Coinspeaker Interview with Themis: On-chain Mechanism Can Ensure Open and Transparent…

Themis is a distributed oracle solution that can provide application scenarios for chain asset price oracles, random oracles, and computational oracles based on different needs. In this article, you can read more about the project.

With the further development of the blockchain industry and wider adoption of digital assets, oracle solutions are gaining popularity as well. One of them is Themis. We’ve spoken with Kumar, the core developer of Themis, tp get more information about the peculiarities of the project and its prospects.

Coinspeaker: What is the main goal behind your project?

Kumar: In the blockchain system, only on-chain data can be obtained. Therefore, when external information is required for certain functions or smart contracts, a bridge is needed. That’s why oracle came into being – oracle can provide off-chain information on blockchain and connect the blockchain and the real world.

DeFi is mainly covers decentralized exchanges, pledge lending, and financial derivatives, etc., which all need off-chain information, such as real-time price of tokens, historical price and other information. Without the prices on the chain, DeFi protocols cannot complete the on-chain logical closed-loop. When this happens, an oracle like Themis will be of great help in obtaining the missing information.

Coinspeaker: What solutions does Themis offer? And who is the target audience of the products?

Kumar: Offering a full set of technology solutions, including attack prevention algorithms, mortgage assets to become data providers, challenge validation, VRFs, and ecological incentive protocols, Themis is a distributed oracle solution that can provide application scenarios for chain asset price oracles, random oracles, and computational oracles based on different needs. By pledged Themis (ERC-20), people can conduct yield farming.

As mentioned before, off-chain information is always needed in DeFi projects. With future development and expansion, more off-chain assets need to be tokenized in DeFi projects. As oracle is the only communication channel, it is vital in DeFi’s development. Themis, being an oracle project, wishes to play a vital role in DeFi’s development.

Coinspeaker: What are the key peculiarities of the Themis Protocol?

Kumar: For now, Themis is the only oracle record all the related information, such as quotations, pledging, rewards, challenge, and arbitration on chain. We call it all protocol data on-chain model. With this model, Themis can build an environment that is more open and transparent, as well as ensuring data security.

In addition, aside from providing multi-asset pricing, Themis can also realize the oracle functions of VRF and computational power.

Coinspeaker: Does the protocol have its native token? And what are the use cases for it?

Kumar: Yes, MIS is the native token of Themis Protocol. MIS can be used in the following cases:

  • The only pledged token with price feed function in the Themis ecosystem;
  • By pledging MIS, users can become the data provider, data validator and arbitration node of Themis;
  • The only payment tool for Themis handling fees.

Coinspeaker: What makes Themis Oracle unique? Please, name the main rivals.

Kumar: Each oracle has its uniqueness and flaw. The most extinct feature for Themis to stand out is the unique on-chain mechanism, which means all protocol data on-chain model. Moreover, while providing multi-asset pricing, Themis can realize the oracle functions of verifiable random function VRF and computational power.

For Themis, there are some rivals, yet in terms of the on-chain model, they are incomparable to Themis, as only Themis adopts the abovementioned on-chain model.

For distributed price oracle NEST, only quotation information can be checked in the NEST ecosystem. As for Band oracle, because of the official utilization of the Layer 2 expansion plan, only the query records can be viewed on-chain. For the self-developed decentralized network, DOS, all internal integrated data and disciplinary mechanisms cannot be queried on-chain.

Similar problems occur in the Chainlink system. Data will be transmitted to Chainlink’s smart contract by off-chain nodes through trusted hardware devices. Since price data are recorded on-chain and smart contract adopts agency model, the contract address cannot be queried from the Chainlink official website. In a word, at present, it is not possible to query the on-chain data on the Chainlink browser.

Coinspeaker: What are the top 5 benefits for users to opt for Themis Oracle?

Kumar:

Coinspeaker: How can you describe the further steps for the development of Themis Oracle?

Kumar: This year, Themis has:

  •  Launched multi-asset pledge quotation on the market and supported Walletconnect protocol;
  • Launched various wallets, such as Metamask, and imToken, etc.

In the further, Themis will:

  • Apply more wallets that support the Walletconnect protocol;
  •  Develop verifiable random oracle;
  •  Connect with more than 20 global mainstream gambling and gaming DAPP.

Coinspeaker: We wish all the best to the Themis Oracle team and we’ll be happy to hear about its new achievements soon.

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