Oracles Network (POA)
Oracles network is a network that is cheaper and faster than the POW predecessors. It is the first ever Ethereum-based public network that has Proof if Authority consensus reached by independent validators. The aim of Oracles network is the build a public network that combines security, speed and cost efficiency with the aim of solving the problem that people face when building a service on top of a public blockchain. The network aspires to become a decentralized hub for all open networks that are based on POA consensus.
Oracles network use cases
General public blockchain
Oracles network is designed in a way that the general public can use it. It is a general public blockchain where anything can be done on it. Any task that you perform on an Ethereum platform can also be done on the Oracles network.
Build your network
Organizations and individuals can build their networks using the validators based on the oracles network’s economy and governance.
Developers can use the PoA framework to deploy DApps. Oracles network envisions the most immediate use cases in identity, crowdfunding, real estate transactions and much more.
Oracles network features
- No mining: the Proof of Work is based on the blockchain technology. Creating blocks on the PoA network is not based on any blockchain, which means it does not require significant computational resources.
- 5 seconds block time: the network if fully compatible with Ethereum protocol which allows for faster block time.
- Built-in governance: validators can vote to add or remove validators using the Dap.
- Legally recognizable hard fork decisions: all validators must sign a legal agreement with the network to ensure legal binding.
- Supported DApps: the network supports a broad range of DApps and integrates them to prove the identity of validators.
Oracles Network Video Explanation
The products that oracles network offer
Oracles network provide users with validators who are known for their ability to validate the blocks. They stake their identity using Proof of Authority to secure the network. The validators identity so subjected to some requirements like no criminal records and proof of address.
Masters of ceremony
The initiator of a network is the master of ceremony, using the ceremony DApp. It can create 12 initial keys and distribute them, to validators who in turn replace them with a new subset of keys.
Proof of Authority
PoA is an alternative consensus mechanism. The mechanism does not depend on the nodes arbitrary to solve a difficult mathematical problem but uses a set of Authorities. The nodes create new blocks and secure the blockchain.