Overview

The Public Reporting Problem with Tellor

In decentralized oracles like Tellor, anyone can participate as a data reporter, meaning they can submit data onto the blockchain, such as cryptocurrency prices, sporting event results, or weather updates. While this openness allows for a broad range of data sources, it also introduces the risk of incorrect or malicious data being reported. To mitigate this risk, Tellor implements a system where anyone can dispute data submissions, and the community of token holders votes on the legitimacy of the reported data. However, this approach relies heavily on public participation and can still be susceptible to issues like data manipulation, voting collusion, or insufficient dispute engagement.

The Signum Solution: The Private Oracle System

Signum addresses the Public Reporting Problem by implementing a more controlled and efficient approach through its unique Signum Private Oracle System. Unlike public oracles that allow anyone to submit data, Signum's private oracle restricts reporting access to a group of trusted, whitelisted reporters, selected by the project. This system is designed to enhance the reliability of data by limiting submissions to only those who have been pre-approved, significantly decreasing the possibility of incorrect or malicious data being reported.

Moreover, the Signum Private Oracle system offers several key advantages over public reporting models:

• No Time-Limited Reporting Access: Unlike public oracles, where data reporting may be restricted by specific time windows or rounds, the Signum Private Oracle system allows its whitelisted reporters to submit data at any time. This flexibility ensures that data can be updated more frequently and responsively, enhancing the oracle's ability to provide timely and accurate information.

• No Tipping Required: In the public oracle system, reporters need to be incentivized with tips to submit data, which can add a layer of complexity and cost to the data reporting process. The Signum Private Oracle system eliminates the need for tipping, as trusted reporters are already incentivized through their whitelisted status and potential contractual agreements. This simplification reduces operational overhead and streamlines the data submission process.

By adopting this private oracle model, Signum creates a more secure and efficient framework for blockchain applications that require high data integrity without the complexities and vulnerabilities associated with public reporting. The Signum Private Oracle system is an ideal solution for projects that prioritize accuracy, reliability, and simplicity in their oracle data.

FAQ

What chains?

Signum Private is compatible with Pulsechain.

How do I create a Signum Private Oracle?

Signum Private Oracles can be deployed by browsing to this page. There is a one-time fee to deploy your private oracle. After deployment, you will need to whitelist the wallet addresses of the allowed reporters, along with what QueryID they are authorized to report for. QueryID's can be generated here.

Each reporter will be required to stake STT tokens. Initially this requirement will be 75,000 tokens required. Private reporter stakes are locked for 1 year before a unstake can be requested.