Price Oracle

In today's digital era, the need for a seamless fusion of blockchain technology with real-world data is increasingly critical.

The UPYY Price Oracle serves as an essential bridge in this regard, offering both businesses and individuals the opportunity to tap into the potential of decentralized finance through UPYY.

UPYY Price Oracle for Precision and Functionality The UPYY Price Oracle stands as a robust and secure conduit linking the blockchain's digital world with real-world data. Given that blockchains and smart contracts cannot inherently access external information, oracles are crucial for enabling these technologies to interact with and utilize real-world data.

Utilizing the UPYY Price Oracle, users gain access to current rate information for various currency pairs, aggregated from multiple trustworthy external crypto asset exchanges and financial institutions. This data is then stored within blockchain smart contracts, allowing users to access and apply this rate information in their DApps and smart contracts, free of additional charges.

Key Attributes of the UPYY Price Oracle

  • Accurate Price Data: The UPYY Price Oracle sources rate information from more than a dozen renowned external crypto asset exchanges and financial institutions, offering UPCX users the most precise and reliable data.

  • Effortless Integration: Crafted for simple incorporation with DApps and smart contracts, the UPYY Price Oracle enables UPYY users to seamlessly incorporate real-world data into decentralized financial ventures.

UPYY employs an off-chain node system that gathers rate information from various external sources and integrates it into the blockchain's digital realm. However, aligning this off-chain data with rapidly fluctuating market rates presents a challenge, as blockchain technology typically updates rate information only a few times per second. This discrepancy can lead to arbitrage opportunities.

To minimize this issue, UPYY concentrates on enhancing the performance of off-chain nodes and increasing their data synchronization frequency.

Rate providers, verified through real-name authentication, can establish their own off-chain nodes and continuously update rate information. These providers are regularly compensated by UPYY for their contributions.

If any off-chain node provider is found to manipulate rate information maliciously – identified by more than 10 unwarranted changes – UPYY will reduce their credibility, preventing their data from influencing the UPYY Price Oracle. This measure is intended to maintain the integrity and accuracy of the data provided to UPYY users.

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