EON - Cross-chain Decentralized Data Feeds from Oracles

[GENERAL] Name and Surname of Main Applicant

Sam Jeffrey M

[GENERAL] Email address of Main Applicant

sam.8.jy@gmail.com

Additional Applicants

None

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” in this field.

No dependencies.

[GENERAL] Will your project outputs be fully Open Source?

No

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.” in this field.

In the early stages of the project, resources such as time, manpower, and funding are often limited. Open-sourcing a project requires additional effort in terms of managing the community, addressing issues, and integrating external contributions. It may be more efficient to focus on developing a robust and functional product before considering open-sourcing. We do have plans to eventually opensource the protocol.

[METADATA] Category of Proposal

Data, Explorers, Trackers

[METADATA] SDG rating

SDG Goals

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

SDG Subgoals

17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

17.3 - Mobilize additional financial resources for developing countries from multiple sources

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities

[IMPACT] Please describe your proposed solution.

We'll build custom oracle contracts with data streams that are initiated through information asset transactions to the oracle contracts. Each type of data stream will have a custom oracle contract with the capability of initiating multiple data stream instances of the same type by anyone in a decentralized manner. The oracle synchronizer nodes would aggregate and import various types of data streams from trusted Oracles such as Chainlink, API3 and UMA to import data streams to the EON Oracle contracts.

The EON Oracle Synchronizer node initiates the start of an oracle data stream by performing an oracle transaction with the unique information asset and the inline datum will contain information about the authorized data stream synchronizer and the data stream frequency. The data stream synchronizer node can synchronize the data stream by performing an oracle synchronizer transaction after aggregating data from a supported oracle such as Chainlink.

The unique data stream UTXO stores the data ingress from the oracle synchronizer nodes in its inline datum. This information can be accessed by other contracts simultaneously using Vasil's read-only UTXO feature without having to spend the UTXO to access the information.

When consuming a data stream from an oracle contract to perform some arbitrary logic based on the data stream to reduce transaction fees and network congestion the scripts will be stored in the blockchain using a reference input and an inline Datum. Instead of including the entire script each time it's used in a transaction, a transaction can refer to the script's location and reuse it for validation when spending a UTXO. This eliminates the need to carry the script's contents within the transaction.

The on-chain rewards algorithm, once per epoch, will evaluate the quantity, impact and quality of the data streams and reward the oracle synchronizer node runners. The rewards will be in ADA and other native tokens that will later be used to start a data stream, becoming an oracle synchronizer, handle governance and more utilities as the protocol evolves. The reward metrics and rewards algorithm will be in the hands of a DAO.

The solution comes with dAPIs composed of fully and transparently governed by a Decentralized Autonomous Organization (DAO) of dAPI consumers, service providers, industry experts and partners. We believe that this new level of transparency, cost efficiency, decentralization and alignment of data provider incentives with those of the solutions they will serve, will lead to a proliferation of new data feeds available to the growing community of developers.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

By increasing the number of products available for the community to use, the solution contributes to the growth and enrichment of the Cardano ecosystem. Developers will have access to a wide range of data feeds, empowering them to create innovative dApps and solutions.

EON promotes the integration of existing oracle solutions, allowing for a more connected and seamless experience between different products. This interoperability enhances the usability and functionality of Cardano-based applications.

Our solution encourages the improvement and expansion of existing products and integrations. By incentivizing on-chain rewards and transparent governance through a DAO, stakeholders are empowered to collaborate and contribute to the development and enhancement of the ecosystem. This will lead to higher-quality solutions and better user experiences.

[IMPACT] How do you intend to measure the success of your project?

Tracking the number of developers and projects utilizing the custom oracle contracts and data synchronization mechanisms can indicate the adoption and usage of the solution. This metric can be measured through the number of registered users, the volume of data streams initiated, the number of transactions involving oracle contracts, and the growth of the ecosystem's data feed marketplace.

Measuring the number of integrations and partnerships formed with existing solutions and platforms will demonstrate the project's ability to seamlessly connect different products within the Cardano ecosystem. This can be quantified by tracking the number of collaborations established and the diversity of industries and applications integrated.

Gathering feedback from users and developers on the functionality, usability, and reliability of the solution can provide valuable qualitative insights. Conducting user surveys, collecting testimonials, and monitoring user sentiment on social media and community forums can help assess the quality of the project and identify areas for improvement.

[IMPACT] Please describe your plans to share the outputs and results of your project?

Establishing communication channels such as our website, blog, and social media accounts dedicated to the project. These channels can be used to share updates, milestones, and important project outcomes with the community.

Creating detailed documentation and reports that summarize the project's objectives, methodologies, findings, and impact. These documents can be made available to the public, including the Cardano community, through the project website and other relevant channels.

