Utxoracle

Offline price oracle for Bitcoin written in Ruby.

In September 2023 SteveSimple & DanielLHinton dropped https://utxo.live/oracle/, the first method to derive historical USD price of bitcoin based purely on UTXO set.

Needless to say, a lot of bitcoiners found this VERY cool. We're in a unique phase of history; transitioning from the Dollar Network to a Bitcoin Standard. Pulling out these patterns sparks joy.

The purpose of releasing Utxoracle as a Gem is multi-fold:

1. Make the tool available as a Gem to the Ruby community.
2. Provide a flexible API, where folks can extend this for other use cases (currencies, language, etc).
3. Provide a modular provider model, so folks can pull data from mempool.space or other RPCs.

• Installation
• Usage
  • Requiring the gem
  • Fetching Price
• Performance
• Development
• Contributing
• License

Install the gem and add to the application's Gemfile by executing:

$ bundle add utxoracle

If bundler is not being used to manage dependencies, install the gem by executing:

$ gem install utxoracle

All examples below assume that the gem has been required.

require 'utxoracle'

bitcoin.conf would look like:

server=1
rpcuser=aUser
rpcpassword=aPassword

provider = Utxoracle::Node.new("aUser", "aPassword", "127.0.0.1", 8332)
oracle = Utxoracle::Oracle.new(provider, log = false)
oracle.price("2023-10-30")
34840

# Mempool will throttle you without an enterprise license
provider = Utxoracle::Mempool.new
oracle = Utxoracle::Oracle.new(provider, log = false)
oracle.price("2023-10-30")
34840

$ ./bin/run aUser aPassword 127.0.0.1 8332 2023-10-10
Reading all blocks on 2023-10-12 00:00:00 -0400...
This will take a few minutes (~144 blocks)...
Height  Time(utc)       Completion %
811769  00:18:31        1.25
811770  00:22:48        1.53
811771  00:24:24        1.67
811772  00:33:32        2.29
811773  00:38:14        2.64
811774  01:06:40        4.58
811775  01:09:07        4.79
...
811931  23:41:09        98.68
811932  23:44:01        98.89
811933  23:48:40        99.17
blocks_on_this_day: 165
Price Estimate: $27,045

Without optimization at the algorithmic/implementation level, UTXOracle.rb is able to compute prices for an entire month in ~10 minutes using native Ruby threads.

Results on 3Ghz 6-Core Intel i5

For October 2023:

$ ./bin/benchmark/run_range aUser aPassword 127.0.0.1 8332 2023-10-01 2023-11-01
[1] pry(main)> ret.sort
=> [[2023-10-01 00:00:00 -0400, 27364],
 [2023-10-02 00:00:00 -0400, 28345],
 [2023-10-03 00:00:00 -0400, 27696],
 [2023-10-04 00:00:00 -0400, 27712],
 [2023-10-05 00:00:00 -0400, 27725],
 [2023-10-06 00:00:00 -0400, 28021],
 [2023-10-07 00:00:00 -0400, 28311],
 [2023-10-08 00:00:00 -0400, 28308],
 [2023-10-09 00:00:00 -0400, 28000],
 [2023-10-10 00:00:00 -0400, 27708],
 [2023-10-11 00:00:00 -0400, 27373],
 [2023-10-12 00:00:00 -0400, 27045],
 [2023-10-13 00:00:00 -0400, 27058],
 [2023-10-14 00:00:00 -0400, 27077],
 [2023-10-15 00:00:00 -0400, 27093],
 [2023-10-16 00:00:00 -0400, 28357],
 [2023-10-17 00:00:00 -0400, 28664],
 [2023-10-18 00:00:00 -0400, 28658],
 [2023-10-19 00:00:00 -0400, 28690],
 [2023-10-20 00:00:00 -0400, 29704],
 [2023-10-21 00:00:00 -0400, 30034],
 [2023-10-22 00:00:00 -0400, 30333],
 [2023-10-23 00:00:00 -0400, 31069],
 [2023-10-24 00:00:00 -0400, 34468],
 [2023-10-25 00:00:00 -0400, 34858],
 [2023-10-26 00:00:00 -0400, 34484],
 [2023-10-27 00:00:00 -0400, 34114],
 [2023-10-28 00:00:00 -0400, 34438],
 [2023-10-29 00:00:00 -0400, 34841],
 [2023-10-30 00:00:00 -0400, 34840],
 [2023-10-31 00:00:00 -0400, 34829]]
[2] pry(main)> time
=> #<Benchmark::Tms:0x0000000110ddd310 @cstime=0.0, @cutime=0.0, @label="", @real=643.9174029999995, @stime=87.356026, @total=647.7391030000001, @utime=560.3830770000001>

# 643 seconds, or 10.7 minutes.

After checking out the repo, run bundle install to install dependencies.

To install this gem onto your local machine, run bundle exec rake install.

You can also run bin/console for an interactive prompt that will allow you to experiment.

To release a new version, update the version number in version.rb, and then run bundle exec rake release, which will create a git tag for the version, push git commits and the created tag, and push the .gem file to rubygems.org.

The health and maintainability of the codebase is ensured through a set of Rake tasks to test, lint and audit the gem for security vulnerabilities and documentation:

rake build                    # Build utxoracle-0.0.1.gem into the pkg directory
rake build:checksum           # Generate SHA512 checksum if utxoracle-0.0.1.gem into the checksums directory
rake clean                    # Remove any temporary products
rake clobber                  # Remove any generated files
rake install                  # Build and install utxoracle-0.0.1.gem into system gems
rake install:local            # Build and install utxoracle-0.0.1.gem into system gems without network access
rake release[remote]          # Create tag v0.0.1 and build and push utxoracle-0.0.1.gem to rubygems.org
rake rubocop                  # Run RuboCop
rake rubocop:autocorrect      # Autocorrect RuboCop offenses (only when it's safe)
rake rubocop:autocorrect_all  # Autocorrect RuboCop offenses (safe and unsafe)
rake spec                     # Run RSpec code examples

Bug reports and pull requests are welcome on GitHub at https://github.com/Carolina-Bitcoin-Project/UTXOracle.

The gem is available as open source under the terms of the MIT License.