Ojo is a decentralized security-first oracle network built to securly support ecosystem-native assets. Ojo sources price data from a diverse catalog of on and off-chain sources and use advanced security mechanisms to guarantee the integrity of the data it provides.
As a layer one decentralized blockchain, Ojo is able to deploy price feeds into every ecosystem and is compatible with all IBC, EVM, and MoveVM blockchains. Currently Ojo is largely available in the Cosmos, but ojo ’s team of engineers are constantly focused on crafting, maintaining, and improving Ojo’s data feeds so other builders can focus on... building!
As a critical piece of infrastructure built for the entire Ecosystem, Ojo takes a strict security-first approach in order to ensure its data feeds are always accurate and reliable. Ojo's data is collected from a diverse catalog of reputable off-chain and on-chain sources and verified by a distributed network of validators before it's published. Ojo uses advanced security mechanisms which includes both data filtering and the usage of TVWAPs for supported assets in order to further guarantee the integrity of all price data provided.
Ojo is powered by a distributed set of validators who all vote on the prices being broadcast through Ojo's price feeds. As a Proof of Stake blockchain, Ojo's validators are financially incentivized to provide the most accurate prices available regardless of the status of individual price feeders which may malfunction from time to time or be subject to manipulation. In order to guarantee the trustless nature of the data provided, highly active and accurate network participants are rewarded while those who fail to provide highly accurate information and/or regularly vote on data face severe financial penalties.
There is so much more to web3 than buying, leveraging, and selling the latest and greatest tokens. While pre-existing DeFi applications will certainly benefit from Ojo’s secure price feeds, Ojo is a general data oracle creating the data economy for web3. Ojo’s data feeds can be used to securely supply just about any form of data on-chain including but not limited to medical data, social data, environmental data, insurance data, supply chain data, and gaming data.
As Umee, the first and largest lending hub in the Cosmos Ecosystem, was being built out, core engineers noticed the lack of an easily usable native oracle they could easily tap into for secure and reliable price data on a wide range of assets. Since accurate price data is incredibly important for a leverage protocol sensitive to even the smallest price movements, Umee's team introduced enhanced oracle security features which attracted the interest of several other builders in the space.
Ojo is essentially the evolution of Umee's native price feeder built as its own sovereign chain optimized to provide the highest quality data feeds available. As a data hub for ecosystem-native data, Ojo will provide a wide range of custom built data feeds to cater to the individual needs of its consumers. Ojo was created to provide the accessible, reliable, and trustless data feeds needed to support the growing web3 data economy.
What are the Primary Use Cases for Ojo?
Given the clear demand for a highly secure oracle amongst DeFi developers, Ojo will initially focus on providing the most accurate and reliable price feeds. Because of Ojo's Smart Oracle, it is able to support assets which other oracles aren't able to.