What is Lock3r
Lock3r is a decentralised Maintenance as a Service protocol, which supports and upkeeps DeFi ecosystems that take on contributors from our Network -through Job Contracts.
Sounds like Keep3r, what’s different?
The above comparison chart, covers some key differences that separates us from the origin protocol.
So we have improved things we had seen discussed and wanted on the gov.yearn forums. Unfortunately since Keep3r V1 is already deployed they cannot make these changes without a token migration. We have: Transferral of Keeper rights between accounts/addresses Flexible bond/unbond time periods that can be changed via governance Flexible Liquidity Fee that can be changed via governance The removal of the mint function — Job contracts are funded by a Treasury, which holds 15.5% of the token supply. Functions such as slashing have been removed from the Token contract and are now executed through the governance contract.
What current issues can this protocol resolve?
One of the biggest issues in DeFi currently is price oracle manipulation. Price oracle manipulation has resulted in over 30MM of losses so far and it shows no signs of slowing, but we may have a growing solution on the way…
What are Oracles?
An oracle is an external data source that provides an answer to a specific question. For example; “what was the temperature in NYC over the past 24 hours”.
A subset of Oracle’s are price feeds. “what is the price in ETH for wBTC”.
Why do we need Oracles?
Not all data can be provided on-chain. And if it can be provided on-chain, not all data should be trusted. Two examples;
Bob and Alice make a wager on the outcome of a coin flip. Bob says heads, Alice says tails. They both lock in their ETH. Bob is the oracle source, and Bob inputs “heads” into the contract. Bob wins. Would Alice trust this outcome? It is important to have external, secure oracles.
Bob agrees to sell Alice 1 ETH. Bob creates a smart contract that takes DAI from Alice and gives her 1 ETH based on the price of ETH-DAI on Uniswap. The current price is 400 DAI = 1 ETH. When Alice calls the contract, it takes 4000 DAI from Alice. Bob added a flash loan into the contract to make ETH more expensive. It is important to have tamperproof oracles, which is why we are building our own on-chain oracles.
Gas on multiple transaction
The ability to use a gasless wallet via a MetaWallet smart contract is getting closer. People will be able to use multiple crypto-assets and sign off transactions that can then be batched and handled by the Lockers(Keepers) of the network.
You could set up a payroll system or send multiple transactions with a single asset to as many recipients as you wish and it will cost you a fraction in gas in comparison to what it would usually cost to perform the transactions individually.
There is a lot to cover on this protocol and the above just touches the surface, there are no days off in building the network and we will regularly inform you here with the most recent updates and developments.
Follow our Twitter — twitter.com/lock3rnetwork and Telegram — T.me/lock3rnetworkchannel to stay informed on our latest updates and publications.
We also have our documentation posted here in the meantime — docs.lock3r.network
