ODIN Protocol


1.1 What is ODIN?

ODIN is a decentralized system designed to build a data oracle network (DON) based on an open protocol for interaction between participants and a sustainable economy. In addition to organizing the data oracle network, ODIN involves building a decentralized peer-to-peer data sharing and trading ecosystem. The use cases of ODIN are mainly focused on user generated data apps, Non-fungible tokens, Decentralized Finance applications and others. ODIN is a new system that combines the advantages of cryptography and decentralized technologies, as well as the simplicity of connecting data providers and the flexibility of developing contracts to receive and process data from them (to work with business requirements, which are to increase the scalability and reliability of circulating data). By default, each accounting system is deterministic within its own boundaries. Simply put, the system can be guaranteed to trust only those events and information that are the product of the life of the system. However, when it comes to obtaining external data (confirmation of payments, external statistical information, etc.), we come to the need to use an additional entity - an oracle, which will be the provider of such information (a bridge between the accounting system and the outside world).
Figure 1 - Accounting system’s determinism
Typically, such oracles are centralized, which in turn does not have a very good effect on the final decentralized accounting systems. This means that when such oracles are used, they are given the opportunity to manipulate data, which can lead to failures and incorrect decisions.
ODIN aims to create a decentralized infrastructure, which consists of a large number of data providers whose data access is also decentralized (performed by a large number of validators).
1.2 Accounting system rules Initially, the system will function in accordance with this document. Later, the protocol rules can be changed by the owners of governance tokens. The rules for proposing changes and making decisions are described below.