Free Oracle Community Price Feeds

S1 Introduction

Charli3 is a decentralized Oracle Solution with many partners already and an IDO on ERC20 through Cardstarter.io. We have a MVP that is audited by CertiK and we've worked closely with IOG members to get feedback on our solution. Our team was one of the first to have a contract up after the initial launch. Our core development team has a number of Ph.D's with deep expertise in Haskell and we work closely with an industry leading functional programming lab. Here is a quick youtube video from the summit for a summary on us as a company: https://www.youtube.com/watch?v=DJXOHZNCrSk

S2 TL;DR What is this proposal?

This proposal is NOT funding to build an Oracle.

This proposal is NOT to provide funding to Charli3 to build their product or expand their company.

The funding DOES NOT GOTO Charli3.

TL;DR Vote "yes" = $50,000 goes into a public, fully transparent, community controlled fund, Charli3 matches $50,000 into that fund.

All funding goes towards running price feeds for the community. Charli3 will act on behalf of the community to use that community fund to pay for operational costs related exclusively to price feeds used by the community (not our paying customers).

S3 What is the plan?

This proposal is to fund the operational costs for providing some data feeds to the community at no cost. Funds go into a "charli3 community fund" that is public, transparent, and 100% goes to providing price feeds to the community. In fact, the Charli3 team will contribute the same amount of funding into the community fund generated by this proposal. With the voice of the community voting, the IOG has expressed interest in doing the same.

Where does the funding go?

Our proposal is to allocate 100% of the funding into a "Community Chest" that is only used towards maintaining a self-service set of community top crypto price feeds. We may employ a DAO like solution so voting members of the public can decide on what feeds are available while also making all transactions transparent. These data feeds will come from industry leading data partners, the exact same as you would get from other Oracle competitors.

As stated above, Charli3 will match the funding 1:1.

So, $50,000 becomes $100,000 for the community.

Why $50,000?

We provide data feeds from the top data providers in the world such that our node operators can pull from them (although node operators can pull from other resources too). These are expensive contracts to maintain.

Additionally, the costs of running our ecosystem of node operators can be quite expensive. For reference, take a look at job costs for Chain.link.

Costs = Data providers get paid, Node operators get paid, Minimal infrastructure maintenance costs to run the Charli3 Oracle

We believe $50,000 USD is enough to fund a reasonable large number of crypto feeds for 12 months. If we are wrong (and it is cheaper to run them), we will run MORE feeds and scale what's available to the community.

Building the self-service portal for the community DOES NOT come out these funds as well, this is something we will create out of our own pocket.

S4 Detailed Plan

Okay, we give you money… now what? What feeds will be available? How often will they update?

Step 1: Propose initial price feeds

As a team we will short-list a number of price feeds that we could reasonable sustain for 12 months with the funding, including the frequency of updates (e.g. every 30 minutes).

Step 2: Community Votes on feeds

C3 will create a vote to collect what the community finds the most desirable feeds.

Step 3: Charli3 sets up as many feeds

The Charli3 team will set up as many feeds as possible from the vote. Our goal is to provide self-service options to ANY project. There is no vetting system to decide who gets access and who doesn't. In fact, we will take measures to ensure that large projects do not abuse these feeds by limiting access to those who are high volume. We would want to work with the community to ensure this resource is accessible to all.

Step 4: Charli3 Maintains Price feeds for 12 months+

Step 5: Charli3****Fundraises from our partners for more funding

As an Oracle solution, we are integral part of the ecosystem and already have many partners in the space. We all believe in the Cardano ecosystem and want it to thrive… So our goal will be to expand the diversity of feeds available as well as the quality/frequency of them -- and to extend it past 12 months potentially forever.

Step 6: Repeat step 2

Step 7: Boost Cardano Ecosystem

Build a large library of freely available community price feeds, perhaps randomness, and other data sets. These feeds will enable Cardano projects (building new or porting over) to eliminate a key cost and barrier for launch.

S5 The Impact of Funding Charli3's Community Oracle Fund

Our team believes in Cardano and we intimately know the costs associated with consuming data (ask anyone on an ETH chain..) -- Our mission is to enable the successful launch of as many Cardano projects by eliminating data feeds as a potential blocker.

S6 Measuring Success

We will launch ASAP after the PAB can support the ecosystem.

1-3 month:

Success in 3 months is to provide some initial feeds to the community such that they aren't waiting to launch due to lack of data feeds. That means completing steps 1-3 as soon as possible after receiving funding.

4-6 months:

Sustain accurate and reliable feeds with minimal downtime to the community

6-12 months:

Expand our fund and add more feeds through community voting

12 months:

Be in a position to expand for another 12-24 months all current running feeds. We will strive as a company to keep the community price feeds alive for as long as possible. Success is a long term community service that is constantly expanding in quality and quantity of feeds.