Read_764 – UTXOracle, Decentralizing the Oracle Problem

"It means that, given an open-source model, this could help bring about the ability to:

  • Independently calculate the price of bitcoin using only your full node at any block height
  • Develop genuine DeFi applications without the need for (or without sole reliance upon) trusted third-party price oracles"

— Daniel Hinton & Steve Jeffress

What if we could know, within a 1% precision, what the price of Bitcoin is, by only using your full node, and no other source of data? How useful could that be in protecting you from false data streams, or for building applications and decentralized marketplaces that could hedge and settle capital in BTC, according to its USD value? If you've been excited about potential solutions to the decentralized market problem, UTXOracle is not one to dismiss.

Check out the original article at: The UTXOracle Model

Links: utxo.livesuredbits

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