New RIF/USD and TasksRunner subscriptions are now available for OMOC operators

oMoC
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OMOC node operators can now subscribe to the new RIF/USD coinpair and TasksRunner services, allowing them to participate in additional protocol services and receive additional rewards.

These new services are part of the ongoing decentralization of RIF on Chain (RoC) and Money on Chain (MoC), moving RIF price provision and recurring protocol operations to OMOC operators.

For additional background, see:

RIF/USD

The new RIF/USD coinpair works in essentially the same way as the BTC/USD coinpair that OMOC operators are already familiar with.

Operators subscribe to the coinpair, participate in the decentralized price consensus and, in return, receive the corresponding rewards.

As with BTC/USD, the economic model is designed so that, at a minimum, the operational costs associated with providing the service are covered.

In addition, the RIF/USD service will be supported by Rootstock, continuing the support that Rootstock has been providing for the existing centralized RIF price feeder.

RoC will consume the decentralized RIF/USD price provided by OMOC instead of relying on the previous semi-centralized price feeder.

TasksRunner

TasksRunner is a special OMOC service. Unlike a regular coinpair, it does not provide a market price.

Instead, participating operators coordinate the execution of recurring on-chain protocol operations that were previously handled by centralized automators.

Among other things, TasksRunner is designed to execute supported maintenance and protocol operations for RoC and MoC through a decentralized, consensus-based mechanism.

Operators participating in TasksRunner receive compensation associated with these operations.

A more detailed description of how TasksRunner works and how its incentives are funded can be found here:

Requirements

Before subscribing to RIF/USD and TasksRunner, operators must meet two requirements.

1. Upgrade the OMOC node

Your node must be running OMOC Node Release v1.3.7.4.

Upgrade instructions and release information are available here:

New OMOC node Release (v.1.3.7.4)

2. Run the node from a region with access to the Binance API

The RIF/USD price sources require access to the Binance public API.

Because Binance applies geographical restrictions in some regions, the OMOC node must run from a location where the required API endpoint can be accessed without those restrictions.

You can test this from the same host or network where the OMOC node will run with:

curl -s -o /dev/null -w 'code: %{http_code}\n' \
'https://api.binance.com/api/v3/depth?symbol=RIFUSDT'

If the result is:

user@non_us_host:~$ curl -s -o /dev/null -w 'code: %{http_code}\n' \
> 'https://api.binance.com/api/v3/depth?symbol=RIFUSDT'
code: 200
user@non_us_host:~$

then the Binance API is accessible from that location and the node can use the required price source.

If instead you receive another HTTP status code indicating a geographical restriction, for example:

user@us_host:~$ curl -s -o /dev/null -w 'code: %{http_code}\n' \
> 'https://api.binance.com/api/v3/depth?symbol=RIFUSDT'
code: 451
user@us_host:~$

then the node is running from a restricted region.

In that case, the node should be migrated to another region where the Binance API can be accessed without geographical restrictions before subscribing to RIF/USD.

Managing subscriptions and on-chain configuration

To perform the corresponding on-chain operations, the new Oracle Node Management dApp can now be used:

New dApp for Oracle Node Management

After upgrading the node and verifying Binance API connectivity, operators can use the dApp to subscribe their node to the new services.

Why subscribe?

By subscribing to both RIF/USD and TasksRunner, OMOC operators can expand the services provided by their existing infrastructure and participate in additional protocol revenue streams.

In practical terms, operators can now participate in:

  • BTC/USD price consensus,
  • RIF/USD price consensus, and
  • TasksRunner consensus and task execution.

This means that an existing OMOC operator can use the same node infrastructure to provide more services to the protocol and potentially increase the rewards earned by the node, while helping further decentralize Money on Chain and RIF on Chain.