MIP10c14-SP2 Proposal: Appoint Infura as Light Feed

Please consider Infura as a Light Feed Oracle stakeholder. Please feel free to contact me should you require any further information.

MIP10c14: Subproposal to Appoint Light Feed

Preamble

MIP10c14-SP2
Author(s): Michael Wuehler
Contributors:
Status: Formal Submission
Date Proposed: 2020-05-28
Date Ratified: <yyyy-mm-dd>

Disclaimer

MIP10 is meant to handle all of the Oracle related actions. Unfortunately MIP10 has inconsistencies and doesn’t conform to the monthly governance cadence that the Maker Improvement Proposal framework is built around. This has generated a backlog of Oracle proposals. While MIP10 is refactored to conform to the regular MIP process, Oracle proposals such as this one will utilize the more liberal weekly governance cycle. While strictly speaking this makes them not subproposals, they are included in the subproposal archive as a point of provenance to serve as a paper trail.

Specification

Organization

  • Name: Infura
  • Website: https://infura.io
  • Github: https://github.com/infura
  • Number of Employees: 26
  • Email: [email protected]
  • Incorporated: Switzerland
  • Domiciled: Switzerland
  • When was the organization founded? 2014
  • Who are the major investors in your organization? Infura is a wholly owned operating unit of ConsenSys AG.
  • How much funding has the organization raised either privately or through a token sale? ConsenSys AG is privately funded.
  • Please provide public references for the above where possible. Not Available.

Introduction

  • Motivation for running a Light Feed

Infura has been an infrastructure provider for Ethereum API access for 4 years. We are a well funded team with experienced DevOps engineers delivering reliable, always-on access to Ethereum. We are excited at the process Maker is taking at decentralizing what has become a systemically critical piece of the Web3 ecosystem, we want to contribute to this mission and have the skills and reputation to do so.

Community

  • What has your organization contributed to the crypto community?

We are close partners with the client development teams and regularly provide feedback and contribute code based on our findings running nodes at scale. In addition, we have made several grants over the years to projects focused on improving the capabilities and efficiency of running node infrastructure. These include TurboGeth and VIPNode. We are extremely active in the conferences and Devcon, both in financially supporting them as well as participating in them.

  • Successful products, services, tools, libraries, thought-leadership

Infura has always been a free service for developers to get an easy entry into Ethereum development. We also have Infura+, a premium offering for projects as they mature and get to the stage of depending on their infrastructure in production. In addition, we have supported IPFS for 4 years and have a premium IPFS product set to launch this year. We have built and open-sourced the Versus tool that allows anyone to compare performance of RPC endpoints.

  • How will the Maker Community benefit from your inclusion as a Light Feed?

Infura will be a trusted addition to the existing oracle light feed providers. Our reputation will add to the already robust group of stakeholders.

Changelog

  • reformatted preamb le
  • added disclaimer
3 Likes

Thanks for submitting your application Michael. Just FYI I edited your post to include the preamble header.

2 Likes

MIP10c15: Subproposal to Appoint Feed (OT)

Preamble

MIP10c15-SP2:
Author(s): Niklas Kunkel
Contributors:
Status: Formal Submission
Date Proposed: 2020-05-29
Date Ratified: <yyyy-mm-dd>

Disclaimer

MIP10 is meant to handle all of the Oracle related actions. Unfortunately MIP10 has inconsistencies and doesn’t conform to the monthly governance cadence that the Maker Improvement Proposal framework is built around. This has generated a backlog of Oracle proposals. While MIP10 is refactored to conform to the regular MIP process, Oracle proposals such as this one will utilize the more liberal weekly governance cycle. While strictly speaking this makes them not subproposals, they are included in the subproposal archive as a point of provenance to serve as a paper trail.

Specification

Introduction

If ratified, this subproposal would appoint Infura as a Light Feed. Feeds submit data to the Oracles for the prices of assets. They are an important part of ensuring that the Oracles are reliable and secure. Only entities with strong credentials that the community trusts should be permitted to be an Oracle Feed.

Organization

The following information was provided by Infura in their MIP10c14 application and verified by the Oracle Team to the best of its ability.

