OracleChain is a multi-blockchain decentralized Oracle technology platform. It adopts an independent PoRD mechanism to introduce real-world data into the blockchain and use it as an infrastructure to provide services for other blockchain applications.

OracleChain will provide Oracle services for real-world data within the blockchain, and also provide Oracle services for cross-chain data. Based on OracleChain, in addition to realizing the functions of prediction market applications such as Augur and Gnosis, it can also support smart contract businesses that require higher frequency access to off-chain data, such as smart investment and other scenarios.

OracleChain will change the current development model of blockchain applications, establish a new ecosystem, and serve blockchain applications that can truly change the real world.

The mission of OracleChain is to "connect the world with the blockchain", and it is determined to become the infrastructure linking the real world and the blockchain world. It will be the most efficient service provider platform for obtaining off-chain data in the future blockchain world.

Project Introduction

OracleChain (Ouchain), as an application built on the EOS ecosystem, will directly meet the Oracle (oracle machine) needs of this ecosystem, and directly and efficiently connect blockchain technology services with various demand scenarios in real life. Deeply cultivate this huge market with a valuation of tens of billions of dollars. As a decentralized Oracle technology platform based on the EOS platform, we adopt an independent PoRD mechanism to introduce real-world data into the blockchain and use this as an infrastructure to provide services for other blockchain applications. In addition to providing Oracle services for real-world data on the blockchain, Oracle services for cross-chain data can also be provided. Based on OracleChain, in addition to realizing the functions of prediction market applications such as Augur and Gnosis, it can also support smart contract businesses that require more frequent access to off-chain data, such as smart investment and other scenarios. OracleChain will change the current development model of blockchain applications, establish a new ecosystem, and cultivate and serve blockchain applications that can truly change the real world.

Project Features

The governance of blockchain-based systems has always been a relatively difficult problem. Whenever the system needs to be upgraded, a hard fork needs to be implemented, which usually results in a lot of debate and gaming among all blockchain stakeholders. Even something as simple as modifying an arbitrarily set variable in the source code, due to no clear upgrade path, such as the debate in the Bitcoin community over the block size and Segregated Witness mechanism. Reaching such an agreement becomes more difficult, especially when the interests of end-users and decision makers do not align. In fact, there were also some more complex governance decisions, such as fixing a single smart contract bug in "The DAO", which caused even larger problems and caused the community to split.

The biggest cause of these problems is a poorly defined and transparent decision-making process for protocol upgrades or changes. To solve this problem, OracleChain regards its own management as part of its overall consensus. It uses the Oracle mechanism provided by OracleChain itself to make the dispute and negotiation process as efficient and transparent as possible. In addition, the consensus mechanism of OracleChain can be defined by multiple variables, which determine the function of the system, or the adjustment of a certain parameter of the system, such as the basic cost of using Oracle services, etc.

OracleChain's basic understanding of community governance is that the governance strategy is to hand over power to high-reputation nodes (users) on the OracleChain network. That is to say, governance activities of different importance require nodes to reach different prestige levels to participate, that is, users will have different influences on OracleChain according to different prestige levels. For the highest order nodes, limited and supervised permissions may be granted to freeze accounts, update buggy applications, or even propose changes to the underlying protocol.

By setting the variable to be negotiated as Oracle and conducting voting negotiations at different levels in the whole community, OracleChain users can also learn how to effectively improve the protocol. OracleChain's governance strategy can urge nodes to abide by the community's data feed rules, and maintain a higher reputation value as much as possible, so as to maintain a greater voice in community governance. By building and running Oracle instances of potential challenges, we can help the community agree on which version of the code to use. Each user will choose the metric to seek optimization for himself, but the simple default strategy will be to maximize its holding value, and many users will provide the entire OracleChain community with the correct evolution direction by virtue of each user's rational decision.

