What is Berry Data (BRY) | What is Berry Data token

What is Berry Data?

Berry Data is a transparent community-veriﬁed price oracle on BSC(Binance Smart Chain). Berry Data provides a trustless and decentralized alternative for off-chain data. Also, it provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data.

How Does Berry Data Work?

Berry Data is an oracle system that parties can request the value of an off-chain data point and miners compete to add this value to an on-chain data-bank, accessible by all DApps on Binance Smart Chain. The inputs to this data-bank are secured by a staked miners network. Berry Data utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Berry Data’s governance token, BRY, and a dispute mechanism.

What is BRY? What is Berry Data network token?

BRY is Berry Data’s governance token. BRY is designed to empower the broader DeFi ecosystem to drive the creation of a fully transparent, community-owned, and open-source oracle platform on the Binance Smart Chain.

What is BRY Token Distribution? Total circulation?

The total BRY token circulation is 12,500,000. Token distribution is as follows:

55% — Mining: 40% will be provided through data mining; 15% will be provided through liquidity mining
23% — Ecosystem Fund: will be used for partners to build the Berry Data project and its ecosystem as a vault
16% — IFO: will be sold on PancakeSwap IFO
6% — Team: will be locked for 2 years and release evenly every quarter

How Does Ecosystem Fund Work?

Berry Data implements a 23 percent ecosystem fund. This revenue stream will be managed by the Berry team and utilized in the following ways:

Incentivize token holding
Incentivize data collection and validation
Incentivize tech development and new open-source dApps
Incentivize governance participation

What is Berry Data Dispute Mechanism? How does it work?

Berry data values can always be disputed and taken off-chain. However, the longer a user waits, once the data is submitted on-chain, the more probable it is to remain, and therefore more secure; assuming any value that remains on-chain is valid due to economic incentives to dispute invalid ones.

Any party can challenge data submissions of any of the ﬁve miners when a value is placed on-chain. A challenger must submit a dispute fee to each challenge. Once a challenge is submitted, the potentially malicious miner who submitted the value is placed in a locked state for the duration of the vote. For the next two days, BRY holders can vote on the validity of the mined value. All BRY token holders have an incentive to maintain an honest oracle and can vote on the dispute. Proper submission is one that corresponds to a valid query requested within the time period between the release of the challenge and the submission of the value. The ambiguity of the validity is a feature and corresponds to “correct” is up to the interpretation of the BERRY community.

How to Become a Berry Data miner? What are the requirements? What is the Deposit & Rewarding System?

https://docs.berrydata.co/whitepaper/how-berry-works/miner-network

How Berry different from other oracle projects, such as Chainlink?

Berry will dedicate to the BSC ecosystem and it will work with Defi projects on BSC by providing customized oracle tools at a more reasonable fee scale. Specifically, Berry will provide free price feeds in the first few months to its partners. Projects like Chainlink, have been so successful on Ethrum, that they may not put too much effort into BSC. However, Berry believes in the future of BSC and is strived to be the most widely used oracle on BSC.

Who is the team behind Berry?

Berry Data’s team has 6 full-time team members, including 3 developers and 3 operations. Information of key team members are as follows:

John WU — Berry Data CTO

Former IRISnet Senior Technical Architecture; ex- community code contributor for Cosmos project; ex- senior developers for JD.com. Graduated from Peking University with a master’s degree in computer science.

Mandy NG — Berry Data COO

Former Kucoin Exchange BD manager, experienced in coin listing in the APAC region, she has close connections with most of the mainstream exchanges and leading blockchain projects. Before Kucoin, she worked for IBM as a Sales Manager for 2years. Graduated from University College London with a master’s degree in marketing.

Dr. Tom HAO — Berry Data Leading Scientist

He received his Ph.D. degree from Jilin University(China) in Computer Science. Focus on cryptography and computer security. He will be Berry Data developing leader for product security.

Is Berry’s smart contract audited?

Berry is now working with some auditing firms and will publish the auditing report within this month.

Any farming activity after IFO?

$BRY will be listed on pancake and open to trade immediately after IFO. $BRY holders can stake their tokens to participate in farming campaigns on Berry website and its partners’ sites, such as pancake farm and Syrup pool.

What is the roadmap of the project?

Berry will dedicate itself to the BSC ecosystem to improve its oracle product and expand its partnerships on BSC. The detailed roadmap is as follows:

2021Q1

Berry Data Oracle will launch its mainnet
Miner tools will be released and miners can win BRY tokens rewards and services tips by providing data feeds in Berry oracle
Data feeds “plug-in” tools will be released that dApps on Binance Smart Chain can easily access and require on-chain price feeds by easily engaging with Berry oracle
Develop strategic partners

2021Q2

The updated Berry Data smart chain will take into consideration of reputation and track records of miners and source of data as important components for data selection. Those well-behaved miners and high qualified sources can get extra bonus.
Disputes Center will be launched where every BRY token holder can monitor and dispute error data. Those who execute successful disputes will win huge rewards from the team.
More partners will be on board to access on-chain data feeds through Berry Data

2021Q3