An integral part of Phoenix Global is the Phoenix Oracle, which integrates real asset prices into the blockchain. It is aimed at companies with consumers in mind.
Oracle is an important part of the Phoenix Global Node ecosystem. They allow external data from other ecosystems to be fed into the company’s internal applications and decentralized financing (DeFi) platforms. DeFi platforms like Horizon Protocol use the Phoenix Oracle in a similar way to Aave or Compound, connecting to a decentralized oracle to extract external coin price data and other key metrics used in conjunction with their respective smart contracts.
How is Phoenix Global expanding DeFi massively?
A well-functioning and protected Oracle can form the basis for exciting developments in the DeFi area. One such evolution is to relate the value of real assets to synthetic assets.
An example is the Horizon Protocol, which facilitates chain trading of synthetic assets that exist in the real economy. The Horizon protocol uses data availability from the established Chainlink oracle, Band Protocol, and Oracle’s own Phoenix data feed. Phoenix Oracle uses the Phoenix chain to focus solely on traditional real assets and the Horizon Protocol platform with price inquiries for stocks, market indices, real estate (REITS) and arts. THEN the PHB token not only strengthens the node, it also provides one additional use case to validate pricing issues for Phoenix Oracle and synthetic assets.
In addition, Horizon Protocol also offers rewards for early PHB holders who can stake their tokens on the Horizon Protocol platform and win higher prizes.
The Phoenix Global node operator establishes a network to provide data through a decentralized oracle. In return, they receive weighted incentives or betting prizes, currently in the form of PHB (Phoenix Globals Birthmark). These node operators are basically the best players in the system and must bet at least 1 million PBH (Platinum Layer) to qualify. Higher stakes are offered on zirconium (5m) and diamond (10m) around 31% and 35% respectively. These large nodes or stakes are important because they provide the large amount of PHB tokens needed as security for Phoenix Defi Oracle to provide correct data and maintain uptime.
How does Phoenix Global improve scalability with multi-tier smart contracts?
Multi-layer smart contracts from Phoenix Global help increase the scalability and flexibility of dApps and smart contract provisioning. Phoenix Global aims to optimize scalability by separating enterprise-grade workflows from leading networks. Users can scale the app ecosystem into multiple side chains.
PHB also uses sidechains, an interesting innovation, to overcome the shortcomings of blockchain (namely, scalability and flexibility). Sidechains allow interaction between other digital currencies, tokens and resources in conjunction with other blockchains, where they can be transferred back and forth as needed.
Phoenix Global focuses on expanding data protection and enabling enterprises to create custom public or private blockchains. Innovative for consumers, their whole suite of decentralized services is effective for their customers and helps solve some blockchain scalability problems.
For Phoenix Global
Phoenix Global is an enterprise blockchain designed to enable scalable user applications. Organizations can quickly develop custom applications and scale them to match their existing customer experience. The company is an amalgamation of two existing and established companies – Red Pulse, a leading provider of financial data services, and Apex Network, a leading provider of big data and intelligence.
Phoenix’s global partners include Binance, Neo, Tencent Cloud, and Genesis. Its pilot program debuted with major companies, including Spring Airlines and the Shanghai Big Data Exchange
Phoenix Global has expanded its network from cryptocurrency to a large-scale data protection ecosystem for commercial applications. The system is completely decentralized so you don’t have to rely on a generally trustworthy party.
In short, it eliminates significant problems in implementing blockchain technology in real-world use cases.
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