Berry Data Project Insight: Striving to Become the Leading Oracle on Binance Smart Chain

Berry Data has set itself to become the number one data oracle on the BSC. Although there is some competition (Link and Band), Berry has capitalized on the opportunity here on the BSC.

By
Rich
on
April 3, 2021
Category:
Project Insight

The Berry Data Project

The Berry Data project started on the BSC just three weeks ago. The Berry Data team consists of six full-time professionals, of which three are developers. They all have Masters and Ph.D.’s in computer science, cryptography, and marketing. The team also brings multiple years of experience in the field. Because of their expertise in computer science, cybersecurity, communication, and sales, the team is well equipped and can deliver a working product. The aim is set high because the team wants Berry to be the number one oracle on the BSC.


How Berry Data Operates

Berry Data offers an oracle system in which parties can request the value of an off-chain data point. The data miners are incentivized by request and will compete to provide the solution via a PoW (Proof of Work) algorithm. The mined data is then added to an on-chain data bank. Inputs are secured through proof of stake miners. 

The data provided by the miner will be rewarded upon completion but can also be disputed; if any holder of $BRY pays the dispute fee, a mined value can be disputed. Disputed values will be punished, and the miner can lose a portion of his staked $BRY if data was incorrect. If you want more information on how to run a Berry Data miner, you can check out this LINK

The Berry Data Oracle currently has five feeds ETH/USD – BTC/USD – BNB/USD – XRP/USD – LTC/USD, and more feeds will be added over time.

The oracle updates every three minutes. When updated, the smart contracts group the most funded data types and create PoW challenges for the miners to solve. Miners are rewarded for their work. Users can submit queries; these will incentivize the miners to pick their query over other submissions, speeding up the data collection.


Berry Token

After a very successful IFO (Initial Farm Offering) sale on the PancakeSwap AMM, users could buy the $BRY token with their supplied CAKE/BNB LP (Liquidity Provider) token. The price per $BRY token was set at $0.50 for the 2 million tokens that were to be sold. All tokens that were up for sale have been sold, collecting 1 million dollars for the project. An equal value of $CAKE was burnt 

The $BRY token is the project’s governance token; holders can vote on protocol changes based on their holdings. Voting rights can also be delegated to stakeholders. Anyone holding a minimum of 1000 $BRY is also eligible to create a governance proposal.

$BRY can also be used for paying for accessing the live streams and specific data. Another use case for the token is the staking; staking incentivizes the validation of existing oracles, scrapers, and methodologies.



Future 

Although the project is still very young, the accomplishments up to now have been outstanding. The Berry Data project still has several things to accomplish for the future, as shown on the project’s roadmap. The new Berry Data V2 update will use upgraded smart contracts that will be able to track the reputation of miners. Well-behaved miners will be getting excellent bonuses as a result. The upgraded contracts also enable the center of disputes. Users that execute a successful dispute will win an enormous reward.

The on-boarding of new partners will continue, making the user base for Berry bigger and ultimately building a stronger ecosystem for the Berry Data Project.

Berry Data has its roots in the BSC but looks towards offering its services to other chains such as Ethereum. The team has planned to launch the Ethereum version in the third quarter of this year. Further, the team is already eyeing other chains.


Summary

Berry Data has set itself to become the number one data oracle on the BSC. Although there is some competition (Link and Band), Berry has capitalized on the opportunity here on the BSC.

The protocol is entirely decentralized, allowing users to vote and create proposals revolving around the protocol. This could be a vote on emissions or on a calculation time. The governance mechanism is key to removing centralization, as many users can have a say in future changes.

For other projects on the BSC, it is lovely to have access to the Oracle price feed. Accurate prices showing in your dAPP are crucial to maintaining a professional and user-friendly dApp. 

Data miners can earn excellent incentives in the form of $BRY tokens, but you can also choose liquidity mining if you are just a user. Here users can stake BRY/BNB LP tokens to earn $BRY tokens. Overall, Berry Data has taken the BSC by storm, offering many features to both users and projects.

If you want to learn more about Berry Data, check out their website and social media pages:

Website

Twitter

Telegram

Medium

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Rich

Richard is a multilingual writer, located in the Netherlands, husband and father, cryptocurrency and tech enthousiast enjoys long walks and bicycle rides. Fervent Binance Smart Chain projects promotor.