Instruction

Overview

The blockchain is an independent system that cannot directly access off-chain data. However, in some on-chain application scenarios, off-chain data are required. That is why the Oracle came into being. Oracle is a system providing external data sources for smart contracts on the blockchain and an important infrastructure connecting smart contracts with the world outside the blockchain. Oracles are mostly used to obtain real-time cryptocurrency prices and stock market prices and so on.

As the NFT market expands, more and more leading protocols have begun to focus on the combination of NFT and DeFi. Therefore, as the infrastructure of the NFT market and a valuation tool that connects Defi and NFT, NFT Oracle providing NFT value services is particularly important. Banksea NFT Oracle adopts the AI-Driven method, combining big data, AI, and blockchain, forming a decentralized blockchain foundation on comprehensive NFT analysis. It provides secure, objective, and real-time NFT analysis and valuation services for users and partners.

Banksea NFT Oracle will be deployed on Solana, Ethereum, Moonbeam, and other ecosystems. It is highly scalable for various scenarios such as wallets, marketplace, NFT Lending, etc. and provides services for partner protocols on multichain.

The white paper aims to elaborate on the principles, design concepts and application scenarios of Banksea NFT Oracle.

Advantages

Objectivity

The AI algorithm directly generates the NFT valuation that guarantees the fairness, openness, and objectivity of the valuation without being affected by subjective consciousness.

Safety

Banksea NFT Oracle collects multi-dimensional data, preventing SPOF(Single Point Of Failure). It also applies a valuation aggregation algorithm on-chain to avoid the fake valuations of nodes.

Real-time

Banksea NFT Oracle supports minute-level valuation. When the price of NFT fluctuates a lot, Banksea NFT Oracle can still conduct the NFT valuation instantly for users to make an appropriate investment strategy.