An organized system for data sharing is still lacking, and very few projects are available on the Binance Smart Chain (BSC) network. ODIN protocol becomes one of the few serious data oracle projects on the BSC network providing a decentralized peer-to-peer data oracle network.
What is ODIN?
Open Data Interoperable Network (ODIN) is set to revamp the data oracle service by implementing a data oracle network that decentralizes the big data industry. ODIN is an open protocol for interaction between participants and a sustainable economy. In addition to organizing the data oracle network, ODIN also involves building a decentralized peer-to-peer data sharing and trading system. This will deliver real-world data on-chain for various use cases, including betting systems NFTs, DeFi and Forecasting Applications.
ODIN is part of the GeoDB ecosystem, a global big data marketplace that rewards users for the data they generate. Like ODIN, GeoDB operates as a decentralized big data peer-to-peer ecosystem. However, the platform, which was initially built on the Ethereum network and listed on the world’s number one Dex platform Uniswap, has since migrated to the BSC network, which ODIN is primarily built on.
GeoDB has retained its position as one of the big data sharing blockchain infrastructures and ecosystem. The introduction of the ODIN oracle protocol sets the GeoDB platform among the top innovators in the blockchain economy.
Key Features and Use Cases
Streaming of Anonymized Data
ODIN will allow a decentralized peer-to-peer real data sharing system that will benefit all of the players involved in the system. Contributors to consumers of different applications can connect to the system and begin utilizing the oracles. The ODIN network will facilitate a real-world data ecosystem that will help various participants get accurate data for their benefits and usage.
ODIN’s basic infrastructure is inherited from BAND protocol and improved according to specifics and needs. It is specifically geared for users in generated data scenarios and GeoDB community goals. The difference will be in the decentralization. The first will be that you can become a data provider within the system without permission. As a data provider, you determine the economics behind your data and how they can be accessed.
No single party can transfer data from all sources to the system, removing a single vulnerable validator system that can act as a point of attack and ensuring total decentralization.
Anyone can suggest an algorithm (script) for how the received data can be processed. The consumer will determine different scenarios for receiving and processing data which can be performed jointly. As the data provider, he or she independently chooses how theywill deal with the data price, data sources’ reputation, number, and etc.
Non Fungible Tokens (NFT):
ODIN network will facilitate dynamic NFTs allowing updates to data records within NFT from real-world data. ODIN oracle data will preserve the immutability of NFT collectibles and ensure they are truly unique.
ODIN Network will allow the streaming of anonymized user-generated data such as location, health, consumption, mobile data, etc. ODINwill ensure data providers’ anonymity, providing the data from off-chain applications to onchain smart contracts.
Decentralized Finance (DeFi):
DeFi systems, including lending protocols, staking, and yield farming platforms, need to be fed with real-world data such as off-chain trading platforms, prices, forecasts, statistics, and various other analytics. ODIN provides these services using its decentralized data oracle network. This creates a decentralized and peer-to-peer data sharing and trading ecosystem that enables the delivery of real-world data on to the blockchain.
ODIN’s services promote true decentralization and fairness in betting platforms and dapps, real-world off-chain data needs. This will bring the missing fairness to already existing betting platforms. Betting platforms include but are not limited to Options Trading and Sport betting systems.
Testnet is scheduled for release next month, June 5th. Participants will be required to have ODIN tokens to run ODIN nodes & earn ODIN as rewards (The reward tokens will be redeemable on the launch of Mainnet).
Here is a quick video intro of ODIN V 0.1 Testnet Backend.
Data requester Flow
Data provider Flow
User voting flow
Stake to Earn:
ODIN will start the staking program near the launch of the Testnet platform to enable ODIN holders to earn more ODIN tokens by locking their tokens in an interest-yielding smart contract. The team will release the details of this event along with the next project update.
For full details about the project update, what to expect in the upcoming testnet V 0.1, the promotional and marketing plans, check out the recent update release of ODIN via its Medium blog.
Source : bsc.news
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