Truflation is a DataDAO. Truflation currently tracks prices for 18M items with multiple feeds per item from over 50+ different sources.
For Truflation to effectively grow and become a self-sustaining protocol, it aims to provide oracle services for financial and economic data. This is achieved through its optimistic oracle solution known as TruData and the Truflation token $TFI.
This graph is a visualization of TruData and $TFI, displaying how participants interact across the broader ecosystem.
Truflation chooses specific data providers with whom they collaborate in order to index data. This data goes straight into the network of node operators that maintain a decentralized Oracle service. In order to qualify as a data provider, one stakes TFI with a qualification pool. This aligns incentives and ensures that data providers have a vested interest in only providing high quality, accurate data to the network.
While data providers earn $TFI rewards for providing indexed data, they risk losing their staked $TFI for providing poor quality or inaccurate data.
For Truflation, a network of node operators ensures the decentralized nature of the oracle service. The node operator ensures availability of the data by maintaining the necessary infrastructure and updating the Trudata software stack which includes the consensus algorithm, decentralized database and an AI engine that leverages Truflation’s 10 years of historical data.
The network of node operators works on a delegated proof of stake model. Participants can delegate their $TFI to a node operator in return for yield. Each node operator is rewarded for their work and their delegated tokens. Node operators risk being slashed should they:
- 1.not meet availability requirements or;
- 2.violate attestations.
Slashing proceeds are rewarded to governance token holders.
Node operators maintain the availability of data streams, including specific indices. These data streams are made available to Defi protocols across six different blockchains, individual customers and asset managers through various formats.
A cornerstone product built off the TruData oracle service is truflation.com, which is a dashboard that leverages all available data from Trudata.
Truflation.com provides one dashboard and is building out a single interface to interact with a suite of services,including:
- Search and discovery of oracle service and data categories to enable developers to easily unpack and integrate oracle services into their dApps or products.
- Truflation Indexes and all of its underlying categories and subcategories
- Financial and economic data
- A personal inflation calculator for individuals and SMB’s. Users can connect their credit card accounts, expensify accounts, or even xero accounting software to reveal a personalized assessment of inflation on their financial standing and a selection of financial products to help counter their loss in purchasing power.
- An AI Studio where users can select data streams, identify correlations and then compile them to generate predictive and analytical insights.
In contrast to other oracles, users of data streams from the TruData platform can:
- pay for the service in multiple currencies: fiat, crypto or $TFI to receive a discount.
- subscribe to the data on an ongoing basis vs. paying per call
- charge variable pricing for the feeds
The data obtained from Truflation.com, particularly from the calculators and search and discovery features, will be used to provide fresh insights. This data will be beneficial in creating index allocations, determining weightings, and establishing other quantitative metrics.
Users have the right to dispute the data by staking tokens with the Qualification and Verification Pool. The user’s stake is equivalent to the stake of the data provider sourcing and indexing the data.
Upon resolution, if data is deemed qualified and verified by Resolution Auditors (Resolver) employed by the DataDAO, the stake of either the data provider or the disputer are subject to slashing. A portion of this slashed amount goes to the Resolver, while the remaining balance serves as a reward for the governance token holders.
Fees generated from data subscriptions go to the treasury. The Treasury can then allocate the funds to $TFI liquidity pools across the relevant exchanges in addition to distributing rewards to both the data providers and the node operators.
Holders of the $TFI token can participate in the governance of the protocol by staking and locking their tokens for designated periods of time. The longer they lock their tokens, the higher the Annual Percentage Yield (APY) they earn. As a result of this staking and locking, they receive ve tokens.
These ve tokens grant holders voting rights in various protocol activities. This includes decisions about token distributions and rewards, data category selections, market strategies, and much more. Additionally, ve token holders are awarded a portion of the protocol fees for their active participation, as well as any rewards collected from slashing rewards.
Truflation is a powerful product and a useful tool for tradFi and DeFi solutions. The token helps keep the Truflation independent, decentralized, and self-sustainable, so it remains resilient, censorship-resistant, and unbiased in the face of future pressures.
- 1.Truflation token incentivize data providers, analysts, curators, and validators to share, combine, and verify, using Truflation data.
- 2.It sustains Truflation's data streams and maintenance costs keeping Truflation independent.
- 3.It helps decentralize data, governance, and verification.