Wednesday, January 27, 2021
  • Contact Us
  • Privacy Policy
FIND CRYPTO NEWS
Advertisement
  • Home
  • Latest News
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin
    • Altcoin
  • Live Cryptocurrency Prices
  • Analysis
  • Blockchain
  • Regulation
  • Trading
No Result
View All Result
FindCryptoNews.com
  • Home
  • Latest News
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin
    • Altcoin
  • Live Cryptocurrency Prices
  • Analysis
  • Blockchain
  • Regulation
  • Trading
No Result
View All Result
FindCryptoNews.com
No Result
View All Result
Home Crypto News

A comprehensive overview on pricing structure of Bridge Oracle

October 9, 2020
in Crypto News
3 min read
A comprehensive overview on pricing structure of Bridge Oracle
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

You might also like

Matic Network Encouraging Developers to BUIDL with Them Ensuring Ethereum Compatibility

Polkadot (DOT) To Win Onboarding Several Projects that Need Ethereum Compatibility

Tether (USDT) Totally Irrelevant to Bitcoin Market Per Michael Saylor

Bridge Oracle is certainly one of the most talked-about oracle systems in the current crypto space. It’s the first ever public oracle system for the TRON blockchain network, poised to scale up the growth of the leading blockchain platform. Being a public oracle, Bridge will allow many small business owners to participate in the blockchain which is expected to shoot up the user base of TRON by a huge extent. Now, Bridge oracle follows a paid service model and users have to pay a certain amount of fee to request incorporation of data in the oracle.

Payment methods

Bridge Oracle follows not one but two payment methods –

  • Bridge token BRG
  • TRON token TRX

The fee will be determined based on an on-chain algorithmic calculation and once decided, will be deducted automatically from the smart contract of the user.

Calculation of payment value

It’s to note here the fee for the request (to inject data in Bridge oracle) will be based on TRX’s current value. If a user wants to pay in BRG, the immediate BRG/TRX exchange rate will be checked to calculate the BRG-based price. It calls for round-the-clock monitoring of BRG/TRX rate and Bridge oracle has deployed an advanced bot here to keep a constant track of the market rate. The bot not only monitors the exchange rate of the two tokens but also compares it with the rate that has been injected into the pricing system of the Bridge oracle. Now, in case the difference appears to be more than 1 percent, the bot updates the price and incorporates the new rate into the blockchain. The fee for the subsequent user requests will be based on the newly updated exchange rate.

How does Bridge receive the payment?

Step 1

When a user sends a request, Bridge oracle checks the BRG token balance of his smart contract. If his token balance carries an adequate amount to pay the fee, the price will be extracted automatically.

Step 2

If the user doesn’t have sufficient funds in BRG token balance, Bridge oracle will check the TRX balance of his smart contract. If there is sufficient balance for the fee, the payment will be extracted automatically.

But, if the user contract doesn’t have an adequate fund in both BRG and TRX balance, his request will be cancelled. 

This is to note here, BRG-based payments carry discounts and hence are more affordable compared to TRX payments.

The Pricing structure

The pricing structure here comprises of three main parts-

“Query Price = Cost of Query Type + Query Fee Limit + Maximum Bandwidth Price”

Query price

The “Cost of Query Type” segment refers to the price of queries from data source or oracle type. It’s to note here the “Cost of Query Type” section constitutes the main price of using Bridge oracle services.

Again, this segment comprises of two parts-

Base Price × Multiplier

The Base price is designed to determine the cost of Bridge services. Multiplier helps to show the complexity level of a task on the basis of resource consumption. More precisely, base price refers to the unit price a user has to pay to process a request with Multiplier 1.

Query Fee Limit

This amount is paid to the blockchain to trigger a user’s contract. The amount of Query Fee limit is to be decided by users only. Query Fee limit helps to reduce the complexity level of callback function invoked by Bridge oracle.

Maximum Bandwidth

It refers to a constant amount that will be paid when Bridge oracle decides to trigger the smart contract of a user. The value of Maximum Bandwidth Price is equivalent to 0.01 TRX.

