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Decentralized oracle network idea

Decentralized oracle network idea

Etherum Reddit

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Hi guys. This might sound stupid, but I was wondering a bit about decentralized oracle problem. I despise centralized (hand-picked / run by smart contract's dev team) or reputation based oracle systems without any correctness guarantee (ala chainlink) and would much prefer to see some purely game based solution in the ethos of cryptocurrency. The more I looked at the beacon chain and the basic idea of achieving the consensus, the more it seemed to me that this approach could be perfectly applicable to decentralized oracle network as well: the basic idea depends on strong randomness guarantee of beacon chain (vdf/randao).

Basically the system should allow anyone to be an oracle node and process smart contract's data requests (most common use case would probably be some http requests as they are relatively deterministic); the correctness would be achieved by randomly selecting the group of nodes, deciding on the correct answer by choosing median of the answers and basically penalizing nodes with differing answers (responses). Such system should be robust enough to discourage even large stakers to cheat as they can't be sure to be have majority (>51%) in voting to supply their malicious answer. Obviously, this is just very basic description of the system, I just wanted to get some feedback if the logic behind this is actually correct / if there already is some oracle solution that works this way / if anyone is working on something like this etc.

Thanks

submitted by /u/marci003
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