Review on NEST Protocol by gregori cordova
a decentralized oracle built under the ethereum network, to prevent price snatching
Oracles are one of the tools used in blockchain technology to allow interaction with the real world, providing important information to the cryptographic world and that is a highly valuable resource, especially now with the boom in decentralized finance. In this context, Nest protocol, is a decentralized oracle, built under the ethereum blockchain that has the purpose of helping to prevent the risk associated with prices using oracles that feed the network of all the information of the real world, and that would come to be an essential tool for developers to build smart contracts with authentic, reliable, and stable price data, in a world where price data can be easily manipulated and susceptible to hacking, while also preventing the risk of centralization. The Nest protocol verifies all possible price data in the market ensuring its accuracy, and where the miners in charge of serving as verifiers, obtain incentives in the NEST token. Nest oracles provide Defi developers with an updated price chain sequence with which to create their smart contracts and dapps.
This platform is undoubtedly an ideal solution, to prevent speculation and price sabotage that exists in the cryptocurrency market, and thus generate an environment for the development of defi services and the creation of decentralized applications and more reliable and smart contracts. connected to the real world.
Pros
- Anyone can be part of the mining process and receive rewards in the NEST token by becoming nodes and checking prices
- They have an essential mobile application to make quotes and that can be downloaded for free
- In terms of security, the Nest network protocol immunizes the only point of failure that there are no risks of sybil attack
- They have a democratic governance system, in which anyone can be part of the price verification
- Nest oracles have a very efficient performance as they offer more than 450 price quotes per hour.
Cons
- Nest's mining cost is not very cheap considering the gas rates out there today.
