Oracles

The price of UNIT is pegged to the dollar and backed by bitcoin collateral, so we will require bitcoin price oracles to allow the peg to be maintained by determining the loan-to-collateral ratio based on a given price.

Oracles represent the biggest trust assumption in our system, but they are necessary elements to maintain the $1$ peg. We plan to allow the nodes to connect to an existing Oracle system that will retrieve the Bitcoin price across many different exchanges and provide a signature that the price is correct. More specifically we plan to connect to the chainlink BTC price oracles, as we belive it is a fair, secure and trust minismised way to get the bitcoin price into our network.

To mitigate the trust assumptions, the MPC network will provide a signed price from the oracles from which it got its price and include it in all transactions with the Bitcoin price as a trigger so any user can contest them.