ODIN Protocol (ODIN) is a decentralized system designed to build a data oracle network based on an open protocol for interaction between participants and a sustainable economy. In addition to organizing the data oracle network, ODIN involves building a decentralized peer-to-peer data sharing and trading ecosystem for delivering real-world data to onchain for various use cases such as DeFi, betting, forecasting apps, or NFT. What is ODIN Protocol (ODIN) | What is ODIN Protocol token | What is ODIN token
In this article, we'll discuss information about the ODIN Protocol project and ODIN token
ODIN — Open Data Interoperable Network. ODIN is a decentralized system designed to build a data oracle network, based on an open protocol for interaction between participants and a sustainable economy. Besides organizing the data oracle network, ODIN involves building a decentralized peer-to-peer data sharing and trading ecosystem. ODIN is a new system that combines the advantages of cryptography and decentralized technologies, as well as the simplicity of connecting data providers and the flexibility of developing contracts to receive and process data from them (to work with business requirements, which are to increase the scalability and reliability of circulating data).
ODIN’s basic architecture is inherited from the Band protocol and improved according to the specifics and needs for user-generated data scenarios and GeoDB community goals. The main point that ODIN aims to provide is to ensure decentralization. By decentralization, we mean several important aspects described below.
The first is that anyone can become a data provider within the system boundaries. To do this, you do not need to have any permissions — initiate a transaction for creating a new data source, in which you determine how this source can be accessed. This feature allows you to switch from a model (for example), where only one exchange can provide the ratio of a pair of assets, to a model that allows you to have thousands of such data sources and allows the end-user to independently determine which sources will be used and in what quantity. The first step is to remove the threshold that determines who can be the data source.
The second feature is that there is no single party that transfers data from all sources to the system. The information transfer process is also decentralized — many validators access data sources with the same requests and generate reports on the information received. Further, these reports are aggregated, and they are already the input for performing operations on the data. In this way, we remove a single vulnerable side who can transfer data to the system.
And the last feature is that anyone can suggest an algorithm (script) for how the received data will be processed. Thus, the end-user will have several possible scenarios for receiving and processing data, which can be performed jointly. The end-user independently chooses a scenario suitable for his case (price, the reputation of data sources, their number, etc., can play a role here).
Below is a high-level architecture of ODIN:
Let’s also go through the key components and features of ODIN:
Now you can be not only a user of the system but also become one of the following contributors to the network and get rewarded for your contribution.
Validator — the maintainer of the ODIN system. The main functions of validators are the formation, proposal, verification and confirmation of blocks in the system. In other words, validators participate in reaching consensus on updating the state of the accounting system. An additional function of the validator is to receive data from external sources and generate reports.
Delegate — the participant who has revealed a desire to become a validator. Validators are delegates who have received the most votes (stake) from users.
Auditor — the participant who does not take part in reaching consensus in the system, but at the same time maintains a full node (a complete copy of the database) and checks all transactions and blocks according to the protocol rules.
Oracle scripts are a kind of contracts that are supported by the protocol. However, unlike the usual smart contracts, in which only interested parties participate, and the purpose is to allocate funds, Oracle scripts can be used by each participant in the system and determine the method of receiving and processing data from the relevant sources. Anyone from the system participants can create such a contract.
ODIN protocol uses delegated proof of stake as a consensus reaching algorithm. This means that decisions about updating the state of the system can be applied by a limited number of validators chosen during the vote. Validators are selected by network members who own ODIN Tokens and can delegate them to one of the delegates.
The initial basic principles of the protocol functioning are described in this whitepaper and allow organizing a universal system (suitable for any future changes). After initialization, the system’s protocol can be changed by voting of the custodians of ODIN tokens.
Proposals for major and minor protocol upgrades can be made by any member who holds the ODIN tokens. To do this, she needs to send a transaction of the appropriate type, in which the update details are defined.
ODIN Treasury is a key financial tool for managing projects and achieving its financial success via the community System Governance model. In the early stages of project implementation when Data oracles are not decentralized it is ODIN Treasury which collects payments from Data consumers for data obtained from ODIN projects own oracles.
Key ODIN Treasury functions:
Launching all 100.000.000 ODIN tokens with the following tokenomics:
As mentioned above, the pool’s liquidity will be locked right after the pool launch, same as all the other tokens will be locked, meaning no risk for early investors from the team side.
At the ODIN token launch phase, a deflationary model will be applied. The goal of the model is to decrease the supply of ODINs based on the transactions activity and also to incentive the token holders.
After ODIN protocol main net launch we will offer you an easy bridge to swap your Binance Smart Chain ODINs into main net ODINs with a 1:1 ratio.
ODIN will use ODIN native token for its own network which uses ODIN tokens as an incentive for validators to produce new blocks and submit responses to data requests. ODIN holders can use the tokens in the following ways:
The total supply of ODIN is capped at 100 million tokens with the following distribution:
All ODIN tokens will be issued with the genesis block and allocated to specific pools with further gradual distribution to validators and stakers over time.
Annual inflation rate for validators staking is set to around 12% APR.
Governance voting with ODIN tokens includes all major decisions regarding the functioning of the system:
As for GEO — from now on it is not only the instrument to reward for the generated data, but also at the initial stages, it will work as the only way to obtain ODIN token.
Since ODIN launch, GEO to ODIN swap is available for GEO holders with 1 ODIN for 50 GEO ratio and 24 months vesting period. During this period staking to validator nodes only is available. After this period tokens are unlocked for 12 months evenly daily.
ODIN is a decentralized system designed to build a data oracle network based on an open protocol for interaction between participants and a sustainable economy. In addition to organizing the data oracle network, ODIN involves building a decentralized peer-to-peer data sharing and trading ecosystem for delivering real-world data to onchain for various use cases such as DeFi, betting, forecasting apps, or NFT.
ODIN token is now live on the Binance mainnet. The token address for ODIN is 0x2802eb3a20f5892956d5b9528f6bf13e648534db. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough BNB in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)...
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You need a wallet address to Connect to Pancakeswap Decentralized Exchange, we use Metamask wallet
If you don't have a Metamask wallet, read this article and follow the steps
Transfer $WBNB to your new Metamask wallet from your existing wallet
Connect Metamask Wallet to Pancakeswap Decentralized Exchange and Buy, Swap ODIN token
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once ODIN gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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🔺DISCLAIMER: The Information in the post isn't financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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