What is Pyth Network? Pyth Network Cryptocurrency Overview

What is Pyth Network? Pyth Network is an Oracle protocol that provides primary markets data for blockchains in the crypto market. Pyth Network’s data is provided from 90 large and reputable organizations from many industries and spread around the world. In this article, let’s find out if this new generation Oracle has anything special.

To better understand the protocol, people can refer to the articles below:

• What is Oracle? The Effect Of Oracle In Crypto
• Pyth Network (PYTH) Floor List Price Prediction

Overview of Pyth Network

What is Pyth Network?

Pyth Network is an Oracle project that provides data sources from the real world to Smart contracts with high speed, low latency, and data source accuracy. Pyth Network not only provides prices of currency pairs in the Crypto market but also many other types of assets such as US government bonds, commodities, stocks, foreign exchange… Data sources of providers for Pyth Network are all old news not only in the traditional market but also in the blockchain world, so the reputation and accuracy of the data is very high.

Pyth Network is a project built on the Solana network and has now expanded to more than 35+ other ecosystems including EVM and non-EVM.

Currently Pyth Network is providing 3 main services:

• Solana Price Feeds: Provides real-time data on the Solana network.
• Python Price Feeds: Provides real-time data on more than 35+ ecosystems and is expanding further on many other Blockchains.
• Benchmarks: This is a feature that allows users to access historical data for trading pairs supported by Pyth. This will be used by many parties for many different purposes.

Mechanism of action

Pyth Network is a protocol that involves three parties interacting with each other. Pyth will stand in the middle to act as a bridge for the two sides and ensure authenticity and transparency in the information transmitted.

• Publisher: Publishers are parties that provide price information and will be compensated with transaction fees. Pyth’s network has many publishers for each product, this helps keep information accurate, avoids information interference, and contributes to building a sustainable network.
• Consumers: These are parties that use data compiled by Pyth and pay a fee to Pyth after each data update.
• Delegators: People who hold tokens and earn profits by staking into the system.

In the protocol there will be 2 main operating mechanisms:

• Price Aggeration: Combines price data from individual suppliers then aggregates it into an accurate price for a specific product, avoiding price manipulation of a specific group.
• Governance: Administration is used to vote on things like update fees, reward mechanisms for data providers, software upgrades, and publishers’ data provision rights.

Python

Pythnet is a specialized blockchain used to aggregate data from Publisher, built on Solana technology and operated by data providers (Publisher). Solana’s technology allows Pythnet to refresh the data supply at a speed of 400ms (200 thousand updates per day), this helps Pyth’s technology always respond well to dApps whenever the market has a demand. sharp price fluctuations.

Pyth Network’s Oracle technology operates simultaneously on both Solana and Pythnet blockchains. Solana Price Feeds used in Solana’s network, price data will be transmitted to Consumers without any action required.

The Pythnet blockchain will be used for providing data to blockchains other than Solana. Python Price Feeds is service via Wormhole bridge to provide data to other blockchains.

Development Roadmap

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Core Team

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Investor

Pyth Network has currently gone through 3 rounds of capital raising with 3 investment funds with an undisclosed amount.

• July 20, 2021 at Seed round Pyth Network received investment from GBV Capital
• September 1, 2021 CTC Venture Capital decided to invest in Pyth Network at Funding Round
• January 7, 2022 Tagus Capital has invested capital in Pyth Network

Tokenomics

Overview of Pyth

• Token name: Pyth
• Code: PYTH
• Blockchain: Solana
• Token classification: SPL
• Contract: HZ1JovNiVvGrGNiiYvEozEVgZ58xaU3RKwX8eACQBCt3
• Total supply: 10,000,000,000

Token Allocation

Token Release

Token Use Case

PYTH token can be used for the following:

• Vote on administrative issues related to the network.
• Make rewards for those who provide data.

Exchanges

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Project Information Channel

• Twitter: https://twitter.com/PythNetwork
• Website: https://pyth.network/
• Telegram:

Summary

Pyth Network is one of the new generation Oracles with improvements in operating mechanisms that create win-win relationships between participating parties, promising to be a potential project in the future. Through this article, I hope to have provided everyone with general information about the project, through which you can make better investment decisions.