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.
“One of the immediate use cases for cross-chain bridges is a cross-chain tokensale, a new way to conduct crowdsales,” said award-winning blockchain expert and Oracles Network co-founder, Igor Barinov. “In this scenario, we create cross-chain crowdsale contracts, collecting funds on the main Ethereum network while issuing tokens on another, more performant and cost-efficient Ethereum-compatible network. This brings to life new types of interactions between blockchains.”
POA (Proof of Authority)
On March 6, 2017, a group of blockchain companies announced new blockchain based on Ethereum protocol with Proof of Authority consensus. Spam attack on the Ropsten testnet was the reason to create a new public test network. This network was named Kovan, for a metro station in Singapore, where companies who founded the network are located. It is a common name convention for Ethereum test networks, for example, Morden, Ropsten, and Rinkeby are names of metro stations.
Oracles Network is a new solution for horizontal blockchain scalability, the uses consensus by respectable individuals to make blockchain accessible to any size business. Oracles network is open, public based on Ethereum Protocol with Proof of Authority Consensus which by independent preselected validators. Validators serve as authorities who secure the network and seal the blocks, there are no individuals with active notary public lay sense, that means that all the information is in the public domain and any third party can check the right identity. With no mining and stake required Oracles Network makes smart-contract platform cheaper and faster then any other blockchains. Oracle Network is designed as a general application blockchain with built-in on chain governance. Developers can create their decentralized apps.
Token Sale – KYC verification
All the participants who made it to the whitelist (no matter which tier) will be notified by email with details on KYC process two-three days before the sale start.
As POA token is considered a utility token and network will be launched during the sale, Oracles Network accept contributors from most countries, including the the USA and China.
If you want to update your Ethereum address for the token sale, you will able to do so during KYC process.
17 November 2017 Important Updates
“Oracles POA Network tokensale is officially over.” Bitcointalk Forum.
That is remarkable day for cryptocurrency community. Oracles Network sold during pre-sale POA tokens worth~12,000,000 USD in 56 seconds to 112 participants. Oracles Network is discussed in a lot of public and private cryptocurrency community channels by investors, enthusiasts, traders that is the most awaited ICO of this quarter, a lot of investors is waiting for POA token to be listed on exchanges. Our Digital Price table will be updated, and we expect that Oracles Network will take a top spot.