain market on the chain through the bilateral asset quotes of miners. Combined with the NEST quote mining mechanism, the miners are encouraged. And become a set of logic The closed-loop distributed quotation system perfectly generates the off-chain price facts on the chain simultaneously, forming a distributed price prediction machine.
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NEST oracle mechanism
Thinking about the price data of the oracle:
1) The essence of price chain is not to “upload” price information to the chain, but to form (generate) price facts on the chain;
2) Whether it is to upload price information in a centralized manner or to upload in a decentralized manner, it means that the fact that the price is off-chain is generated before the chain. And the true oracle system should have the fact that the off-chain price facts are generated on the chain simultaneously;
3) The uniqueness of the NEST distributed price oracle is that a price fact is formed directly on the chain, while other oracle systems only upload a price fact to the chain, which is an essential difference;
4) The cost and credit scale formed by the price of the oracle machine must be able to support DeFi far beyond this scale, and it is the correct oracle machine.
As the most important infrastructure for the application of blockchain technology, the oracle machine plays a decisive role in the development of the DeFi industry! We need more innovative and excellent oracle programs, not just ChainLink, NEST, Tellor…
July 31, 2020, 04:26:41 PM
Module 4: NEST governance mechanism
1. Conventional governance
Step 1: NestNode holder initiates voting contract
1) Deploy an execution contract and set it to open source state to generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting and the voting period of NestNode holders is 1 day;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote is passed;
3) If the NestNode vote is not passed, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (NEST Token holder voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, during which NEST holders can use the NEST currently deposited in the NEST access contract to vote.
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the vote is passed.
3) During the voting state, if you need to retrieve NEST, you need to cancel the voting first.
4) Voting rate = Total votes cast / NEST total circulation when the voting contract is initiated.
5) At the end of the voting period, the vote rate is >= 51%, then the vote is passed, anyone can execute and make the contract effective (executable after the 7-day voting period ends).
2. Emergency management
State of emergency:
1) There must be 1000 or more NestNodes in the voting factory, switch the emergency state and set the emergency time;
2) In an emergency, use 10 NestNodes to create an emergency vote; within 1 day after the emergency voting contract is created, the number of NestNodes in the emergency voting contract is greater than or equal to 100, and you can enter the NEST Token voting process;
3) The total circulation in the emergency voting contract is calculated based on the snapshot data of the first two periods of the system's revenue distribution; the number of individual NEST Token votes in the emergency voting is calculated based on the snapshot data of the individual locked NEST Token in the previous two periods of the system's revenue distribution;
4) In the emergency voting, NEST voted are more than 51%, and the revised content can be executed immediately;
5) After the emergency state duration (3 days), anyone can trigger a switch back to the normal state.
Specific operations after an emergency:
Step 1: NestNode holder initiates voting contract
1) Deploying an execution contract and setting it to open source status will generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote will pass and take effect immediately and enter the NEST Token voting process;
3) If the NestNode vote does not pass, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, and the source of voting NEST holding data is: snapshot of the contract holding position when the system revenue is received in the n-1 period (n = the starting point of the current latest system revenue receipt);
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the voting ends.
3) In the voting state, if you need to deposit/withdraw NEST from the NEST access contract, you need to cancel the voting first.
4) Voting rate = total number of votes cast in emergency state / total NEST circulation in emergency state;
5)If the vote rate is >= 51%, the vote is in a pass state, anyone can execute it and make the contract effective without waiting for the 7 days voting period to end.
