BitMax.io (BTMX.com), the world’s leading third-generation digital asset trading platform, has announced a strategic partnership with DOS Network, a Decentralized Oracle Service network to boost blockchain usability with real-world data and computation power. Expectedly, DOS Network tokens will be listed on the BitMax.io exchange in this March.
What is DOS Network?
DOS Network’s team members consist of talented engineers and top cryptographers who are pushing boundaries to deliver a secure, scalable, near real-time decentralized oracle service compatible with multiple blockchains.
DOS Network enables DApps to fetch external data and execute computation through a decentralized off-chain network securely and efficiently, which will encourage more use cases to appear on the blockchain.
What problems can DOS Network solve?
One of the inherent problems of blockchain that currently prevents real world commercial use cases is the fact that it is a closed and deterministic system. Smart contracts are not allowed to perform I/O network operations with the off-chain world. They can only consume input from on-chain states and transaction data.
In the context of blockchain, an oracle is a system that answers requests from a smart contract for external information. Without oracle, smart contracts have limited use cases. Oracle can be categorized in terms of data feed oracle and computation oracle.
Data feed oracle connects smart contracts with off-chain data. Computation oracle provides smart contracts with cheaper and unlimited computing power by outsourcing computation tasks off-chain. Oracle is an external third party and is not governed by the blockchain consensus. Resolving the oracle problem would make blockchains more useful and this is where DOS Network comes in.
The architecture of DOS Network consists of two layers – on-chain and off-chain. The on-chain part is a set of system and governance contracts that are set up on supported blockchains. This includes functions such as request handling and response, stats monitoring, result verification etc.
The off-chain part is the client software implementing the core protocol running by third-party users (node operators), made up of a layer two distributed network serving oracle requests. The off-chain process is very fast, completing in less than a second, including functions such as request processing, data fetching and parsing.
DOS network provides real word data to smart contracts by basically following the request-response pattern. Smart contracts specify the origin and format of the required data on-chain by making a message call (oracle request) into system contracts.
The request is dispatched randomly to an off-chain worker group. Inside this worker group, member nodes fetch from the specified data source and cryptographically reach off-chain consensus within the group.
The response data and the proof are sent back to the system contracts within one transaction for on-chain verification. DOS Network is able to connect any data-endpoint reachable on the Internet and the process happens automatically in near real-time with no human involvement.
Some Advantages of DOS Network
DOS Network applies Verifiable Random Function (VRF) and Threshold Cryptography to drive secure, unpredictable and verifiable random group selection. Different oracle requests will be handled by randomly selected worker groups.
Scalability will be possible at a low cost. As more nodes join the DOS network, so an increase in the throughput of data queries takes place and computation capacity increases.
With core protocols operating in off-chain clients, it’s easy to support multiple public chains.
Node runners are incentivized to join the network early on to earn “mining” rewards and network capacity grows quickly. Verification is performed on the contract side. Honest nodes are rewarded and malicious nodes are detected and forfeit their stake.
Anyone can run the client software to join the network and earn rewards after depositing a certain amount of network tokens.
What is BitMax.io?
BitMax.io is the industry leading next-generation digital asset exchange that provides a broad range of financial products and services to both retail and institutional clients across the globe. This innovative trading platform was founded by a group of Wall Street quant trading veterans and built upon the core values of blockchain, transparency and reliability, to deliver high-quality client services and trading experience.
BitMax.io introduced the concept of “reverse mining” which offers a separate incentive structure for Maker trades. Most of the other exchanges only provide transaction mining model where users receive platform tokens for trading on the platform.
With “reverse mining” model on BitMax.io, users who execute Maker orders will get rebates, and the equivalent market value of the BTMX tokens will be deducted from the user account and subsequently removed from the market supply. “Reverse mining” helps supporting liquidity on the platform.
With the commitment to listing only industry top-quality products and its client-centric strategy, BitMax.io has expanded its global client base to over 100,000 registered users and 35,000 active community members. Its newly upgraded trading interfaces have further improved the user experience.
Since last December, BitMax.io has already successfully executed six primary listing with star blockchain projects, such as Lambda, LTO Network, COVA, and CVNT. The strategic partnership with DOS Network will further support BitMax.io’s vision in financial market innovation. The DOS Network will boost the usability of blockchain with real-world data and computation power. By optimizing the oracle data computation, DOS NETWORK will enable more applicable use cases, business models and more network effect across blockchain technology.
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