Decentralized oracle for DeFi
NEST Protocol is developing an oracle network to produce price data on-chain. Compared to other oracle solutions, NEST does not rely on centralized services and uses the blockchain and its contributors to calculate the data.
The team said that NEST Protocol consists of several actors. Miner is the one who will mine the data required for the protocol and earn rewards for doing so. Verifier will verify the data to make sure it is not fake or out of date. The data will be useful for other parties such as DeFi developer that uses the protocol, and so on.
The protocol has its own token called the NEST token. The company decided that the token will act as an incentive for everyone since NEST holders will get a part of the income from the platform.