Presenting Switchboard v3 — an oracle protocol using Trusted Execution Environments (TEEs).
Current oracle consensus mechanisms
Today, most oracle protocols achieve consensus using trusted nodes to aggregate results to publish on-chain. For example, a price feed involves a number of oracles aggregating a number of results from different sources and publishing the results on-chain.
From the example, this carries the assumption of an honest majority of nodes answering correctly. This introduces additional overhead of additional network fees (to incentivise oracles) and latency waiting for sources to respond/network propagation.
Additionally, if an oracle is responsible for securing millions of TVL on each update, shouldn’t the oracle be at risk of losing millions of dollars on each update to align on incentives? This form of economic majority introduces additional challenges with capital efficiency.
What if there was a way to use verifiable computation and cryptography so that you didn’t need to rely exclusively on an economic majority for every transaction? What if you could rely on just 1 of N nodes to respond and know the result was accurate?
How is Switchboard v3 different?
TRUST BUT VERIFY!
Switchboard v3’s TEEs enable oracles to become verifiable, offering low latency, low cost and most importantly verifiable compute services.
- Data retrieval was indeed from the configured source;
- Code execution was executed as intended.
To simply put it, when you tell the oracles to do XYZ, the oracles can execute the jobs and publish the data, all in a verifiable manner.
Current usage: Switchboard v2
Since inception, Switchboard believes in a developer-first approach where we’ve empowered developers with the necessary tools to explore, build and manage data feeds — such as the Explorer and Publisher.
Future usage: Switchboard v3
Being able to offer verifiable compute services as part of feed creation allows for:
- Fast & secure data feeds
- Incorporate advanced calculations & risk metrics into price feeds
- Customized logic & support for any API
- and much more!
A literal switchboard.
Now, imagine yourself as a developer, in a world where a literal web3 switchboard is accessible, where you plug and play with data, tools, services, all provided by Switchboard Services!
Stay plugged in! We’re heads down finalizing on our Switchboard v3 iteration. Soon, we will be natively implemented on all of the chains we support and more to come!
Looking to discuss TEEs, integrate with Switchboard v3 or partner with us? Follow our socials, check out our documentation and fill up our contact form!
Contact us: https://switchboard.xyz/contact
More links: https://linktr.ee/switchboardxyz