Sentiment Oracles

Building the web of sentiments.

The Basics

Sentiment Oracles consist of other platforms/websites that support Chayn's sentiment tag NFTs. When oracles connect to Chayn's API, it allows sentiment tag NFTs to become visible wherever the tags are used across participating platforms. It also triggers the process of tag owners mining Chayn tokens whenever their tags get used across supporting platforms.

Incentivizing The Oracles

The sentiment oracles will be incentivized to support the Chayn tags via a process called API Mining. Through this process, participating oracles will earn Chayn tokens as the API gets called to display the sentiment tag NFTs on the respective platforms.

An added benefit for oracles supporting the sentiment tag NFTs is the potential for them to digest a deeper understanding of how their users feel about certain topics, subject matter, or even their products/services. Discovering this information could help platforms make data-driven adjustments that speak more clearly to the sentiments of the users. Aside from that, users may enjoy having more outlets to capture their sentiments in a unique way that also allows them to mine Chayn tokens. Afterall, the #hashtag was not isolated to Twitter and neither should +sentiment tags be isolated to Chayn.

Expanding The Protocol

The use of the sentiment tag NFTs on the Chayn platform will be a good start, however, we aim to make the protocol more expansive. The tags being used on other platforms not only validates the use case, but broadens the visibility of the tags.

A larger scope in use of the tags also helps with price discovery and gauging overall value of the tags. More performance data would be available and trackable for people to review prior to purchasing a tag directly from Chayn, the secondary market, or via the decentralized exchange.