Actively engaging with the Cardano community through forums, meetups, and events to present the project's outputs and impact. This can include participating in conferences, webinars, and workshops where the project team can showcase the results and interact with stakeholders.

Seeking partnerships and collaborations with relevant organizations, content creators, and industry influencers. This can help amplify the project's reach and ensure that the outputs and opportunities are shared with a wider audience.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

Popularity and Community Engagement: Nucast has already gained popularity as a streaming platform on Cardano, attracting a substantial community of over 8000+ members across social media channels and Discord during the beta phase. This engaged community has been instrumental in providing valuable feedback and contributing to the platform's growth.

Revenue Generation : Nucast has generated 150,000+ ADA in revenue, showcasing the platform's ability to monetize and sustain itself. These funds have been reinvested wisely into building the web app and assembling a talented team proficient in various domains.

Experienced Team: Nucast Labs is proud to host a highly skilled and experienced development team with over 30+ years of combined industry experience. The team's expertise in blockchain technology, finance, and the movie industry enables them to comprehend the intricacies of a payment solution like SynthPe and deliver a robust and innovative platform.

Industry Partnerships: Nucast's ability to secure MOUs with seven leading production houses in India for other Nucast built products showcases its strong business development capabilities in the Indian landscape. Additionally, we are thrilled to announce that the Nucast Team has been selected as the official community partner for conducting the Cardano Summit in India. This initiative demonstrates our reputation and standing within the Indian blockchain community.

Track Record of Successful Projects: Nucast's team has a history of successfully delivering projects in the web3 and entertainment domains. Our past successes demonstrate our ability to design, develop, and deploy secure and scalable solutions.

In terms of accountability, we are committed to:

Regular Updates: EON team will provide regular project updates and key performance indicators (KPIs) through our Medium blog. This transparent approach keeps stakeholders informed about the project's progress, achievements, and metrics.

Community Engagement: EON will actively engage with the Cardano community through channels such as Twitter spaces, town halls, and AMAs. By interacting with the community, SynthPe can address questions, gather feedback, and ensure open communication with stakeholders.

Through these measures, EON showcases our commitment to delivering the project with trust and accountability. Our experienced team, industry partnerships, and transparent communication channels contribute to building confidence and establishing Nucast Labs as a reliable and responsible participant within the Cardano ecosystem.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The goal is to design and implement custom oracle contracts for different types of data streams, ensuring flexibility and extensibility. To validate this goal, we will verify that the custom oracle contracts are successfully deployed on the Cardano blockchain and are capable of initiating and managing multiple instances of data streams for various types of data.

In partnership with Nucast Labs we'll create an oracle synchronizer node that can aggregate and import data streams from trusted oracles like Chainlink, API3, and UMA. The validation of this goal involves verifying that the synchronizer node can effectively synchronize data streams from different sources and integrate them into the EON Oracle contracts.

The aim is to develop and implement an on-chain rewards algorithm that evaluates the quantity, impact, and quality of the data streams and rewards the oracle synchronizer node runners accordingly. To validate this goal, we will assess the functioning of the reward algorithm, ensuring it accurately measures the contributions of synchronizer node runners and distributes rewards in ADA and other native tokens.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Initial Research and Design Phase - 2 weeks:

Conduct in-depth research on existing oracle solutions like Chainlink, API3, UMA, and other relevant decentralized oracle providers to understand their capabilities and integration requirements.

Analyze the requirements and technical specifications of the custom oracle contracts and data stream synchronization.

Define the architecture and design of the EON Oracle Synchronizer node, including its interactions with trusted oracles and synchronization protocols.

Determine the necessary features, functionalities, and security measures for the oracle contracts, synchronizer nodes, and data stream instances.

Develop a detailed technical specification document outlining the proposed solution, including data structures, smart contract code, and integration methods.

Projected cost: 29,333.33 ADA

Smart Contract Development and Testing Phase 12 weeks:

Implement the custom oracle contracts according to the defined specifications, considering the unique requirements of each data stream type.

Develop the EON Oracle Synchronizer node smart contract, which will handle the initiation and synchronization of data streams from trusted oracles.

Perform thorough testing and security audits of the smart contracts to ensure their reliability, security, and compatibility with the target blockchain platform.

Collaborate with external auditors and security experts to identify and address any vulnerabilities or weaknesses in the contract code.

Conduct simulated testing scenarios to validate the performance and scalability of the oracle contracts and synchronizer nodes.

projected cost: 118332 ADA

Integration with Trusted Oracles and Data Providers 3 weeks:

Create multiple data streams with trusted oracles such as Chainlink, API3, UMA, and others identified during the research phase.

