Summary
DigiOracle(formerly KlayOracle) is a highly modular blockchain oracle that allows you securely connect your Web3 applications with events, data, and assets from the real world. DigiOracle is live on Klaytn’s Baobab testnet and now offers the following data feeds: Price Feeds, Verifiable Random Numbers.
We seek a $41,300 grant to support the implementation of product features and improvements, as well as community initiatives aimed at [1] increasing the adoption of DigiOracle by developers in the Klaytn ecosystem, and [2] integrating more real-world assets on-chain.
Product Name
DigiOracle
Product Description
DigiOracle (formerly KlayOracle) is a highly modular blockchain oracle that allows you securely connect your Web3 applications with events, data, and assets from the real world.
DigiOracle, formerly KlayOracle, won the Public Goods track in the KlayMakers 22 hackathon. Since that time, we’ve rearchitected the protocol to build out the core technology that powers the DigiOracle.
Some of our accomplishments since then:
- We have rearchitected the DigiOracle protocol to be more decentralized and scalable to support multiple data providers and node operators. See the documented Architecture Decision Record behind this initiative.
- Launched and tested crypto price feeds on the Klaytn Baobab testnet.
- Recently launched crypto AND stock price feeds on Klaytn Cypress mainnet (see Features section below).
- Launched multiple bootstrap data providers, nodes and 21 data feeds on Klaytn mainnet.
- DigiOracle’s data explorer dashboard (launching August 2023).
- Updated website and rebranded to DigiOracle, to expand and support more chains (ongoing) after the completion of other features and launch of our token on Klaytn.
Components of DigiOracle
Data Providers
Data providers are responsible for subscribing to data sources and configuring data feeds and Oracle contracts accessible to end users.
Nodes
Nodes on DigiOracle are responsible for handling computational tasks on behalf of data providers, including data retrieval, filtering, and aggregation.
Data Sources
Verifiable entities that provide real-world data through APIs, hardware, and other channels. DigiOracle uses various methods to ensure data integrity from these sources.
Data Consumers
End users who make use of external data within their smart contracts and decentralized applications.
More details: Architecture - DigiOracle Docs v1.0.1
Features of DigiOracle
1. Crypto Price Feeds
| Feed Name | Contract Address | Decimal Points |
|---|---|---|
| KLAY/USD | 0x62cB9Ccd9F08e27A89A9C8C5CCeEAEf7ddC4043B |
9 |
| DOT/USD | 0x49573a03fDfBf54766c0BB3C20Db5aAfea749211 |
9 |
| AVAX/USD | 0x8D58564D0e7394902a10105BbE183c9A44f02d1d |
9 |
| AMZN/USD | 0xf57761CC1FcF506Da4396E62C5920C1632c30620 |
9 |
| ALGO/USD | 0xcbE8E1F7aF9e21192E4260152aDC91c8805Be222 |
9 |
| AAPL/USD | 0x722222452eA9bE8dDF62118835394e8C079d2971 |
9 |
| BTC/USD | 0xc8D7Df132015f44FbB7D535Ca48677cC129566c8 |
9 |
| ETH/USD | 0xce4bC34b8718C61901AB76b81e4e6BA8d096eAce |
9 |
| BNB/USD | 0x8D58564D0e7394902a10105BbE183c9A44f02d1d |
9 |
| SOL/USD | 0x70f1bB87C395a377476903AAE8b1A37b76347c8D |
9 |
| LTC/USD | 0x14cc5115AC7c9dE06151C91b6c9465ad381b0688 |
9 |
| MATIC/USD | 0x1FAD86EfBa4FADCF49E79aBFAFEB0F54Ef7342a0 |
9 |
| XRP/USD | 0x52fe38E36A3ec9Dc3dE1819a88411668E456bDE5 |
9 |
| PEPE/USD | 0x672589c68b8C92bd0d644d67Cc6a148b18407C80 |
9 |
2. Stock Price Feeds
| Feed Name | Contract Address | Decimal Points |
|---|---|---|
| TSLA/USD (Tesla) | 0xc9654D64c0f783d87271c5edA514951436a9a8ea |
9 |
| NVDA/USD (Nivida) | 0x81430EDf87Fe20A95d2766a8EA5f31d4D4509a09 |
9 |
| MSFT/USD (Microsoft) | 0xa618871566f9446AefC671792874fA6628A9BA49 |
9 |
| META/USD (Facebook - META) | 0x8DFAC6650073d5818Eab9F4a150eDE1B8471050D |
9 |
| JPM/USD (JP Morgan) | 0xe2B5222eDA290b79Ee8cb2a6ba67Bfc1C377f972 |
9 |
| GOOGL/USD (Alphabet Inc. CI A) | 0x65a14cf12730eBF7874eE459F3C9F5d33e909c15 |
9 |
| GOOG/USD (Alphabet Inc. CI C) | 0x0080f3FF6ca9123Cf069D2C5A35d6463E6Faa0BD |
9 |
3. Custom HTTP APIs
4. Verifiable Random Numbers (undergoing tests, launching September 2023)
Below is an example of how to consume a KLAY/USD price feed with DigiOracle within a Klaytn smart contract:
Code Example:
// SPDX-License-Identifier: MIT
pragma solidity ^0.8.16;
import "./KlayOracleInterface.sol";
contract OracleConsumerSample {
address public immutable oracleAddress;
uint256 public klayOutput;
constructor(address _oracleAddress) {
require(_oracleAddress != address(0));
oracleAddress = _oracleAddress;
}
function swapUsdtoKlay() public returns (bool) {
KlayOracleInterface oracle = KlayOracleInterface(oracleAddress);
bool replied = oracle.newOracleRequest(
this.swap.selector,
address(this)
);
return replied;
}
function swap(uint256 _klayOutput) external {
require(msg.sender == oracleAddress, "not allowed"); //ensure only Oracle contract can set price
klayOutput = _klayOutput;
//Swap usd to klay
}
}
Team Information
Oluwafemi Alofe
Experienced blockchain developer with 8 years of software engineering expertise. Proficient in Golang and knowledgeable about the EVM, Oluwafemi designed and implemented the DigiOracle protocol. He is also passionate about cryptography, peer-to-peer networking, and algorithms and remains dedicated to staying updated on blockchain advancements through continuous learning.