Attachment: NEST Protocol commonly used URL
NEST Protocol：https://nestprotocol.org/
NEST whitepaper：https://nestprotocol.org/doc/ennestwhitepaper.pdf
NEST GitHub：https://github.com/NEST-Protocol
NEST DAPP：https://nestdapp.io/
NEST Diccord: https://discord.gg/7XCCB58
NEST Telegram：https://t.me/nest_chat
NEST Medium：https://medium.com/nest-consensus-labs
Bruce Twitter：https://twitter.com/BruceYang_NEST
William Twitter：https://twitter.com/fan_nest
NEST FANS：https://nestfans.com
NEST YouTube：https://youtu.be/JLrDhsQNYSw
1. Conventional governance
Step 1: NestNode holder initiates voting contract
1) Deploy an execution contract and set it to open source state to generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting and the voting period of NestNode holders is 1 day;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote is passed;
3) If the NestNode vote is not passed, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (NEST Token holder voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, during which NEST holders can use the NEST currently deposited in the NEST access contract to vote.
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the vote is passed.
3) During the voting state, if you need to retrieve NEST, you need to cancel the voting first.
4) Voting rate = Total votes cast / NEST total circulation when the voting contract is initiated.
5) At the end of the voting period, the vote rate is >= 51%, then the vote is passed, anyone can execute and make the contract effective (executable after the 7-day voting period ends).
2. Emergency management
State of emergency:
1) There must be 1000 or more NestNodes in the voting factory, switch the emergency state and set the emergency time;
2) In an emergency, use 10 NestNodes to create an emergency vote; within 1 day after the emergency voting contract is created, the number of NestNodes in the emergency voting contract is greater than or equal to 100, and you can enter the NEST Token voting process;
3) The total circulation in the emergency voting contract is calculated based on the snapshot data of the first two periods of the system's revenue distribution; the number of individual NEST Token votes in the emergency voting is calculated based on the snapshot data of the individual locked NEST Token in the previous two periods of the system's revenue distribution;
4) In the emergency voting, NEST voted are more than 51%, and the revised content can be executed immediately;
5) After the emergency state duration (3 days), anyone can trigger a switch back to the normal state.
Specific operations after an emergency:
Step 1: NestNode holder initiates voting contract
1) Deploying an execution contract and setting it to open source status will generate a contract address to execute the contract;
2) Deploy a voting contract through the voting factory contract, pledge at least 10 NestNodes, and set the execution contract address.
Step 2: Enter the NestNode voting session
1) After the voting contract is created, NestNode holders can participate in node voting;
2) During the voting period, if the number of NestNodes pledged reaches more than 100, the NestNode vote will pass and take effect immediately and enter the NEST Token voting process;
3) If the NestNode vote does not pass, the pledged NestNode can be retrieved after the one-day voting period; if the NestNode vote is passed, the pledged NestNode can be retrieved after the NEST Token voting ends (voting period 7 days).
4) NestNode's NEST income during the pledge period will be destroyed.
Step 3: Enter the NEST Token voting session
1) The voting period is 7 days, and the source of voting NEST holding data is: snapshot of the contract holding position when the system revenue is received in the n-1 period (n = the starting point of the current latest system revenue receipt);
1 NEST = 1 vote
2) Only one voting contract can be voted at a time, and it can be cancelled before the voting ends.
3) In the voting state, if you need to deposit/withdraw NEST from the NEST access contract, you need to cancel the voting first.
4) Voting rate = total number of votes cast in emergency state / total NEST circulation in emergency state;
5)If the vote rate is >= 51%, the vote is in a pass state, anyone can execute it and make the contract effective without waiting for the 7 days voting period to end.
Attachment: NEST Protocol commonly used URL
NEST Protocol：https://nestprotocol.org/
NEST whitepaper：https://nestprotocol.org/doc/ennestwhitepaper.pdf
NEST GitHub：https://github.com/NEST-Protocol
NEST DAPP：https://nestdapp.io/
NEST Diccord: https://discord.gg/7XCCB58
NEST Telegram：https://t.me/nest_chat
NEST Medium：https://medium.com/nest-consensus-labs
Bruce Twitter：https://twitter.com/BruceYang_NEST
William Twitter：https://twitter.com/fan_nest
NEST FANS：https://nestfans.com
NEST YouTube：https://youtu.be/JLrDhsQNYSw
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