EON - Cross-chain Decentralized Data Feeds from Oracles

[GENERAL] Name and surname of main applicant

Sam Jeffrey M

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Individual

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

3

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

Yes

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We'll build an oracle solution enabling cross-chain importing of data to Cardano. DApps will benefit from access to reliable and diverse data, further expanding the capabilities of DApps on Cardano.

[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.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

MIT License

[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

[SOLUTION] 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] Please define the positive impact your project will have on the wider Cardano community.

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.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

TBA

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

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] Who is in the project team and what are their roles?

Sam Jeffrey M, CTO @ Adaxon

Building tech on Cardano for 3+ years. Worked as Plutus Consultant at Gimbalabs. Awarded the Presidential Award for Innovation 2021 by the Government of India.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Initial Research and Design Phase - 2 weeks:

Smart Contract Developer 100 ADA x 160 Hours = 16000 ADA

Smart Contract Development and Testing Phase - 12 weeks:

Smart Contract Developer 100 ADA x 500 Hours = 50000 ADA

External auditors and security experts: 20000 ADA

Integration with Trusted Oracles and Data Providers - 3 weeks:

Smart Contract Developer 100 ADA x 150 Hours = 15000 ADA

Trusted Oracles and Decentralized Data Provider - 6000 ADA

Deployment and Pilot Phase - 3 weeks:

Smart Contract Developer 100 ADA x 150 Hours = 15000 ADA

Collaboration with pilot participants incentives: 3000 ADA

Production Release and DAO Integration - 2 weeks:

Smart Contract Developer 100 ADA x 130 Hours = 13000 ADA

Production Release announcement marketing: 3000 ADA

[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 agrees to Fund 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