Oracles Network

Oracles Network

Created using Figma
Created using Figma
Oracles Network is the first Ethereum-based public network with Proof of Authority consensus, reached by independent validators. Oracles Network makes smart contract platform cheaper and faster than POW predecessors.
Risk: High
Dec 1, 2017
Jan 1, 2018
100% completed
$12 641 032
100% goal completed
past
Nov 17, 2017
Nov 30, 2017
100% completed
Raised funds - no Data
Cap 12 500 000 USD
past
Token Details
Ticker
POA
Accepted Currencies
ETH
Company Details
Registered Country
USA
Additional Details
MVP/Prototype
Yes
Platform
Ethereum
Categories
Platform, Business services

About Oracles Network

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.

Features

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.

Technical Info

Technical details:  Ethereum ERC20 standard token. The source code:  The code is not available. Proof of developer:  Public team.

Oracles Network Roadmap

  • April 2017

  • The project announced on Silicon Valley Ethereum Meetup. First validators joined the waitlist.
  • May 2017

  • NotaryCoin renamed to Oracles Network. Igor won Consensus 2017 Hackathon with Ceremony DApp.
  • August 2017

  • The network launched on the testnet with 12 independent validators. Initial Ceremony and Governance DApps deployed in production.
  • September 2017

  • First projects launch their tokensales using Oracles Network ICO Wizard, a tool for running a crowdsale on blockchain for non-developers.
  • Read More
  • Oct-Nov 2017

  • ICO Wizard integrated with Parity bridge for the state of the art cross-chain ICO of Oracles Network.
  • November 2017

  • Oracles Network mainnet launched and connected to the exchanges. Coins unlocked in real time using the bridges
  • December 2017

  • Oracles Network team expanded with other experienced engineers and researchers focusing further on blockchain scalability.
  • First Half, 2018

  • Multiple PoA based networks connected their DApps using bridges without PoW/PoS predecessors.
  • Second Half, 2018

  • Oracles Networks becomes a platform with multiple PoA networks connected by interledger protocols.

Activity

Activity:
89
LOW
Posts:
71
VERY LOW
Views:
3 269
LOW
Activity:
89
LOW
Merit:
10
LOW
Posts:
37
VERY LOW
Views:
2 852
LOW
Users:
22
LOW
Followers:
316
VERY LOW
Tweets:
1
VERY LOW
Members:
9 298
HIGH
Alexa
Rank:
877 879
LOW
Delta:
-706 588
Year commits:
349
Watchers:
51
Stars:
53
Forks:
47
Open issues:
36

Team

Verified 0%

Attention. There is a risk that unverified members are not actually members of the team

Core Developer
unverified
Pavlo Goncharenko
UI
unverified
Pavel
DApps Developer
unverified
Software Engineer
unverified
Fellow of Vermont Law School, Center for legal inn...
unverified

3 ICOs

$27 771 032

Washington
unverified
Utah
unverified
New York
unverified
California
unverified
Washington
unverified

Last News

3.24
risky+
5.0 5
ICO Profile Vision Activity Potential Product Team

Oracles Network Reviews

crushcrypto.com
review

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 holding
Good. 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 holding
Neutral. 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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