Letter of intent
Hxro <> Jiritsu
Hxro is a decentralized network that is building software infrastructure for different financial use cases. Hxro Network’s Parimutuel Protocol requires a sophisticated oracle that can support dynamic data, sourcing, computation and auditing.
Jiritsu has developed a MPC based oracle that delivers flexible selection of price sources and verifies not only values, but also other data, which enables comprehensive auditing and transparency, in addition to specific price points that support products such as parimutuel options.
Jiritsu has been working closely with Hxro to help develop an oracle that satisfies all the requirements of the Parimutuel Protocol, as well as other important features, such as a portal for third-party probability providers.
Jiritsu is committed to support the product vigorously throughout its launch and until such time as it is stable and can be supported via a traditional commercial service agreement.
In return for support and unlimited data feeds Hxro will issue Jiritsu a grant on the following terms:
- Monthly, Hxro Network will distribute 5% of the total fees collected in the Parimutuel Protocol to Jiritsu for all contracts settled through December 31, 2023, with a monthly minimum of $900. Distribution will take place within 5 days following the conclusion of each month.
Attached is a draft of product flow and specifications.
The Hxro price oracle is a Jiritsu job that:
- Fetches prices from authoritative web source for multiple coin pairs
- Fetches prices every minute, on the minute boundary
- Posts the average price for each coin pair to a Solana on-chain program
- Applies consensus across multiple nodes running the same job to ensure fetched prices are reliably reported.
- Fetches all prices from idempotent source urls so that anyone may repeat and verify any minute’s results at any time because the results should always be the same
- Writes a report summary to IPFS for every minute’s work and includes the hash address of that report in the on-chain transaction for accountability.
Every Jiritsu job starts with one “root” strategy. Every job receives context (input data) from its caller. The root strategy takes its context from the global input defined by job’s owner when the job was created.
Below in Figure 1 is a diagram of the root strategy of the Hxro Price Oracle. It shows the data variables available in the job’s context, and how they flow through a series of child strategies (gray boxes). Each strategy shows its input data on the left, and the transformed result data on the right.
The important strategies will be broken out in subsequent figures.
Key points to notice in Figure 1:
- One of the first child strategies invoked queries the Solana program/data account for admin config parameters (like the coin pairs to be fetched). This allows the job to be controlled via transactions from the admin wallet allowed to talk to the Solana program without modifying job code.
FIGURE 1: Hxro Price Oracle - Root Strategy
FIGURE 2. Hxro Price Oracle - Fetch Retry Layer