Oracles Network is an open, public, permissioned blockchain based on Ethereum protocol. To reach consensus on a global state, it uses a Proof of Authority consensus algorithm. PoA consensus is a straightforward and efficient form of Proof of Stake with known validators and governance-based penalty system. A list of validators is managed by a smart contract with governance by validators. During an initial ceremony, master of ceremony distributes keys to 12 independent validators. They add 12 plus one more to reach initial requirements for the consensus. To be validators on the network, a master of ceremony asks them to have an active notary public license within the United States. A concerned third party can cross-validate validators’ identities using open data sources and ensure that each validator is a good actor with no criminal records. In the proposed network, identity of individual validator and trust to independent and non-affiliated participants will secure the consensus.
The network is fully compatible with Ethereum protocol. The network supports only Parity client version 1.7 and later. The network supports trusted setup, on-chain governance, and a variety of “proof of identity” oracles. We believe that Oracles Network will close a gap between private and public networks, and will become a model for open networks based on PoA consensus.
1. Proof of Authority. Proof of Authority (PoA) is an alternative consensus mechanism, which does not depend on the nodes solving arbitrarily difficult mathematical problems, but instead uses a set of "authorities" - nodes that are explicitly allowed to create new blocks and secure the blockchain. 2. Validator. Validators on Oracles Network are the known people who validate the blocks. 3. Master of Ceremony. The Master of Ceremony is the initiator of a network. Using the Ceremony DApp, the Master of Ceremony creates 12 initial keys and distributes them to individual validators. Validators then replace initial keys with a new subset of keys. This initial ceremony launches the network.
First Half, 2018
Second Half, 2018
Attention. There is a risk that unverified members are not actually members of the team
Opportunities:Team is solid with extensive experience in the blockchain space. The various dApps, including ICO wizard, shows the capability of the team.The project is an innovative and quick way to solve the Ethereum scalability issue by using multiple Oracle Networks. It can be useful for dApps because of its 5-second block time – it will make transactions more responsive than the current Ethereum network.After the team reduced the hard cap from $25 million to $12.5 million, the project now has a low hard cap for a blockchain protocol. If the project becomes successful, the potential can be substantial – the valuation of all the major blockchains are orders of magnitude higher than that of Oracles Network.
Concerns:Since the main advantage of Oracles Network is speed and scalability, if Ethereum is able to scale according to the roadmap and through off-chain solutions, the attractiveness of Oracles would be reduced dramatically.All validators of Oracle Networks are US residents. Although they are independent, it might not be decentralized enough in the eyes of some.POA is not an ERC-20 token, so it may take a longer time for exchanges to list it as some integration is needed.The Proof-of Authority system is not bullet proof. If the incentives are large enough, validators can still act maliciously even if their identities are known.
Conclusion:Overall, we like this ICO for its short-term potential and are neutral on its long-term potential. Our thoughts of the tokens for short term and long term are as follows:For short-term holdingGood. With the solid team and advisors, and the low hard cap considering it is a blockchain, we believe the project can sell out with unmet demand.For long-term holdingNeutral. We believe the attractiveness of POA coins depends on whether Ethereum is able to scale through on-chain and off-chain solutions. POA coins can be used as a hedge in case Ethereum cannot scale.
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