Berry Data is an oracle solution for the Binance Smart Chain. Blockchains require oracles in order to obtain real world data from a trusted source. This is because blockchains are isolated networks that are not able to pull data from external sources or APIs. Blockchains environments are kept as minimalistic and simple as possible in order to avoid security exploits wherever it is possible.
However, advanced blockchains such as Ethereum or Binance Smart Chain that offer smart contract functionality require external data for the majority of their use cases. An example of a smart contract requiring data is a contract that requires the price of a certain token before it can be executed. This is where decentralized oracles come into the picture supplying verified and trusted data to the blockchain and formatting the data in a way that it can be used by the blockchain.
The usage of oracles in the blockchain space expands the functionality of smart contracts by providing access to real world data. An oracle therefore can be summarized as the middleware that communicates between a blockchain and the outside world.
Berry Data’s mission is to become the most widely used oracle on the Binance Smart Chain (BSC). Data submission to the Berry Data oracle feed occurs through miners which are participating in Proof of Work challenges. Before miners are allowed to start mining they need to stake at least 1.000 BRY (Berry tokens).
Berry Data development was started in 2020 and the launch on the test net occurred in the same year. Right now, in the first quarter of 2021, Berry Data is scheduled to launch on the Binance Smart Chain. After successfully launching the oracle service on BSC it is planned to offer oracle services on the Ethereum blockchain in the second quarter of 2021.
The governance token of Berry Data is called BRY. Holders of BRY are entitled to vote on governance issues concerning the Berry Data oracle. Furthermore, BRY can be used to pay for BERRY data feeds and for staking in order to validate data.
24% of the token supply was allocated to develop an ecosystem fund. 6% of the tokens are allocated to the team and will be vested gradually. The majority of the tokens will be provided through mining (data mining and liquidity mining). The total token supply is limited to 12,500,000 tokens.
Holders of BRY are able to dispute data which they consider wrong. In order to dispute they need to pay a dispute fee which is also to be paid in BRY. BRY tokens are able to vote whether a dispute is valid or not. If a dispute is successful the miners will lose its stake for submitting the wrong data.
Comparison between ChainLink and Berry Data
Currently the most widely used and recognized oracle in the cryptocurrency space is ChainLink (LINK). ChainLink provides oracle services for any blockchain. Oracles have been among the products that have caught most attention in recent times. Google itself recognized the potential of Oracles and integrated ChainLink into its Google Cloud services. Additionally, ChainLink is used by Ethereum’s leading DeFi projects such as Aave, Synthetic and Yearn Finance.
The price of ChainLink went from below one USD at the beginning of 2019 to more than 20 USD in 2021. ChainLink is currently among the top 10 most valuable cryptocurrencies by market capitalization. Therefore ChainLink has been one of the most successful altcoin bets for investors. This goes to show the enormous potential that oracle solutions have. In comparison Berry Data is still at the beginning and you have the unique opportunity to participate in the Berry Data oracle from day one through its IFO.
IFO: Initial Farm Offering
The BRY token is expected to be available for an IFO on PancakeSwap. The launch will occur on February 16. In total there will be 2 million BRY tokens for sale (16% of the total token supply). In order to obtain BRY tokens users need to commit their CAKE-BNB LP tokens.