Before DigiOracle, he co-founded a fintech startup with 20,000 users and $500,000 in transaction volumes. He’s an instructor, teaching solidity on Udemy to over 7000 students.
Paul Oladimeji
Patent-awarded digital technology professional with 8 years of experience launching and scaling products globally across multiple industries.
Currently a Product Manager at Nestcoin, one of Africa’s biggest blockchain companies, specializing in blockchain-powered digital assets management and cross-border payments. Certified Defi Talent, and co-founder of DigiOracle, with a passion for writing, mentoring, hackathons, and indie product development in the Web3 space.
Paul is also a Klaytn ambassador, volunteering to create educational resources, and organizing community initiatives to onboard newcomers into the Klaytn ecosystem.
Key Links
- Website: https://www.digioracle.link/
- GitHub: DigiOracle (formerly KlayOracle) · GitHub
- Twitter: https://twitter.com/KlayOracle
- Documentation: KlayOracle Documentation - DigiOracle Docs v1.0.1 (WIP)
- Medium: https://digioracle-network.medium.com/
Grant Proposal
We are seeking a $41,300 grant to aid in the future growth and development of DigiOracle
We’ve built the core technology that enables DigiOracle to integrate multiple data feeds and node operators and provide real-world events and assets on-chain. Besides crypto price feeds, we have also launched stock price feeds on the Klaytn mainnet, marking our foray into bringing real-world assets on-chain.
Besides the $30,000 prize money from the hackathon and a $25,000 grant from DoraHacks, the DigiOracle core team has built DigiOracle from the ground up without further external funding.
As we have achieved a significant milestone in our roadmap with the launch on mainnet, we require additional funding to reach the next level in our product evolution: increased adoption and integration of real-world assets.
Milestone 1:
- Test and launch VRF functionality on Klaytn mainnet,
- deploy projects on Klaytn to utilize DigiOracle’s oracles (1 NFT project, 1 DeFi, and 1 lottery project, and 1 other community projects),
- publish at least 10 Klaytn-focused educational resources and onboard Klaytn developers to DigiOracle’s Champion Program,
- complete documentation and launch whitepaper
- We also intend on fully supporting Klaymakers 23 hackathon participants with dedicated nodes and custom requested data feeds and developer support during the hackathon.
- DigiOracle SDK for Javascript & Go. For developer to access Data Feeds outside Smart Contract
Cost: $20,650
Timeframe: 3 months.
Milestone 2:
- Launch $DIGI token with $KLAY burn mechanism,
- implement payment, rewards and slashing mechanisms for node operators and data providers
- onboard 3 - 5 more external dApps to use DigiOracle on Klaytn,
- integrate more data and real-world asset feeds, including real-estate and proof-of-reserve data feeds.
Cost: $20,650
Timeframe: 3 months
A breakdown of our intended sub-goals to achieve these milestones is covered in the following sheet: DigiOracle (KlayOracle) Budget - Google Sheets
Benefits to the Klaytn ecosystem
DigiOracle’s integration into the Klaytn ecosystem offers several clear and impactful benefits. Here are a few of them:
Integration of Real-World Assets
Our expansion into supporting real-world assets, such as stock price feeds, directly aligns with Klaytn’s vision of bridging the gap between blockchain and traditional finance. This integration allows Klaytn dApps to offer innovative financial instruments and products that combine both crypto and traditional asset classes. As a result, users can access a broader range of investment opportunities, further attracting traditional investors to the Klaytn ecosystem. We will
Developer Adoption and Onboarding
Our commitment to creating educational resources and hiring a Developer Relations engineer will greatly benefit the Klaytn ecosystem. By providing comprehensive guides, tutorials, and sample projects, we’ll empower developers to easily integrate its oracle services into their Klaytn-based applications. This lowered entry barrier accelerates the adoption of DigiOracle and contributes to the growth of the Klaytn developer community.
Currently, Paul Oladimeji, DigiOracle’s co-founder is a Klaytn ambassador, creating educational resources and organizing community initiatives aimed at onboarding more participants into the Klaytn ecosystem.
Tokenomics and Sustainability
While we are no cryptonomic experts, our planned token launch and burning mechanism demonstrate a commitment to sustainable tokenomics. By generating tokens through burning KLAY fees, we plan to ensure a reduction in the overall supply of tokens over time, which can lead to increased scarcity and potential value appreciation. This approach aligns with Klaytn’s interest in promoting responsible tokenomics within its ecosystem.
Network Security and Reliability
The implementation of payment, rewards, and slashing mechanisms for data providers and node operators enhances the security and reliability of DigiOracle’s services. This directly benefits the Klaytn ecosystem by ensuring the availability and accuracy of external data, a critical component for the proper functioning of various dApps, especially those with financial and high-stakes use cases.
Apart from these, as Klaytn has been our launch chain and biggest supporter, most of our future features will be piloted on Klaytn before being onboarded to any other chain.
Thank you to the Klaytn community for the overwhelming support so far, and we look forward to your questions and comments.
