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How can oracles be developed and provided in XRP-L


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Hello XRP community,

How could oracle services be created and provided in XRP-L?  I am aware that smart contract capabilities have not been publicly available yet as of the current publish date of this post.

I am also aware that the goal of Ripple is to provide some sort of a "ODL" to companies,  how could they access off-chain data?  If IOUs exist,  I am quite positive that the intention of it is to maintain a derivatives platform for the world to utilize,  if this is a real goal then why are there no oracles projects in XRP-L?  

Thank you for your time.

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9 hours ago, brianwalden said:

The XRPL has a DEX built into the ledger, the price information comes from the order books.

Hello brianwalden,

Yes,  I see the logic behind it but it is not efficient nor secure in terms of reliable pricing.  There should be a reliable and secure oracle service  to provide data to the DeX users,  anyone can access the XRPL DeX and go there to manipulate the price.

As we all know that the DeX is not being used at its full potential due to the insufficient liquidity on the DeX and the arbitrage prices between CeX and DeX,  without a secure and reliable oracle service,  there will be no DeX users due to uncertainty.

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5 hours ago, NotElon said:

Hello brianwalden,

Yes,  I see the logic behind it but it is not efficient nor secure in terms of reliable pricing.  There should be a reliable and secure oracle service  to provide data to the DeX users,  anyone can access the XRPL DeX and go there to manipulate the price.

As we all know that the DeX is not being used at its full potential due to the insufficient liquidity on the DeX and the arbitrage prices between CeX and DeX,  without a secure and reliable oracle service,  there will be no DeX users due to uncertainty.

I'm not quite sure I follow your argument. You say the prices from the order books aren't reliable relative to a data oracle. But where does the oracle get its prices from?

Arbitrage is a good thing, it keeps prices tight and stable. I agree with you that the DEX isn't being used, I think its because of the lack of trust in the issued currencies on the XRPL, not lack of price information.

You bring up good questions. I agree with you that the things you bring up are worth looking at. I enjoy considering things from your perspective even if we may not agree.

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16 hours ago, Sukrim said:

"manipulate the price"... that would just be actually doing trades. You know, the activity of price discovery itself.

I agree with sukrim. It's impossible to manipulate the prices of high caps. I place the orders I want filled into the dex. If someone arbitrages against me, good for them. Without them my orders wouldn't get filled. 

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On 5/18/2021 at 11:26 AM, NotElon said:

Hello XRP community,

How could oracle services be created and provided in XRP-L?  I am aware that smart contract capabilities have not been publicly available yet as of the current publish date of this post.

I am also aware that the goal of Ripple is to provide some sort of a "ODL" to companies,  how could they access off-chain data?  If IOUs exist,  I am quite positive that the intention of it is to maintain a derivatives platform for the world to utilize,  if this is a real goal then why are there no oracles projects in XRP-L?  

Thank you for your time.

XRP is about settlement. Look into binance bridge and beb20 XRP tokens and you'll see that the next step of defi is bridging these coins together. Code snippets will always be about settlement. If you want turing complete smart contracts then flare, klay, eth, tesoz. Settlement can include the funding of a smart contract. 

Binance created binance chain and binance smart chain for a reason. Separating settlement from smart contract logic seems to be the way to go. So flare + XRP, Eth + BTC, klay + ?. The user can mix and match if they want. Choice is great. Lots of good coins out there. XRP is one of them

 

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