Off-chain Oracle Analytics for On-Chain Trust
Bird.Money leverages the power of its off-chain oracle analytics to provide on-chain protocols with trust data, combined with a lending platform. Allowing you to safely maximize borrowing while gaining access to additional digital assets.
Off-Chain Oracle Analytics
Off-Chain Oracle Analytics Feed On-chain protocols.
Previous migratory flights through DeFi are stored in the history of your Ethereum address. Bird.Money’s off-chain oracle analytics accesses that history to provide lending platforms with more information about the loan applicant in order to reduce the risk of defaulting.
The more information and history provided by the loan applicant, the less collateral required to borrow, which maximizes the funds available to be accessed.
Some example of real-world events that can affect on-chain loan access and increase the risk of defaulting include, but are not limited to:
- Customer account activity
- Payment history
- Pandemic and other extrinsic factors
- New government policies
On-Chain Oracle Protocols
Integration between On-Chain Protocols and Off-Chain Bird.Money API
Bird.Money’s off-chain API can feed on-chain protocols with information about an ETH account, its transaction history and digital assets related to that account. The native Bird Oracle (*currently in development) will use event triggers to notify the off-chain oracle nodes of information updates on the blockchain. The target information will only be updated if there is a consensus between all of the oracles.
Examples of Bird Oracle’s Use Case:
- Request sent to the API endpoint/Oracles
- Oracles calculate the user’s transactions and generates a rating
- The rating is sent to the on-chain smart contract, but prior to that information being accepted, the on-chain oracle checks if the source is allowed to save information on-chain
- The oracle sends our event trigger to 2 or more other engines to confirm the ratings are equal
If the information from all 3 or more oracles match, the record is added to the blockchain. This allows other companies and smart contracts to query the information knowing that it has been fully vetted and secured. This information can be leveraged for additional loan ratings, collateral requirements and can act as a form of digital ID issued by Bird.Money.
If the information from all 3 oracles do not match, the record is simply not added to the blockchain, eliminating risk for all parties.Read More
Borrow More Assets With Less Collateral
Bird Loans is a non-custodial digital asset lending and borrowing platform. It is based on the compound protocol with altered asset pools and the use of Bird+ to increase access to extra funds on top of the current collateralized debt positions (CDP) offered by Compound Finance and AAVE.
Bird+ is an additional amount of tokens which we offer to borrowers through our platform without supplying any extra collateral, based on their transaction history and rating from Bird Off-Chain oracle analytics.Read More