MIP10c15: Subproposal to Appoint Feed (OT)
Author(s): Nik Kunkel
Status: Formal Submission
Date Proposed: 2020-06-14
Date Ratified: <yyyy-mm-dd>
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.
If ratified, this subproposal would appoint Etherscan 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.
- Name - Etherscan
- Website - https://etherscan.io/
- Github - https://github.com/etherscan/
- Number of Employees - 15
- Email - [email protected]
- Incorporated - 2016
- Domiciled - Malaysia
- When was the organization founded? - 2015
- Who are the major investors in your organization? - BoostVC, Digital Currency Group (DCG), Coinbase Ventures,
- How much funding has the organization raised either privately or through a token sale? - Etherscan is privately funded
- Please provide public references for the above where possible. - https://etherscan.io/aboutus
- Does the organization have a strong reputation in the crypto community?
Yes. Etherscan has been a public utility going back many years. It has become the de-facto standard when referencing Ethereum transactions and is used by a diverse array of casual users as well as developers.
- What contributions has this organization made to the crypto ecosystem?
The team has developed a platform that embodies the ideas of decentralization and transparency that underpin the Ethereum blockchain. Users can track any on-chain activity, including the movement of tokens and the details surrounding pending and completed transactions. Projects verifying their smart contracts’ source code on Etherscan is so engrained in the Ethereum ecosystem it’s become not just a standard, but rather a requirement that users expect.
- Would including the organization as a Light Feed instill a sense of trust in the Oracles?
Etherscan is a critical piece of infrastructure used daily by thousands of people around the world without which the quality of Ethereum ecosystem would not have become what it is today. It is the opinion of the Oracle Team that Etherscan 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.
- Were sufficient public-facing resources provided or found that confirm the information in the application?
Yes, public records were able to verify some of the provided information. No information provided was proven to be false that would give indication of malicious misrepresentation.
The Oracle Team was able to verify Etherscan:
as a portfolio company on the BoostVC website.
as a portfolio company on the Digital Currency Group (DCG) website.
as a portfolio company on the Coinbase Ventures website.
- how much funding was raised
The Oracle Team was not able to find any public figures relating to the amount of funding raised in the 11/01/16 Seed round composed of BoostVC and Digital Currency Group nor of the amount invested by Coinbase Ventures more recently.
The Oracle Team was not able to verify the number of employees. A cursory search through LinkedIn showed 7 profiles claiming to work at Etherscan that correspond to employees listed on the Etherscan About Us page.
- the location of incorporation & domicile
The Oracle Team found multiple sources online citing that Etherscan.io was based out Kualu Lampur, Malaysia but was not able to find an entity registered under that name with the Companies Commission of Malaysia
- 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?
- 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?
- Did the Oracle Team get in contact with the organization to confirm their application?
Yes, the Oracle Team spoke to representatives from the Etherscan team over video conference who are listed on the organization’s website.
- Given the ratio of Dark Feeds : Light Feeds, does the Maker Protocol benefit from adding another Dark/Light Feed at this time?
- Given the extra cost of appointing a new Feed, does the benefit of the marginal security / marginal trust in the protocol exceed the cost?
Oracle Team Recommendation
The Oracle Team recommends that Maker Governance ratify the proposal to appoint Etherscan as a Light Feed for the Maker Oracles.
Having provided the infrastructure for a compelling web of decentralization and transparency of Ethereum since as far back as 2015, Etherscan has cemented itself as a core member of the Ethereum ecosystem that embodies its values. The Oracle Team was able to verify most of the information provided by Elvis in the MIP10c14 Light Feed application however was unable to confirm the amount of funding raised nor the existance of the legal entity in the claimed domicile. No confirmed cases of misconduct related to the organization were found.