NEST Protocol NEST Price

What is NEST Protocol (NEST)?

NEST Protocol is a decentralized oracle network designed to provide reliable and accurate price feeds for various assets on blockchain platforms. Launched in 2020, NEST aims to solve the issue of trust in price data, enabling decentralized finance (DeFi) applications to function securely and efficiently. By using a unique mechanism where users can create price quotes and earn rewards for accurate information, NEST ensures that data is sourced from the community rather than centralized providers. This model not only enhances the reliability of the information but also incentivizes participation in the network.

Who are the Founders of NEST Protocol?

NEST Protocol was founded by a team of blockchain enthusiasts and developers. The key figures include Yuanjie Zhang, who has a background in software engineering and blockchain development, and Shengjie Wei, known for his expertise in decentralized finance and smart contract programming. Together, they have worked to establish a decentralized ecosystem that prioritizes transparency and community governance. The founding team has emphasized the importance of creating an open-source platform where developers can contribute to and enhance the protocol.

How does NEST Protocol Work?

NEST Protocol operates on a dual-layer architecture that consists of two main components: Price Quote and Price Feed. The protocol allows users to submit price quotes for various assets, which are then used to create a decentralized price feed. Here’s how it works:

• Price Quote Submission: Users, known as quote providers, can submit their price quotes for specific assets. These quotes must be higher or lower than the current market price.
• Incentives: For each accurate quote, providers earn NEST tokens as a reward. If their quote is selected as the final price, the provider receives a portion of transaction fees.
• Decentralized Price Feed: The final price is determined based on the quotes submitted by various providers, ensuring that no single entity has control over the data.
• Smart Contracts: NEST utilizes smart contracts on the Ethereum blockchain to automate the process of quote submission, validation, and reward distribution, ensuring transparency and security.

Top Use Cases of NEST Protocol

NEST Protocol has several significant use cases that highlight its utility in the blockchain ecosystem:

• Decentralized Finance (DeFi): NEST provides critical price feeds for DeFi applications, enabling platforms like lending, borrowing, and trading to operate securely and without reliance on centralized data sources.
• Price Data for DApps: Developers can integrate NEST’s price feeds into their decentralized applications (DApps), enhancing the functionality and reliability of their services.
• Stablecoin Development: NEST can be used to provide price feeds for stablecoins, ensuring that their values remain pegged to the underlying assets.
• Market Analytics: Traders and analysts can utilize NEST’s accurate price data for better market analysis and decision-making, improving their trading strategies.
• Insurance Protocols: In decentralized insurance, accurate price feeds from NEST can help determine payouts and claims based on the value of insured assets.

How to Keep your NEST Protocol Safe?

Keeping your NEST Protocol assets safe involves a combination of best practices in cryptocurrency security:

• Use Hardware Wallets: Store your NEST tokens in hardware wallets like Ledger or Trezor to protect them from online threats.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on your accounts related to NEST Protocol to add an extra layer of security.
• Beware of Phishing: Be vigilant against phishing attacks. Always verify URLs and avoid clicking on suspicious links.
• Keep Software Updated: Regularly update your wallet software and any related applications to protect against vulnerabilities.
• Utilize Decentralized Exchanges (DEXs): When trading NEST tokens, use DEXs instead of centralized exchanges to maintain control over your private keys.