MetaOracle: A High-Throughput Decentralized Oracle for Web3.0-Empowered Metaverse

Abstract: Recent rapid advancement in communication technology has brought forth the era of Web3.0, representing a substantial transformation in the Internet landscape. This shift has led to the emergence of various decentralized metaverse applications that leverage blockchain as their underlying technology to enable users to exchange value directly from point to point. However, blockchains are blind to the real world, and smart contracts cannot directly access data from the external world. To address this limitation, the technology of oracles has been introduced to provide real-world data for smart contracts and other blockchain applications. In this paper, we focus on mitigating the risks associated with oracles providing corrupt or incorrect data. We propose a novel Web3.0 architecture for the Metaverse based on the multi-identifier network (MIN), and its decentralized blockchain oracle model called MetaOracle. The experimental results have shown that the proposed scheme can achieve minor time investment in return for significantly more reliable data and increased throughput.

Keywords: Web3.0; metaverse; blockchain; smart contract; oracle