External Participants

The operation of the HelloBTU protocol relies on the following groups: Keepers, Price Oracles, and Community Members.

Keepers

Keepers are incentivized to interact with the protocol and maintain its stability, such as liquidation traders. They typically participate in the liquidation of watching orders to ensure that the protocol always has sufficient collateral to back outstanding debts. When there is a one-hour delay between the system price and the external price, and the system price is lower than the external price, Keepers can profit by liquidating to buy BTCC and then selling it on external exchanges. The system will also reward Keepers for liquidations.

Price Oracles

Prices within the protocol are updated through price oracles. The price is primarily used to allow the protocol to know the status of the collateral assets in all invoices and to trigger liquidations in a timely manner when asset prices fall below a certain level. Price oracles are selected by community members through voting. Multiple independent nodes are selected to provide price information to the system. The protocol takes the median of all provided prices and updates it after a one-hour delay to prevent the oracle from being controlled by attackers. If more than half of the oracles are malicious, the system will be at risk. However, oracles only provide price data, and an "administrator" is needed to push the median price to the system. Therefore, when the administrator finds a problem with the price, they can choose not to push the current price. If both the oracle and the administrator are malicious, the community organization will initiate an emergency shutdown.

Community Members

All holders of the governance token are community members. Their primary activities include participating in governance voting for the protocol. Voting typically includes modifying various risk parameters and other parameters in the protocol, selecting and approving price oracles, and initiating emergency shutdowns. Community members are a critical factor in maintaining the stability of the protocol, and the system needs to provide community members with a certain amount of rewards based on revenue.