UMA’s Optimistic Oracle
UMA Protocol launched UMA’s Optimistic Oracle to resolve markets and bring all types of data on-chain.
UMA has quietly built something they call the “Optimistic Oracle.” The concept is simple: Anyone can push an answer on chain, and there will only be a dispute if it’s wrong. Plugging into the optimistic oracle does not require using a contract launched on UMA.
It operates optimistically, meaning that the vast majority of the time you get your answer quickly. It offers the same economic guarantees on data accuracy built into the UMA system. And it minimizes gas usage, so it’s extremely cheap to use.
Why should a DeFi developer care about the Optimistic Oracle when they can use Chainlink/Maker/Uniswap’s oracle to get most crypto price data? The answer: when you need data on other things, or when you need super precise data. Here’s a quick list with explanations to follow:
- KPI Options
- Insurance
- Options and Structured Products
- Complex Computations
- Financial Contracts for Anything
What is UMA?
UMA is a decentralized financial contracts platform built to enable Universal Market Access.
📰 INFO:
https://medium.com/uma-project/introducing-umas-optimistic-oracle-d92ce5d1a4bc
