Here is some ELI5 explanation about how Hylian, Daedric and Marvin work together.
- Let’s say any ICONist is wondering what the ICX/USD price currently is.
That ICONist may be any user or a SCORE developer willing to use the ICX/USD price in his application.
Hylian keeps a list of whitelisted Daedric SCOREs in its database. Each of these Daedric are owned by a separate, independant entity. Let’s say Alice, Bob, Charlie and Eve run their own Daedric.
Hylian ask the same question for each Daedric : In your opinion, what is the current ICX/USD price ?
- Each Daedric answers with what they think is the correct ICX/USD price - they may return different values. Let’s say Eve is even trying to cheat and say the ICX/USD price is $1000 EOY.
- Once all Daedric have answered, Hylian takes all these values and compute the median value of the values received. By doing so, the price given by Eve doesn’t influence the result a lot.
- That median value is finally returned to the user as a result and considered as a safe price for ICX/USD.
This is how Daedric and Hylian work together.
Now, each Daedric also needs to know the ICX/USD price.
That’s what Marvin does : it’s a bot that regularly reads the price from multiple sources (coinmarketcap, coingecko, velic, binance, …) and figure out the price of ICX/USD that way. Once it has the ICX price, it pushes it to Daedric. By default, Marvin refreshes the price for Daedric every hour.
It is possible to control the price if more than 50% participants agree to cheat at the same time in order to change drastically the median value, but it gets harder with a lot of participants.
That’s why we need you!