Oracles are a vital part of the Phoenix Global Node Ecosystem. They allow external data from other ecosystems to be fed to internal enterprise applications and decentralized finance (DeFi) platforms. A DeFi platform such as Horizon Protocol uses the Phoenix Oracle in much the same way that Aave or Compound connect to decentralized oracles to fetch external data on coin prices and other essential metrics to use in conjunction with their respective smart contracts.
How does Phoenix Global expand mainstream DeFi?
Phoenix Global node operators form a network to provide data for decentralized oracles. In return, they are given weighted incentives or staking rewards, currently in the form of PHB (Phoenix Global’s native token). These node operators are essentially the top stakers in the system and must stake a minimum of 1 million PBH (Platinum tier) to qualify. Higher staking rewards are offered in Zirconium (5m) and Diamond (10m) tiers, at around 31% and 35%, respectively. These large nodes or stakers are important as they provide the large amount of PHB tokens needed as collateral for the Phoenix Defi Oracle to provide correct data and maintain uptime.
A well-functioning and secure oracle can act as a base for interesting developments in the DeFi arena. One such development is to peg the value of real-world assets with that of synthetic assets.
An example is Horizon Protocol, which facilitates on-chain trading of synthetic assets represented in the real-world economy. Horizon Protocol benefits from having data feed from established oracles Chainlink, Band Protocol, and proprietary data feeds from the Phoenix Oracle. The Phoenix Oracle utilizes the Phoenix Chain to focus strictly on traditional real-world assets, informing the Horizon Protocol platform with price feeds for stocks, market indices, real estate (REITS), and art. THEREFORE, the PHB token not only reinforces nodes but is given an additional use case in validating price feeds for the Phoenix Oracle and synthetic assets.
Additionally, Horizon Protocol will also offer rewards to early PHB holders, who can stake their tokens on the Horizon Protocol platform and earn higher rewards.
How does Phoenix Global improve scalability with multi-layered smart contracts?
Phoenix Global’s multi-layered smart contracts help increase scalability and flexibility when it comes to dApps and smart contract deployment. Phoenix Global aims to optimize scalability by separating enterprise-level workstreams from the leading network. A user can scale their app’s ecosystems in multiple sidechains.
PHB also employs sidechains, an exciting innovation to overpower the shortcomings of the blockchain (namely scalability and flexibility). Sidechains permit interactions between other digital currencies, tokens, and resources to be used in conjunction with other blockchains, where they can be relayed back and forth if needed.
Phoenix Global focuses on expandable data privacy, allowing organizations to create customized public or private blockchains. Innovating with the consumer in mind, their entire stack of decentralized services is efficient for their customers and helps solve some of the issues of blockchain scalability.
Efficacy and Merits of Phoenix Global
|Flexibility of scale
|Privacy and Personalised Customisation
|Utility above appearance is prioritized. This design allows any rule system to be implemented as a sidechain, whether for a blockchain or other computer systems.
The platform has tremendous scalability, application design freedom, and customization. Any component can be modified over time, but only if the interfaces are compliant with industry standards.
|Phoenix Global allows the mainchain to authenticate sidechains without knowing the sidechain’s entire premise.
It presents a set of tools to construct auditable and secure blockchain applications, which is a precondition for many real-world applications.
|Phoenix Global’s sidechain design is decentralized in all its aspects, which offers network resilience and reliability.
It is backed by PHB and is guaranteed by the industry’s largest node network.
About Phoenix Global
Phoenix Global is an enterprise blockchain built to enable scalable consumer apps. Enterprises can rapidly develop and scale consumer dApps to fit in with their existing customer experience. The company is a merger of two existing, established companies- Red Pulse, a leader in financial data services, and Apex Network, a big data, and intelligence leader.
Phoenix Global’s partners include Binance, Neo, Tencent Cloud, and Genesis, among others. Its pilot program debuted with large corporations, including Spring Airlines and the Shanghai Big Data Exchange.
Phoenix Global has extended its network from cryptocurrency to a privacy-preserving ecosystem that scales for commercial applications. The system is entirely decentralized, so it does not rely on ubiquitously trusted parties.
In conclusion, it eliminates the significant issues in deploying blockchain technology to real-world use cases.