Pyth Data Association by Python Network has been officially released Whitepaper version 2.0.
Pyth Network releases Whitepaper version 2.0
This new whitepaper will introduce the Oracle network's cross-chain price data feed model as well as the expected scope and responsibilities of the protocol's on-chain governance. This whitepaper was written to help the Pyth Network community manage the network after the transition to the permissionless mainnet phase.
This version will update some improvements that the first version did not mention. Specifically, the document will present the network's innovative "pull" oracle architecture for cross-chain price issuance, information about the Pythnet app-chain for price aggregation and data transmission and update fees that users must pay to enable price updates from the protocol.
The whitepaper also outlines the type of issues for which on-chain governance will be responsible including the scale and continued collection of fees for updating price data, the mechanism for distributing rewards to data publishers, Licenses publishers to contribute data to price newsletters and other content.
It is important to note that this Whitepaper will describe the current implementation and status of the Pyth Network. As a result, readers may notice some of the concepts mentioned in the first Whitepaper have been changed or are now within the scope of decisions outlined for the future governance of the platform.
Pyth Network has made significant progress since Solana's first mainnet-beta release was 2 years ago. Many important upcoming discussions for the Pyth team will also take place such as staking and slashing, introducing new participants to the network besides data publishers and users, as well as purpose and structure. about cross-chain update fees. Additionally, communities can apply these important ideas to governance.
The Pyth Data Consortium and other network members will help launch the Pyth Network DAO. Specifically, this new structure will empower the community, thereby motivating members to actively participate in shaping the development and direction of Pyth Network in a safe and effective way.
Learn more about Whitepaper Pyth Network version 2.0 here.
About Pyth Network
Pyth Network is an oracle project that has attracted more than 50 major partners around the world, providing valuable data sources, integrating many protocols, AMMs, Derivatives and a variety of other dApps with data provided in a transparent way. Reliable with latency under 1 second.