  • Name: Infura
  • Website: https://infura.io
  • Github: https://github.com/infura
  • Email: [email protected]
  • Incorporated: Switzerland
  • Domiciled: Switzerland
  • Number of employees: 26
  • When was the organization founded? 2014
  • Who are the major investors in your organization? -Infura is a wholly owned operating unit of ConsenSys AG.
  • How much funding has the organization raised either privately or through a token sale? ConsenSys AG is privately funded.
  • Please provide public references for the above where possible. Not Available.

Light Feeds

Reputation

  • Does the organization have a strong reputation in the crypto community?

Infura has been the bedrock of supplying connectivity to the Ethereum blockchain for tens of millions of cryptocurrency users. Serving as the networking layer for every day applications like MetaMask and many of the top dapps including the Maker Foundation, it’s no secret that Infura is a critical part of the Ethereum ecosystem and rightfully carries a reputation of reliability and ecosystem stalwart. Being a part of the Consensys brand which is responsible for shepherding Ethereum into enterprise partnership after enterprise partnership just further reinforces the credible forces behind Infura.

  • What contributions has this organization made to the crypto ecosystem?

Infura is close partners with the client development teams and regularly provides feedback and contributes code based on its findings running nodes at scale. In addition, Infura has made several grants over the years to projects focused on improving the capabilities and efficiency of running node infrastructure. These include TurboGeth and VIPNode. Infurai is extremely active in conferences, including Devcon, both in financially supporting them as well as participating in them.

  • Would including the organization as a Light Feed instill a sense of trust in the Oracles?

As noted above, the Oracle Team believes that Infura has a trustworthy reputation in the community and would further reinforce the reputation of the Maker Oracles.

  • Are there any public accusations of misconduct? How severe and numerous are they? Have they been confirmed?

The Oracle Team was not able to find any record of confirmed cases of misconduct on account of the organization nor its executive staff.

Verification

  • Were sufficient public-facing resources provided or found that confirm the information in the application?

Yes, public records were able to verify most of the provided information.

  • Was the applicant honest with respect to:

  • the investors

Infura was acquired by Consensys on 10/04/19. The Oracle Team was able to find a public announcement of an investment of $10 million USD by SK Group on 07/02/19 into Infura’s parent company Consensys.

  • how much funding was raised

Outside of the $10 million USD investment by SK Group into Consensys, the Oracle Team was unable to identify any other public announcements of funding by neither Infura nor Consensys.

  • the number of employees

The Oracle Team was able to verify through its network that the number of employees claimed by Infura in their application is highly likely to be correct.

  • the location of incorporation & domicile

The Oracle Team was able to verify that Consensys AG is registered and domiciled in Zug, Switzerland at address Gartenstrasse 6, 6300 Zug via Zefix.

  • Given the applicant’s major investors, is there a risk adding this Light Feed would give a single investor too much influence over the Oracle protocol?

No.

  • Given the incorporation and domicile location of the organization, is there a risk adding this Light Feed would give a single jurisdiction too much influence over the Oracle protocol?

No.

Identity

  • Did the Oracle Team get in contact with the organization to confirm their application?

Yes, the Oracle Team spoke to Michael Wuehler the CoFounder and Head of Operations at Infura over video conference who is listed on the company’s website.

Cost-Benefit

  • Given the ratio of Dark Feeds : Light Feeds, does the Maker Protocol benefit from adding another Dark/Light Feed at this time?

Yes.

  • Given the extra cost of appointing a new Feed, does the benefit of the marginal security / marginal trust in the protocol exceed the cost?

Yes.

Oracle Team Recommendation

The Oracle Team recommends that Maker Governance ratify the proposal to appoint Infura as a Light Feed for the Maker Oracles. Their reputation within the industry as the backbone of connectivity to the Ethereum blockchain, present in everyday services like MetaMask, makes them a clear favorite to partner with to decentralize and secure Maker’s Oracles. Being owned by Consensys, itself founded and led by Ethereum cofounder Joe Lubin, just further cements the trustworthiness of Infura. The Oracle Team was able to verify the claims made by Infura in their application.

Changelog

  • reformatted preamble
2 Likes

Governance Poll is live.

https://vote.makerdao.com/polling-proposal/qmratquzjbjmevw6eonbyfo1thms8nqdjgcmu2nrbza11c