Funded [Factom, Inc.]-013 Oracle Master

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Brian Deery

Factom Inc.
Core Committee
Core Developer
Exchange rates for FCT to Entry Credits are important in order to maintain a target price for entry credits of 1/10 of a cent. As determined by the Standing Parties and the Authority Set, the Oracle Master will record into Factom relevant market information to establish the trading price of Factoids.

The exchange rate should be updated within 24 hours of a 20% divergence or more from the target price.

This grant covers to maintain the rate from Jun 9, 2019 - Sept 9, 2019.


300 FCT per month for 3 months with total equaling 900 FCT.


As required by document 107 that governs the Factom grant process, this is the thread for grant proposal [Factom, Inc.]-013 Oracle Master.

The review process starts on 2019-05-03, so please refrain from starting public review or submitting questions before that time. If you notice clear errors in the proposal you can contact the author of the grant proposal directly.
 

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David Chapman

Factomize
Thank you for your grant submission. I'm asking everyone these initial questions:

1. What specific date will you begin work on your grant?
2. What specific date will you be done with work on your grant?
3. Do you commit to providing regular updates on your grant in the grant tracking forum?
4. Please link to past grants your group has taken part in, if any.
 

CryptoLogic

Crypto Logic
Thank you for submitting the grant.

You describe clear "rules" for when exchange rate should be updated. Have you tracked your own performance in this regards so you can show you have delievered according to these "rules"? If not why not? And i this something you can do in the future to show that the exchange rate is properly set within the limits you describe?

Thank you.
 

Matt Osborne

Go Immutable
Exchange Working Group
Legal Working Group
Here is the 3-month chart:

Screen Shot 2019-05-05 at 7.19.17 AM.png


And here is the 6 month:

Screen Shot 2019-05-05 at 7.27.01 AM.png


Looks like a lot of progress has been made since February.

Here was the grant's goal:
"The exchange rate should be updated within 24 hours of a 20% divergence or more from the target price."

I'd consider this goal achieved. Other things are more pressing right now, but it would be nice to see the 20% eventually turn into a 10%.
 

CryptoLogic

Crypto Logic
Thank you for the data @Alex and for @Matt Osborne's interprettation.

It do look like the oracle task have been successfully executed the past few months.

We would however appreciate if @Factom Inc. could take the time to respond as well, and not be dependant on other community members to provide the requested information. The first question was asked in this thread on friday 5 days ago and is still unanswered. Further questions will not be possible after tomorrow as threads are closed for questions.

This low level of interaction (and neglecticing to follow up) from a grant applicant is poor form and makes it hard for the community to proper evaluate the application.
 

Brian Deery

Factom Inc.
Core Committee
Core Developer
yes, thank you @Alex. I had linked to your audit work in the previous grant, but I couldn't find it on your website this time around. I'm glad you pointed it out now.
 

Brian Deery

Factom Inc.
Core Committee
Core Developer
also, keep in mind that with an audit like this there are aliasing problems. When Factom, Inc samples the price could be a different time than when Alex sampled the price. The price could diverge more than 20% for a period of time then come back, meaning that the exchange rate would not need changing. Recently the FCT price hasn't been changing significantly during the day, so aliasing problems are less of an issue for the past few months.
 
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