What Is Berry Data (BRY)?
Berry Data is a transparent and community-verified price oracle on the Binance Smart Chain (BSC). Berry Data offers a trustless, decentralized alternative for off-chain data acquisition. It provides the necessary infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide valid data.
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 which can be accessed by decentralized applications (DApps) on the Binance Smart Chain.
The inputs to this data-bank are secured through a staked miner network. Berry Data utilizes crypto-economic incentive mechanisms that reward data submissions made by miners while pushing out bad actors. This is ensured through Berry Data’s governance token BRY as well as a dispute mechanism.
Miners are incentivized to submit data via 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 3 minutes, the BERRY smart contract groups the top 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.
Who Are the Founders of Berry Data?
Key members of the team behind Berry Data are John WU, Mandy NG and Dr. Tom HAO.
John WU is Berry Data’s CTO and a former IRISnet senior technical architect. Before that, Wu used to work as a community code contributor for the Cosmos Project.
Mandy NG is Berry Data’s COO and a former KuCoin exchange BD manager with experience in coin listings in the APAC region.
Dr. Tom HAO is Berry Data’s leading scientist. He received his Ph.D. degree in computer science from Jilin University in China.
What Makes Berry Data Unique?
BRY is Berry Data’s governance token 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. This revenue stream 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 works with DeFi projects on BSC by providing customized oracle tools at reasonable fees.
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How Many Berry Data (BRY) Coins Are There in Circulation?
Berry Data (BRY) has a circulating supply of 2,000,000 tokens and a maximum supply of 7,500,000 BRY as of March 2021.
How Is the Berry Data Network Secured?
Data values on the Berry network can be disputed and taken off-chain. The longer a user waits to dispute the data after it has been submitted on-chain, the more probable it is to remain there, enhancing security.
Any party can challenge the data submission of any miner on the condition that the challenger submits a dispute fee along with each challenge. Once a dispute fee has been submitted, the potentially malicious data miner is placed in a locked state for the duration of the vote.
In the following 48 hours, BRY holders can vote on the validity of the mined value. All BRY token holders can vote on the dispute and are incentivized to maintain a network of honest oracles.
Where Can You Buy Berry Data (BRY)?
Berry Data (BRY) can be traded on the following exchanges:
If you want to learn more about how buying cryptocurrency works, feel free to read CoinMarketCap’s dedicated guide.
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