Each week, we host top names in DeFi on the CertiK Security Leaderboard Live AMA. The CertiK Security Leaderboard is your one-stop shop for everything security related in DeFi. Head over to CertiK.org and check out the ranking of dozens of projects, their security scores, Skynet statistics, and much more data.
This week we had the pleasure of talking with Sam Jia, the CMO of Berry Data. Berry Data is a price oracle on BSC (Binance Smart Chain). Berry Data provides a trustless and decentralized alternative for off-chain data. Also, it provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data.
Sam joined us in the CertiK Foundation Telegram to discuss how Berry Data works, why they chose CertiK to secure their project, how they plan to get ahead of competitors, answer some live questions from the audience, and more!
If you missed the chat, don’t worry: here’s a recap of some of what was discussed.
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Can you start by giving us an overview of Berry Data and your role on the team?
Sam: I used to work as a Market Director and Business Consultant for a few blockchain projects, including aelf, TrueChain, BestSwap, and Bitribe. I enjoy working in a position where I can always interact with people, so working as a Community Manager is a perfect fit for me.
Berry Data is a price oracle project on Binance Smart Chain. I personally have a strong interest in oracles and relevant technology. Decentralized projects are the ones that we believe stand to make significant gains and provide very interesting passive income opportunities over the coming years. All DeFi applications need price feeds on token swap and loan collateralization processes. However, most popular oracle projects can hardly practice decentralization. We want to bring the market a transparent and reliable oracle product.
So tell me — How does Berry Data work?
Sam: Berry Data is an oracle system where parties can request the value of an off-chain data point and miners compete to add this value to an on-chain data-bank, accessible by all dApps on Binance Smart Chain.
The inputs to this data-bank are secured by a staked miners network. Berry Data utilizes crypto-economic incentive mechanisms, rewarding honest data submissions by miners and punishing bad actors, through the issuance of Berry Data’s governance token, BRY, and a dispute mechanism.
So a question I ask every project everywhere — why did you choose your L1 of choice? In your case — what drove you to Binance Smart Chain? Any specific features?
Sam: As we know, BSC is almost the number one public chain. It has many live projects and a complete set of infrastructure.
When Berry Data launched on BSC, there wasn’t any leading oracle on BSC. So we asked ourselves, why not us? Then, we applied IFO on PancakeSwap and launched on BSC.
Speaking of Berry Data, it provides a trustless and decentralized alternative for off-chain data. Also, it provides the infrastructure for decentralized applications to query off-chain data by properly incentivizing miners to provide data.
We aim to become the “Chainlink of ETH” to Binance.
So speaking of Chainlink — are you a direct competitor? Or do you see yourselves coexisting?
Sam: I would say we are not a 100% direct competitor.
The reasons are the following:
We are only focused on BSC and they are mainly focused on ETH and HECO chains. They are already the leading oracle on two mainstream networks, and we don’t think they have the efforts and time to compete on BSC.
Similar to why we chose CertiK to perform our audit, we always need to let people do what they are good at most. We decided to be the best oracle on BSC, so we put 100% of our efforts and time on BSC. They put most of their efforts on other chains, which is why I would not say they are a direct competitor to us.
About your work with CertiK — what drove you to work with us? Why did you choose to implement our skynet solution alongside an audit?
Sam: Safety is one of the most important things to worry about for an oracle, we need the very best and most professional team to do it. CertiK is doing GREAT work in the auditing field and focuses mainly on BSC. After we analysed most of the audit agencies on BSC, we finally chose CertiK and we haven’t regretted making that decision.
Oracles provide data feeds for pricing related projects. If a project integrates Berry Data Oracle and our services get attacked by hackersthe price data feeds will be abnormal, and will create extreme damage to both projects and users. CertiK helps Berry Data to prevent code issues and will continually protect the Berry Data oracle. Both project partners and users can use Berry Data oracle without any worry. Skynet is easy to use and simple to monitor.
What are the great achievements that you have achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to overcome difficulties?
Sam: I would say we have gained trust from many of the projects on BSC. Currently, we have more than 22 partnerships so far. We aim to establish trust first, then move to deeper collaborations, which will be oracle integrations.
Most investors only focus on the price of the token in the short term instead of the real value of the project. Can you tell me the benefits for long-term investors??
Sam: If you hold the BRY token:
- you can join staking and Berry mining campaigns, to earn more BRY tokens and other tokens
- you can use the BRY token for oracle services
- in the future, you’ll be able to join the governance
- and there’s more in the pipeline, such as NFTs
Nowadays NFT, DeFi and governance are too popular so do you plan to venture into any of these? If not then what is your plan to gain popularity and more mass adoption?
Sam: Speaking of DeFi, there is Berry staking pool and Berry farms available on Berry Data official website.
We are currently working on our NFT project, though our main priority will always be the Berry Data oracle service.
You can follow the Berry Data Twitter or join our Telegram group for the latest updates.
What are the top most important priorities for Berry? What is the role of the Berry community? While you build your project, do you take into account community feedback and demands?
Sam: A good quality product and strong community trust are our main priorities. While our product is more targeted toward project developers than individual users, we’re always more than happy to take feedback from the community.
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That wrapped up this week’s AMA with Sam from Berry Data. For more AMA sessions with top DeFi and crypto projects, keep an eye on our social channels and subscribe to our YouTube channel.
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This interview has been edited for clarity and concision.