Integrate the EON Oracle Synchronizer node with the supported oracles to import data streams securely and efficiently.

Develop data stream synchronization protocols that ensure accurate and timely aggregation of data from multiple oracles.

Test the integration with different oracles and validate the synchronization process to ensure the seamless flow of data into the custom oracle contracts.

Projected cost: 34166 ADA

Deployment and Pilot Phase - 3 weeks:

Deploy the custom oracle contracts and EON Oracle Synchronizer node on mainnet.

Conduct a pilot phase with a limited number of users and data stream synchronizers to gather feedback, identify potential issues, and refine the solution.

Monitor the performance and stability of the oracle contracts and synchronizer nodes during the pilot phase.

Collaborate with the pilot participants to gather insights and make necessary improvements to the solution based on their feedback.

Document the lessons learned, optimizations, and enhancements made during the pilot phase.

Projected cost: 30833 ADA

Production Release and DAO Integration - 2 weeks:

Prepare the solution for a production release, addressing any remaining issues or optimizations identified during the pilot phase.

A DAO (Decentralized Autonomous Organization) to define the reward metrics and reward algorithm for oracle synchronizer node runners.

Integrate the reward distribution mechanism into the custom oracle contracts and align it with the DAO's governance system.

Conduct thorough testing and security audits of the entire solution to ensure its readiness for a production environment.

Deploy the finalized solution and announce its availability to the wider community of developers and users.

Projected cost: 27166 ADA

Continuous Improvement and Community Expansion:

Establish a feedback loop with users, developers, and the community to gather suggestions, identify potential improvements

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Initial Research and Design Phase (2 weeks):

• Detailed research report on existing oracle solutions and their capabilities.
• Technical specification document outlining the proposed solution.
• Architecture and design document for the EON Oracle Synchronizer node.
• Research findings and design documentation.
• Progress will be measured by the completion of the research report, technical specification document, and design documentation.

Smart Contract Development and Testing Phase (12 weeks):

• Implemented custom oracle contracts for different data stream types.
• Developed and tested EON Oracle Synchronizer node smart contract.
• Security audited and tested smart contracts.
• Simulated testing scenarios and performance evaluation reports.
• Progress will be measured by the completion and successful testing of the smart contracts, as well as the audit reports and evaluation results.

Integration with Trusted Oracles and Data Providers (3 weeks):

• Created multiple data streams with trusted oracles.
• Integrated the EON Oracle Synchronizer node with supported oracles.
• Developed data stream synchronization protocols.
• Tested integration and synchronization processes.
• Progress will be measured by the successful integration and synchronization of data streams with trusted oracles.

Deployment and Pilot Phase (3 weeks):

• Deployed custom oracle contracts and EON Oracle Synchronizer node on mainnet.
• Conducted pilot phase with limited users and data stream synchronizers.
• Feedback and improvement documentation from pilot participants.
• Progress will be measured by the successful deployment of the solution, completion of the pilot phase, and gathering of user feedback.

Production Release and DAO Integration (2 weeks):

• Released the finalized solution for production.
• Integrated the reward distribution mechanism with the custom oracle contracts.
• Testing and security audit reports for the entire solution.
• Progress will be measured by the completion of the production release, integration of the reward mechanism with the DAO, and successful testing and audit reports.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Initial Research and Design Phase - 2 weeks:

Smart Contract Developer 183.33 ADA x 160 Hours = 29333.33 ADA

Smart Contract Development and Testing Phase - 12 weeks:

Smart Contract Developer 183.33 ADA x 500 Hours = 91666.67 ADA

External auditors and security experts: 26666.67 ADA

Integration with Trusted Oracles and Data Providers - 3 weeks:

Smart Contract Developer 183.33 ADA x 150 Hours = 27500 ADA

Trusted Oracles and Decentralized Data Provider - 6666.67 ADA

Deployment and Pilot Phase - 3 weeks:

Smart Contract Developer 183.33 ADA x 150 Hours = 27500 ADA

Collaboration with pilot participants incentives: 3333.33 ADA

Production Release and DAO Integration - 2 weeks:

Smart Contract Developer 183.33 ADA x 130 Hours = 23833.33 ADA

Production Release announcement marketing: 3333.33 ADA

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The project aims to bring innovative solutions to Cardano by integrating custom oracle contracts and data streams. By providing diverse and reliable data sources for Cardano dApps, our project can enhance the productivity and growth of the ecosystem.

Our project addresses the challenge of seamlessly integrating external oracle data into Cardano. By developing custom oracle contracts and a synchronizer node, we promote flexibility, extensibility, and efficient data synchronization.

Project costs, based on USA, Indian and Singapore market rates, allow for the efficient allocation of resources to ensure the successful development and deployment of the platform.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept