⚙️Architecture
Metaoracle - Architecture
In terms of distribution and property rights, the METAO token has been thoughtfully created to encourage involvement on both ends of the Metaoracle economy. To make the token readily available in the market for data buyers and node runners to stake, Metaoracle will distribute it. Additionally, it will grant the possessor future governance powers.
Property Rights
The METAO token is built in such a way that it enables the holder to participate in crucial decisions, stake in Metaoracle, run nodes, pay for data and computation as a consumer, and profit from the network effects of growing Metaoracle usage. Metaoracle is a decentralized oracle network.
Holding METAO tokens guarantees two rights:
The right to participate in running a node
Right to participate in governance
Running Nodes
While holding the token allows individuals to run nodes, individuals need to have a level of technical knowledge, as well as the necessary equipment to run a node.
Participating in Governance
Governance and a DAO for Metaoracle is not yet defined but holding METAO will give the right to take part and make decisions on some mechanisms within Metaoracle.
Token Utility
1 - Purchase of data & Computational Power
Customers use the Metaoracle token to purchase services such asGovernance
Arbitrary data (E.g. VRF number, or an API Call),
Computational Power
Subscription Services
Arbitrary Data
Arbitrary data means when a dApp is calling some API or requesting a verifiable random number. We have been in discussions with various companies who want to get data from sensors (supply chain, insurance, etc.), random numbers, or just call any external API trustlessly.
Computational Power
A dApp can only run a limited set of code. DApps can use the Metaoracle node network to run some code and have the result placed back on the chain. For example, a dApp can use Metaoracle to send push notifications to users if they are about to get liquidated on a dex, or can run some gaming logic and have the result put back on the chain.
Subscription services
Finally, some providers such as sports data or institutional-grade financial data may require subscription payments monthly. As such, a certain amount will be withdrawn from an account each month and the data will be pushed to the smart contract making the payments.
2 - Participating in Consensus
When a customer requests data, Node runners are required to fetch this data. To ensure the data is accurate, all node runners must vote on the data.
Each Token a node runner holds is equal to one vote. Each time a node runner votes, they are rewarded in METAO tokens. If a node consistently votes incorrectly or fails to vote, they are slashed, and its tokens are added to the ecosystem reward pool.
3 - Delegating Votes
For community members who do not want to run nodes, they may still delegate their tokens to staking providers, such as one of our main partners. These staking providers generally take a commission in return for voting on behalf of Delegators. The Metaoracle system has built in support for delegating votes without handing over tokens to the staking providers. This will generate greater demand as community members can participate directly in the security of the protocol.
4 - Governance
Each quarter there is a governance period where the community will be able to vote on changes to the protocol. To participate in governance, community members must stake a certain amount of tokens for the entire governance period. Each token allows for one vote on each proposal.
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