What is Berry Data?
Berry Data (BRY) is a unique transparent and community-verified price oracle that operates on the Binance Smart Chain (BSC). It provides a decentralized alternative for off-chain data acquisition and offers the necessary infrastructure for decentralized applications to query off-chain data by incentivizing miners to provide valid data in a trustless manner. Berry Data is an oracle system where parties can request the value of an off-chain data point and miners can compete to add this value to an on-chain data-bank that can be accessed by decentralized applications (DApps) on the Binance Smart Chain.
Berry Data uses a staked miner network to secure the inputs to the data-bank and utilizes crypto-economic incentive mechanisms that reward data submissions made by miners while pushing out bad actors. This is ensured through the governance token BRY and a dispute mechanism. Miners are incentivized to submit data through inflationary rewards, and the data types they update are chosen based on the tips assigned to each query.
DApps and other data users can gain access to the latest data feeds by paying a service fee in BRY. They can also request additional data and price feeds by offering rewards as an incentive to miners. Every three minutes, the Berry smart contract groups the most funded data types and creates a proof-of-work (PoW) challenge for the miners to solve. The first miner to provide the PoW solution for the off-chain data point is rewarded with newly minted tokens and the accumulated service fee for that specific data request.
Berry Data's team comprises of John WU, Mandy NG, and Dr. Tom HAO. John WU is Berry Data’s CTO and has previously worked as a community code contributor for the Cosmos Project. Mandy NG, the COO of Berry Data, is a former KuCoin exchange BD manager with experience in coin listings in the APAC region. Dr. Tom HAO is the leading scientist at Berry Data and holds a Ph.D. in computer science from Jilin University in China.
BRY is Berry Data's governance token and is designed to create a transparent, community-owned, open-source oracle platform built for the decentralized finance (DeFi) ecosystem on top of the Binance Smart Chain. Berry Data implements a 23% ecosystem fund, which is managed by the Berry team and is utilized to incentivize token holding, data collection and validation, the development of new tech and open-source DApps, and participation in governance.
Berry Data offers customized oracle tools to DeFi projects on BSC at reasonable fees, making it a popular choice in the DeFi space. It is unique in its approach to incentivizing miners to provide valid data and offers a trustless, decentralized alternative for off-chain data acquisition. Its governance token, BRY, offers transparency and community ownership of the platform, making it a popular choice for many DApps and data users in the DeFi ecosystem.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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