ODIN Protocol: An Open Data Interoperable Network Carving the Future of Big Data

An organized system for data sharing is still lacking, and very few projects are available on the Binance Smart Chain (BSC) network. ODIN protocol becomes one of the few serious data oracle projects on the BSC network providing a decentralized peer-to-peer data oracle network.

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BSCNews
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May 6, 2021
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What is ODIN?

Open Data Interoperable Network (ODIN) is set to revamp the data oracle service by implementing a data oracle network that decentralizes the big data industry. ODIN is an open protocol for interaction between participants and a sustainable economy. In addition to organizing the data oracle network, ODIN also involves building a decentralized peer-to-peer data sharing and trading system. This will deliver real-world data on-chain for various use cases, including betting systems NFTs, DeFi and Forecasting Applications.

Open Data Interoperable Network (ODIN)

ODIN is part of the GeoDB ecosystem, a global big data marketplace that rewards users for the data they generate. Like ODIN, GeoDB operates as a decentralized big data peer-to-peer ecosystem. However, the platform, which was initially built on the Ethereum network and listed on the world’s number one Dex platform Uniswap, has since migrated to the BSC network, which ODIN is primarily built on.

GeoDB

GeoDB has retained its position as one of the big data sharing blockchain infrastructures and ecosystem. The introduction of the ODIN oracle protocol sets the GeoDB platform among the top innovators in the blockchain economy.

Key Features and Use Cases

  • NFT
  • DeFi
  • Betting systems
  • Permissionless
  • Multiple Validator
  • Open Protocol
  • Streaming of Anonymized Data


Project Components

ODIN will allow a decentralized peer-to-peer real data sharing system that will benefit all of the players involved in the system. Contributors to consumers of different applications can connect to the system and begin utilizing the oracles. The ODIN network will facilitate a real-world data ecosystem that will help various participants get accurate data for their benefits and usage.

Permissionless

ODIN’s basic infrastructure is inherited from BAND protocol and improved according to specifics and needs. It is specifically geared for users in generated data scenarios and GeoDB community goals. The difference will be in the decentralization. The first will be that you can become a data provider within the system without permission. As a data provider, you determine the economics behind your data and how they can be accessed.

Multiple Validators:

No single party can transfer data from all sources to the system, removing a single vulnerable validator system that can act as a point of attack and ensuring total decentralization.

Open Protocol:

Anyone can suggest an algorithm (script) for how the received data can be processed. The consumer will determine different scenarios for receiving and processing data which can be performed jointly. As the data provider, he or she independently chooses how theywill deal with the data price, data sources’ reputation, number, and etc.

High-Level Architecture of ODIN


Non Fungible Tokens (NFT): 

ODIN network will facilitate dynamic NFTs allowing updates to data records within NFT from real-world data. ODIN oracle data will preserve the immutability of NFT collectibles and ensure they are truly unique. 


Data Service:

ODIN Network will allow the streaming of anonymized user-generated data such as location, health, consumption, mobile data, etc. ODINwill ensure data providers’ anonymity, providing the data from off-chain applications to onchain smart contracts.


Decentralized Finance (DeFi):

DeFi systems, including lending protocols, staking, and yield farming platforms, need to be fed with real-world data such as off-chain trading platforms, prices, forecasts, statistics, and various other analytics. ODIN provides these services using its decentralized data oracle network. This creates a decentralized and peer-to-peer data sharing and trading ecosystem that enables the delivery of real-world data on to the blockchain.


Betting Applications:

ODIN’s services promote true decentralization and fairness in betting platforms and dapps, real-world off-chain data needs. This will bring the missing fairness to already existing betting platforms. Betting platforms include but are not limited to Options Trading and Sport betting systems.


Project Updates

Testnet:

Testnet is scheduled for release next month, June 5th. Participants will be required to have ODIN tokens to run ODIN nodes & earn ODIN as rewards (The reward tokens will be redeemable on the launch of Mainnet).

Here is a quick video intro of ODIN V 0.1 Testnet Backend.

  • Data requester Flow
  • Data provider Flow
  • User voting flow


Stake to Earn:

ODIN will start the staking program near the launch of the Testnet platform to enable ODIN holders to earn more ODIN tokens by locking their tokens in an interest-yielding smart contract. The team will release the details of this event along with the next project update.

For full details about the project update, what to expect in the upcoming testnet V 0.1, the promotional and marketing plans, check out the recent update release of ODIN via its Medium blog.


Tokenomics

The ODIN project operates a dual token and deflationary system;

  • ODIN token: Used to secure the network, for data consumers to make payments, and Governance tokens for the system.
  • GEO Token:  A data provider tokens will be used to make payments to users providing data for the ecosystem.

The Total Supply of ODIN is capped at 100 million tokens

  • Data Consumer Pools: 10% locked for 12 months
  • Stacking and Validator Rewards: 30% locked for six months
  • Company and Founding Members: 10% locked for 12 months
  • Treasury: 20% locked for nine months
  • Liquidity Pool: 30% locked liquidity

For the deflationary side;

  • 20% of all ODINs will be burned within 100 cycles
  • 400K is burned in every cycle where 200K is burned entirely, and 200K is returned to the holders proportionally.
  • The final supply of ODIN after burn will be 80 million tokens
  • A dynamic tax between 4% and 12% is applied within each cycle.


Roadmap

Roadmap design

Q2 - 2021. ODIN Testnet v0.1

  • Demonstration of key providers and onboarding of test user

Q3 - 2021. ODIN Testnet v1.0

  • Live system with the essential user flows implemented, suitable for onboarding of beta testers.

Q4 - 2021. ODIN Mainnet v1.0

  • A fully working system with all the user flows implemented, suitable for onboarding for all users.

The two phases of the roadmap are concentrated on the testnet and the mainnet phases; the testnet is expected to go live next month in June. Users should expect a fully implemented data-driven ecosystem when all of the features go live in Q4.


Concluding Thoughts

According to the last project updates from the team, marketing and promotional plans are underway for the project. ODIN will take advantage of the already extensive and thriving community of the GeoDB community network, boasting 300k+ geocash users and 100k+ community members worldwide.


ODIN Protocol

Contacts have been made for influencers to get the word out there, specifically YouTube and Twitter influencers; partnerships with strategic companies are still under discussion. Overall, the campaign for a decentralized oracle network that allows peer-to-peer data sharing and trading will bloom out with a big bang in the future.


Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC, it is crucial to reference the following items, HERE and HERE.

This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

For users who wish to learn more about ODIN Protocol, check out the following resources and media pages:

Website

Twitter 

Telegram

Medium

CoinGecko

CoinMarketCap

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