This article is translated from ADAMoracle Medium “ADAMoracle helps SocialFi build a new outlet for Web3.0”
Since the advent of the DeFi era, NFT, GameFi, and Metaverse have exploded one after another, and market hotspots have continued to rotate. In this process, it is not difficult for us to feel that Web3.0 is becoming a reality step by step. The Web3.0 era demonstrates the value of personal sovereignty and makes people’s lives more convenient. Recently, as a model representing people’s future social, creative, and financial life, SocialFi has been placed high expectations by the community, and its attention has been increased rapidly, and it has been called the “new outlet” of the crypto market by some insiders.
In fact, the concept of SocialFi has existed since 2017, such as Steem, YeeCall, GSC, NRC, etc. However, due to the lack of interest in the market at that time and technical limitations at that time, the SocialFi project was suspended midway. With the gradual improvement of the on-chain economic system built by DeFi, SocialFi can help users increase their profits with a new way of expressing self-worth.
In the first half of 2021, many new projects of the SocialFi concept are joining this track. BitClout and many other decentralized social platforms similar to Twitter and social platform V.cent.co have applied blockchain technology to promote the development of SocialFi in the process of platformization.
The combination of Social+Defi+NFT is the road to Web3.0
SocialFi is a combination of Social+Defi+NFT, which is essentially a manifestation of personal value. It creatively combines the unique financial attributes of the blockchain, and further realizes value transmission based on the realization of information transmission. As more individuals benefit from such a self-consistent economic system, the value ecology of SocialFi will also further develop and expand, gradually establishing a more imaginative and complete ecology of influential communities and creators’ economy.
Through blockchain technology, SocialFi has built a complete and self-consistent economic system for users to financialize and DeFi the market for individual creators, eliminate intermediate links and channels, and enable participants and issuers to be able to use social tokens. Benefit from DeFi more directly, and derive more new ways of wealth accumulation.
What Web3.0 demonstrates is the value of personal data sovereignty, which coincides with the concept of SocialFi-SocialFi hopes that creative individuals have more rights to profit. Therefore, we can regard SocailFi as a road to Web3.0. At least creators can see the scenery of Web3.0 in advance. The more important significance of SocialFi lies in the construction of Web3.0 economic system.
ADAMoracle oracle machine helps SocialFi ecological asset transaction and confirmation
SocialFi wants to build a decentralized economic system with many difficulties, including the need to ensure that the entire asset creation process is fully verifiable, including not only the ownership of tokens, but also the attributes of NFTs and asset issuance mechanisms.
The verifiable random function used by the ADAMoracle oracle machine can solve this problem well. The verifiable random function can provide a secure source of random numbers for smart contracts and assets on the chain, and provide encryption proof. For example, before the random number is transmitted to the NFT contract, the encryption proof needs to be verified on the chain to ensure the reliability of the random number. The ADAMoracle oracle machine has strong security guarantees, which can ensure that the oracle machine, users or developers cannot manipulate the random number generation process, and generate and assign rare attributes for NFTs in a fair and verifiable manner.
The ADAMoracle oracle machine generates fair random numbers in a verifiable manner, which can guarantee the scarcity of NFT assets. In addition to random numbers, the ADAMoracle oracle machine can also transmit rich data sets for SocialFi applications, such as accessing off-chain event data to enhance social experience; accessing off-chain data to implement NFT transaction functions; and accessing Internet of Things data on the chain And the off-chain world.
ADAMoracle oracle data service has the following characteristics:
High-quality data: ADAMoracle wide-area nodes will collect data from a large number of high-quality data aggregators. The final price data is aggregated from hundreds of exchanges. The weight is determined by the transaction volume . Outliers and suspicious data are washed out. . ADAMoracle’s data collection model will generate more accurate global market prices, and effectively resist API downtime, outliers caused by market flash crashes, and data manipulation attacks (such as lightning loans).
Secure node network: ADAMoracle oracles have thousands of nodes and spread all over the world. The huge node network has ultra-high anti-attack. The oracle nodes that effectively avoid witch attacks can ensure the safety of data transmission. In addition, the ADAMoracle oracle machine will also rate the reputation of the nodes, and implement rewards and punishments on the nodes accordingly, constructing a node network that can be self-motivating and continuously optimized.
Decentralized network: ADAMoracle oracle price is decentralized at the data source, oracle node, and oracle network level, which can effectively prevent risks such as downtime and tampering.
SocialFi is a major exploration leading to the Web3.0 era
The concept of Web3.0 is a relatively decentralized, automated and intelligent new Internet world based on the premise that users’ personal digital identities, digital assets, and data are completely returned to individuals. The characteristics of non-tamperable and transparent information of the block chain not only realize the sharing of information on the chain, but also ensure the user’s data right and value attribution.
By improving the infrastructure of Web3.0, the decentralized oracle ADAMoracle provides credible, reliable, and customizable off-chain data for smart contracts and Dapps, and contributes to the overall ecological development of Web3.0. The decentralized oracle ADAMoracle, as the interface between the blockchain and the real world for data interaction, can be widely used in various fields in the blockchain ecology, helping Web3.0 to create a killer DAPP. Perhaps the killer DAPP does not necessarily come from SocialFi, but the wave detonated by SocialFi will be a major exploration leading to the Web3.0 era.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/adamoracle-oracle-machine-helps-socialfi-build-a-new-channel-for-web3-0/
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