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|Introduction Blockchain networks allow for fast, secure, transfer, and creation of digital goods in addition to the storage and execution of tamper-proof programs that can manage digital assets. Once these programs are being deployed on-chain, they cannot be changed and are available to everyone with access to the chain, execute based on the deﬁned parameters and interactions (transactions), and are veriﬁed by the blockchain’s consensus mechanism.These characteristics allow anonymous parties to enter into binding digital agreements, called smart contracts. However, blockchains are isolated from other networks and have no direct access to real-world data. Unfortunately, for smart contracts to bring true utility and off-chain data are necessary. If smart contracts want to realize truly secure and censorship-resistant, off-chain data must be trustless provided. One of the biggest hurdles limiting the potential applicability of smart contracts is a lack of a trustless source of off-chain data. AitCoins(ATC)aims to ﬁll this gap with an on-chain data feed where data is inputted by a permission less network of crypto-economically incentivized data providers. AitCoinsis a transparent community-veriﬁed price oracle on BSC(Binance Smart Chain).AitCoins provides a trustless and decentralized alternative for off-chain data. Also, it provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data.|
|How AitCoins work AitCoins is a system where parties can request the value of an off-chain data point and miners compete to add this value to an on-chain data-bank, accessible by all DApps on Binance Smart Chain. The inputs to this data-bank are secured by a network of staked miners.AitCoinsutilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of AitCoin’sgovernance token, ATC, and a dispute mechanism. Miners: who are incentivized to submit data using inﬂationary rewards and which data types they update are chosen based upon the “tips” assigned to each query. DApps/Data Users: can be access to latest data feeds by paying ATC as a service fee. Apart from existing data feeds, they can request additional data/ price feeds by providing rewards as the incentive to miners. Data Feeds: In every 3 minutes the ATC smart contract groups the top most funded data types and creates a PoW challenge for miners to solve. The first five miners to provide the PoW solution and the off-chain data points are rewarded with newly minted tokens + the accumulated service fee for the specific data requests. Deposit & Rewarding System: In addition to the security provided by the PoW process, AitCoin’smain security layer comes through a deposit of ATC tokens that acts as a deposit or stake requirement in order for miners to participate in the PoW process. The miners risk losing this stake if they submit data that is successfully disputed by ATC holders.|
Flow of work:
- Data Request is submitted:A user submits a query to AitCoinsto incentivize miners to choose this query over other submissions. Other users who want the same data pay this data series to further incentivize selection by miners.
- Miners begin to work: Miners submit their PoW solution and off-chain data points to the Seer Contract. The AitCoins contract sorts the values as they come in and as soon as ﬁve values are received, the oﬃcial value (median of the ﬁve) is selected and saved on-chain.
- Data Feeds are generated and distributed: Every 3 minutes, AitCoins smart contract selects the best-funded queries and provides a new challenge for miners to solve.
- Wrong Data can be disputed: Anyone holding AitCoins governance token, ATC can dispute the validity of a mined value by paying a dispute fee. Over the next two days, ATC token holders will vote on the validity of the data point.
The initial phase of the project (6 months after launch) is free of charge for partners to provide on-chain quotes; as demand increases, the project will consider charging to form a healthy business model to help the project develop better.
Any party can challenge data submissions of any of the ﬁve miners when a value is placed on-chain. A challenger must submit a dispute fee to each challenge. Once a challenge is submitted, the potentially malicious miner who submitted the value is placed in a locked state for the duration of the vote. For the next two days, ATC holders can vote on the validity of the mined value. All ATC token holders have an incentive to maintain an honest oracle and can vote on the dispute. Proper submission is one that corresponds to a valid query requested within the time period between the release of the challenge and the submission of the value. The ambiguity of the validity is a feature and corresponds to “correct” is up to the interpretation of the ATC community.
Miners have to stake 1,000 ATC tokens to be able to mine. Staking allows for economic penalties to miners submitting incorrect values. If a miner wants to withdraw his stake, he can request a withdrawal at any time. The miner’s tokens are then being locked for 7 days in order to wait for potential disputes, at which point he can unlock his tokens for transfer.
Deposit and rewarding system
In addition to the security provided by the PoW process, AitCoin’s main layer of security comes through a deposit of ATC that acts as a deposit or stake requirement in order for miners to participate in the PoW. The miners risk losing this stake if they submit data that is successfully disputed by ATC holders.
|TOTAL SUPPLY 666777888800 ATC|
|Q3 2020||Project setup: Creation of a complete team of professional and experienced talents; whitepaper, product design, economic model, etc…|
|Q4 2020||Technology development, and launch of BSC(Binance Smart Chain) testnet.|
|Q1 2021||Launchof AitCoinsMainnet: AitCoinsOracle can provide on-chain data feeds in every 2.5 minutes on request.Miner tools will be released and miners can win ACT tokens rewards and services tips by providing data feeds in AitCoins oracle.Data feeds “plug-in” tools will be released that dApps on Binance Smart Chain can easily access and require on-chain price feeds by easily engaging with AitCoins oracle.Creating more strategic partners.|
|Q2 2021||AitCoinsV2 Will be Launched with an Upgrade in Smart Chain and Governance The updated Berry Data smart chain will take into consideration of reputation and track records of miners and source of data as important components for data selection. Those well-behaved miners and high qualified sources can get extra bonuses. Disputes Center will be launched where every ACT token holder can monitor and dispute error data. Those who execute successful disputes will win huge rewards from the team. More partners will be on board to access on-chain data feeds through AitCoins.|
|Q3~Q4 2021||Building a bigger and stronger AitCoins ecosystem.Keep polishing the oracle product.|
|2022||Add more data feeds, aggregate and connect real-world data and APIs to smart contracts Launch V2 AitCoins platform with improved feature and user experience.Multichain development.Expand into more countries and regions market.Onboard more strategic partners.Additional NFT extending.Explore oracle facilities to support NFT, gaming, and metaverse.|