The weakness in the traditional decentralized oracle model is that the assumption that powering a service through multiple nodes or APIs makes it decentralized
. However, there are two additional requirements that all decentralized blockchain projects must satisfy:Transparency, to be able to validate the decentralization requirementswith the CoinMarketCap API for example. What can you make of this screenshot?
This begets the question: Why would anyone assume that Chainlink has never operated a “decentralized” data-feed using only 2 APIs? If this has ever happened under the veil of source obfuscation, is this not a graver issue than Band doing it openly?First-party oracles imply an inherently one-to-one mapping between data sources and oracles. Then, discussing transparency is redundant, as the oracle is the data source and the data source is the oracle.
The traditional way a data feed is built is that the data consumer is confined to what the centrally governed oracle project thinks is a good idea, and they don’t even know what they are agreeing to due to third-party oracles not being transparent with their data sources. In other words, the lack of composability is as important of a problem as the lack of transparency, as it disables the data consumer from rejecting data coming from a particular provider.
The Beacon is reliable enough for the use-case and decentralization creates an unjustifiable overheadTherefore, we foresee that API3 services will include both individual Beacons and dAPIs that are built out of these Beacons.
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