cryptoknowmics.com
Orion, the first decentralized price oracle native to the Cosmos blockchain ecosystem, was developed by Umee, a cross-chain borrowing and lending business built on the Cosmos SDK. The exact price determination of a Cosmos IBC (Inter-Blockchain Communication) asset will be made possible by the price oracle, which is essential for the reliable and secure operation of network applications. Orion will make sure that interchain DeFi apps have access to real-time price information from both on-chain and off-chain sources via the Umee blockchain. https://twitter.com/Umee_CrossChain/status/1545046047747371008
Orion As A Decentralized Oracle Service
Up until recently, only a modest amount of price data, often contained in smaller feeds on a few protocols, was available to Cosmos builders. Because of this, real-time asset prices may become uncertain and risky if fixed price feeds are overloaded or compromised. Brent Xu, Founder & CEO of Umee said,
"We are excited to spearhead the effort to build the critical infrastructure for a decentralized price feed that everyone across the Cosmos ecosystem can utilize. Orion solves a key problem, making the Cosmos ecosystem safer for users and more attractive for builders and developers."
Orion will overcome these flaws and weaknesses as a decentralised oracle service by employing a collection of permissionless validators that gather and aggregate pricing data. The protocol will compute volume-weighted average prices using a commit-reveal schema that penalises validators for providing inaccurate data while synchronising pricing information between chains.