Application scenario

Prediction market

OracleChain can be applied to prediction markets. Prediction market applications based on OracleChain basic services will provide unique value discovery functions for local and global economies. In the field of blockchain, there are mainly two projects, Augur and Gnosis, that involve data connection outside the chain and within the chain. These two projects both adopt the structure of the prediction market, which means that in order to import an off-chain data into the chain, a series of processes such as community voting are required to form a fair data on the blockchain. The structure of the prediction market is sufficient to support scenarios where the frequency of interaction with off-chain data is low, such as a smart contract for betting on the result of a football match.

However, in those scenarios with high interaction frequency, higher requirements are put forward for the real-time performance of data channels inside and outside the chain. OracleChain can not only support the operation of low-frequency prediction market in the traditional way, but also support many nodes to capture off-chain data from offline in real time, and select a result based on the price feed data provided by the nodes to synchronize to the block chain. In an EOS blockchain ecosystem that includes various application scenarios, a more efficient strategy is needed to replace inefficient offline supervision. Aiming at this problem, OracleChain will be based on the autonomous architecture of the PoRD mechanism to ensure the real-time and accuracy of the in-chain and out-of-chain data connection services.

Insurance market

OracleChain can be used to organize a decentralized agricultural product price and income insurance market, responding to the call of the state to serve the four rural areas.

In the traditional insurance industry, insurance companies assume the intermediary role of absorbing and consuming risks. The emergence of blockchain has made it possible for everyone to see large-scale mutual insurance. However, this self-organized insurance model is difficult to promote due to the limitations of efficiency and risk determination. OracleChain provides a possibility to determine the risk of events, especially in terms of agricultural product prices and income.

Based on OracleChain, various types of smart insurance can be developed specifically for the price of agricultural products, directly connecting contractors and risk takers. The purchase and compensation methods based on smart contracts will greatly reduce the cost of insurance and also reduce the centralized risk of insurance companies. directly allocated to the individual risk bearers.

Robo-advisor

The oracle machine of the blockchain has many application scenarios. Before the smart contract can truly and automatically execute the business logic judgment in real life, the first job is to be able to obtain external data, and then it can be used based on the blockchain. The automatic execution of smart contracts replaces the execution of logical transactions through human participation in traditional society. Robo-advisor, also known as robot financial management, is a virtual robot based on the customer's own financial needs, through algorithms and products to complete financial advisory services previously provided manually. In the field of blockchain, the functions of smart investment advisors are mainly realized through smart contracts. Using the Oracle smart contract mechanism, OracleChain can be used to discover and process the price of investment targets inside and outside the chain, and can establish a decentralized smart investment advisory application. The investment target can be either traditional financial targets or blockchain assets .

Technical advantages

OracleChain platform has four major technical advantages, which are efficiency, compatibility, participation and convenience.

Efficient
With the help of the basic blockchain infrastructure's fine-grained control of block data and good parallel processing optimization, the OracleChain architecture can support second-level confirmation time and strong transaction processing throughput.

Compatible
Based on the cross-chain mechanism of the basic blockchain infrastructure, OracleChain can provide data services for the entire EOS ecosystem, and realize data transfer and intercommunication within and outside the chain.

Participation
Users can participate in the global Oracle consensus system and OCT ecological operation through data feed. The unique governance strategy can urge nodes to abide by community rules, and use the PoRD double-effect mechanism to ensure the normal operation of OracleChain.

Convenience
OracleChain provides a more efficient and practical Service API to facilitate other blockchain applications to use Oracle services.

Token usage

Users need to pay OCT to get Oracle services. OracleChain will use an effective reward and punishment mechanism aimed at encouraging data source nodes (data feeder) to provide effective data feed services. All nodes that normally participate in data feed will receive reputation enhancement and obtain OracleChain’s token OCT (Oracle Chain Token), on the contrary, the abnormal data source node will lose both the reputation and the OCT risk fund mortgaged to the OracleChain platform.

If the smart contract application wants to use the data service provided by Oraclechain, it needs to use OCT to purchase this service. Therefore, the more Dapps that use Oraclechain data services, the higher the value of OCT tokens will be.

Related links:
https://oraclechain.io/
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