Credit: Source link

Previous Post

Ethereum Classic (ETC) Very Positive about Filecoin Lotus API using OpenRPC

Next Post

This On-Chain Data Suggests Unannounced Companies are Accumulating Bitcoin

Related Posts

Matic Network Encouraging Developers to BUIDL with Them Ensuring Ethereum Compatibility
Crypto News

Matic Network Encouraging Developers to BUIDL with Them Ensuring Ethereum Compatibility

January 26, 2021
Polkadot (DOT) To Win Onboarding Several Projects that Need Ethereum Compatibility
Crypto News

Polkadot (DOT) To Win Onboarding Several Projects that Need Ethereum Compatibility

January 26, 2021
Tether (USDT) Totally Irrelevant to Bitcoin Market Per Michael Saylor
Crypto News

Tether (USDT) Totally Irrelevant to Bitcoin Market Per Michael Saylor

January 26, 2021
pNetwork Brings Non-Fungible Tokens on the Binance Smart Chain
Crypto News

pNetwork Brings Non-Fungible Tokens on the Binance Smart Chain

January 26, 2021
Ethereum (ETH) Collectibles Non-collectibles Fungibles and Non-Fungibles
Crypto News

Ethereum (ETH) Collectibles Non-collectibles Fungibles and Non-Fungibles

January 25, 2021
Next Post
Bitcoin Shows Remarkable Strength Despite Growing List of Bearish Events

This On-Chain Data Suggests Unannounced Companies are Accumulating Bitcoin

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Bitcoin Drops Below $9,000 Due to Concern Over Surge in COVID-19 Cases

Bitcoin Drops Below $9,000 Due to Concern Over Surge in COVID-19 Cases

June 27, 2020
TRON (TRX) could become The Coin on Everyone’s Agenda per Binance Cryptocurrency Exchange

TRON (TRX) could become The Coin on Everyone’s Agenda per Binance Cryptocurrency Exchange

July 20, 2020

Don't miss it

Bitwise’s Crypto Index Fund Liquidates XRP Position After SEC Sues Ripple
Regulation

SEC’s XRP-Related Lawsuit Did Not Stop Ripple Form Signing Up 15 New Customers

January 27, 2021
Bitcoin’s Short-Term Outlook is Dangerous for Bulls; Here’s Why
Bitcoin

All Eyes are on $26,000 as Bitcoin’s Momentum Shows Signs of Faltering

January 26, 2021
Fidelity Digital To Offer Bitcoin-Backed Cash Loans to Institutional Customers
Regulation

Rothschild Investment Corporation Raises Bitcoin Exposure to $1 Million via GBTC

January 26, 2021
Tether Issuance Hits $25 Billion as USDT on Exchanges, DeFi Reaches New High
Analysis

Tether Issuance Hits $25 Billion as USDT on Exchanges, DeFi Reaches New High

January 26, 2021
Bitcoin On-Chain Data Indicates Extreme Profit Taking Underway
Bitcoin

Bitcoin On-Chain Data Indicates Extreme Profit Taking Underway

January 26, 2021
Matic Network Encouraging Developers to BUIDL with Them Ensuring Ethereum Compatibility
Crypto News

Matic Network Encouraging Developers to BUIDL with Them Ensuring Ethereum Compatibility

January 26, 2021
FindCryptoNews.com

FindCryptoNews is an online news portal that aims to provide the latest crypto news and real-time updates around the world. Feel free to get in touch with us!

Recent News

Bitwise’s Crypto Index Fund Liquidates XRP Position After SEC Sues Ripple

SEC’s XRP-Related Lawsuit Did Not Stop Ripple Form Signing Up 15 New Customers

January 27, 2021
Bitcoin’s Short-Term Outlook is Dangerous for Bulls; Here’s Why

All Eyes are on $26,000 as Bitcoin’s Momentum Shows Signs of Faltering

January 26, 2021

Subscribe Now

Loading

© 2020 FindCryptoNews.com - All rights reserved!

No Result
View All Result
  • Home
  • Latest News
  • Crypto News
    • Bitcoin
    • Ethereum
    • Ripple
    • Litecoin
    • Altcoin
  • Live Cryptocurrency Prices
  • Analysis
  • Blockchain
  • Regulation
  • Trading

© 2020 FindCryptoNews.com - All rights reserved!

  • bitcoinBitcoin(BTC)$31,788.00-1.30%
  • ethereumEthereum(ETH)$1,305.08-3.34%
  • tetherTether(USDT)$1.00-0.13%
  • rippleXRP(XRP)$0.264763-1.43%
  • cardanoCardano(ADA)$0.331853-3.21%
  • litecoinLitecoin(LTC)$131.35-4.06%
  • bitcoin-cashBitcoin Cash(BCH)$416.01-3.57%
  • stellarStellar(XLM)$0.254806-2.86%
  • eosEOS(EOS)$2.59-2.12%
  • moneroMonero(XMR)$134.97-3.54%
  • nemNEM(XEM)$0.2454307.38%
  • tronTRON(TRX)$0.028854-2.13%
  • neoNEO(NEO)$22.48-3.59%
  • iotaIOTA(MIOTA)$0.420761-1.67%
  • dashDash(DASH)$101.76-3.20%
  • ethereum-classicEthereum Classic(ETC)$7.25-3.16%