The OMOCs, Money On Chain decentralized oracles, are now feeding the price in the Stablecoin Protocol and the TEX.
This is a very important milestone for Money On Chain for two main reasons:
Let´s double click on these reasons:
We have always known exactly what kind of Oracles we wanted: Decentralized.
We started using whitelisted external oracles run by a few crypto projects, but according to our vision we need the oracles to be decentralized, and they were nonexistent. Therefore, we created them from scratch.
The journey included research, development, testing, auditing, and deployment. It took us almost a year and the result was OMOC, which was ready by the end of May 2021.
OMOC gives the possibility for stakeholders to run an oracle and participate in a consensus protocol for price feed publication with three key aspects in its design:
You might be probably thinking something like, I’m just a user and member of the community so, do I have to do something?
No, you don’t have to do anything at all. This change doesn’t affect the way you operate the protocol. But it is very important because any stakeholder having enough MoC stake can set up an oracle to compete in the price feeding consensus.
We are adopting our own designed oracles because we want to be as decentralized as we can be.
OMOC oracles have been running smoothly since May 28th, 2021 through the first operators, but before switching we had to run tests in mainnet to be sure everything was fine. Until now, we were using two instances of a whitelisted price feeder that we called “Medianizer”, one run by Money On Chain and another run by RSK.
The process of testing included a benchmark comparing OMOC with other oracles like Chainlink, Uniswap, and Compound regarding price feed costs and price accuracy among other metrics.
For example, in the figure above you can see that the network cost of scaling is stable compared to the other oracles presented.
As a general conclusion, when taking the cost and accuracy metrics together, MoC oracles show the second best cost for the best-performed accuracy, only Uniswap is a more economic solution but depends on an external price feed update mechanism.
This first release of OMOC is a very good solution as an oracle that other systems can easily adopt. On top of that, it is decentralized and open: anyone can run an oracle. Through a continuous process, we will be perfecting OMOC over time. We will keep you updated. MOC Decentralized Oracles article explains how it works and here is a guide to set up one.
The end of the year is always an exciting time for Money On Chain. In 2019, we launched the protocol. In 2020, we launched the TEX, the Liquidity Mining program, and we also announced the MoC TGE (Token Generation Event) at LABITCONF.
The end of this year 2021 is coming and good news rock the MOC world, one of them is that the stablecoin protocol now uses OMOC decentralized Oracles to establish prices.