Oracle
The value and status of real-world assets continually change, so oracles provide real-time information to immediately reflect these changes. This ensures that RWAs are always based on accurate data, allowing for appropriate responses according to market conditions.
Background and Necessity
Since RWAs are issued based on real-world assets, it's crucial to accurately reflect information about these assets. Precise information reflection is particularly essential at the initial issuance stage, and any changes that occur over time must also be updated. ELYSIA introduces individual oracles for various asset groups to bring off-chain data onto the blockchain, thereby more accurately reflecting the value of tokenized assets. This foundation ensures smooth processes for the issuance, distribution, and liquidation of RWAs.
Process
ELYSIA’s oracles currently depend on the participation of both online and offline governance. The process can be summarized as follows:
The initial information for an RWA is entered by the real-world asset owner who requests tokenization (RWA issuance).
The registered information is then verified and reviewed by ELYSIA DAO.
When a transaction occurs, the RWA information on the blockchain is updated.
If there's a need to change the RWA information due to external factors, any RWA holder can request an information change.
The change request is then verified and reviewed by ELYSIA DAO.
Direction
The direction for the advancement of ELYSIA’s oracles is broadly divided into two strategies:
Developing an in-house Oracle protocol.
Collaborative strategy using other Oracle protocols.
The main factors influencing these directions are time, cost, and accuracy, with the ultimate aim being the development of a separate Oracle protocol.
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