Produced | NEST Fans (nestfans.com)

Produced | NEST Fans (nestfans.com)

➤ Price Oracle

Using a scheme that conforms to the blockchain consensus mechanism, the price data of the off-chain world is directly generated on the blockchain.

➤ Quotation contract

When NEST quotation miners make bilateral quotations, they need to transfer quotation assets into the contract to prove their quotation data.

➤ Quote miners

A group that participates in NEST oracle quote mining.

➤ Quotation Mining

NEST oracle miners can obtain QP Token quotation certificates through quotations, and this process is called quotation mining.

➤ Quotation Fee

NEST miners need to pay a quotation mining fee when performing quotation mining. The calculation formula is:

Quotation fee = Quotation ETH scale * Mining fee rate

The current quotation scale of the ETH/USDT price oracle machine is 30 ETH, and the fee rate is 0.3%;

The quotation scale of other token/ETH price oracles is 10 ETH, and the fee rate is 1%.

➤ Block height

NEST Protocol is a set of oracle system organized by smart contract architecture running on the Ethereum network. Therefore, the block height mentioned in the NEST Protocol refers to the block height of "Ethereum", and the Ethereum network generates a new block in about 14 seconds.

➤ Quote block interval

for example:

for example:

Quotation Miner A made a quotation of ETH/USDT at block height 10000;

Immediately afterwards, quotation miner B carried out an ETH/USDT quotation mining at block height 10010;

The block interval between quote miner B and the last quote (quote miner A's quote) is 10010 - 10000 = 10 blocks

➤ Quote Density

It is used to quantify the intensity of miners’ quotes on a certain price oracle.

For example: Assuming that the YFI/ETH price oracle machine has 800 quotes generated in 24 hours (6400 blocks), then its quote density = 6400/800 = 8 blocks/quote, that is, every 8 blocks on average There is a quote generated.

➤ Price chain

The quote miner quotes a price P0, which is verified by the verifier V1, who quotes a price P1;

And P1 was verified by the verifier V2, who took the order, and V2 reported the price P2;

...

all the way to Pn,

This forms a P0, P1, P2 ... Pn price chain.

➤ Beta Coefficient

It means that the verifier needs to submit a new quotation after the verification takes place, and the quotation size * β times. (currently β = 2)

➤ Verifier

Anyone can become a verifier, verify the quotes of NEST quote miners, and make money by arbitrage.

➤ Verification cycle

Every single quotation initiated by the quotation miner will enter a verification period of 25 block times. During the verification period, any validator can verify this single quotation. After the verification, the quotations that are completely taken out will be discarded by the system; the price data of the quotations that are not completely taken will participate in the price generation of the NEST oracle.

➤ Quotation certificate (QP Token)

for example:

for example:

The quotation certificate of the USDT/ETH price oracle is NEST Token;

The quotation certificate of the YFI/ETH price oracle is nYFI;

The quotation certificate of the HBTC/ETH price oracle is nHBTC;

➤ Retrieve assets

Quotation miners enter bilateral assets into the quotation contract. After a verification cycle of 25 blocks, the quotation maker can get back the quotation assets and QP Token mining rewards.

➤ Taker arbitrage

When there is a deviation between the price data of the price list initiated by the quotation miner and the fair market price, there will be room for arbitrage, and at this time, the verifier can take orders for arbitrage.

➤ Price series

When the quotation frequency of the NEST price oracle machine is high and stable and sustainable, a block price sequence can be formed on the chain.

➤ Volatility

Volatility is the degree of volatility of financial asset prices, a measure of asset return and uncertainty, and is used to reflect the risk level of financial assets. The higher the volatility, the more violent the fluctuation of financial asset prices, and the stronger the uncertainty of asset return; the lower the volatility, the smoother the fluctuation of financial asset prices, and the stronger the certainty of asset return.

➤ NEST Token

NEST Token is the original asset of the NEST Protocol network, with governance rights and income rights. NEST Token is a standard ERC20 Token, with a total of 10 billion pieces. Currently, 1.8 billion+ have been dug out, which will be completed in 70 years. NEST Token is expected to become the largest on-chain native asset on the Ethereum network, second only to ETH itself.

➤ NestNode

NestNode is translated as NEST guardian node. There are 1,500 pieces in total, and it has 15% of NEST mining distribution income rights. NestNode Token is composed of NEST early sponsors, investors, developers, community builders and other groups. Currently, the holder group is highly distributed, with 30+ addresses holding NestNode.

➤ Savings contract

The NEST system will automatically deposit a certain percentage of ETH assets from the ETH proceeds into the system savings contract. The savings contract is essentially a decentralized asset management agreement, which is also the core part of NEST DAO.

➤ NEST DAO

Specifically refers to the governance system of NEST Protocol, including voting functions and asset management functions.

➤ Effective price

Every order of the NEST oracle machine quotation miners will be verified by the whole market, and only the verified quotation data will participate in the price generation of the oracle machine, and then form the effective price.

➤ Price call

NEST is a decentralized price oracle network. Anyone can freely call the price data of NEST oracle. This process is called price call.

➤ Financial COFI can be calculated

At present, DeFi projects generally do not quantify risks and use algorithms for risk management. An important reason is the lack of risk-controllable oracles. The NEST oracle machine provides a risk-calculatable price sequence, which makes DeFi based on the NEST oracle machine have a new feature: the risk can be calculated and can be managed using algorithms, which we call CoFi.

In the field of CoFi, the first innovative product is CoFiX: a computable DEX.

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