What is ORAO Network (ORAO) | What is ORAO Network token | What is ORAO token

What is ORAO Network (ORAO) | What is ORAO Network token | What is ORAO token

The oracle space is now coming up on five years old, with each generation of oracle platforms innovating on the last. Even the most popular platforms, however, suffer from a few weaknesses. In particular, the range of data they oracles can sell is very narrow, confined almost entirely to financial data — mostly price feeds. Because transaction size also comes at a significant premium, even the financial data oracles provide tends to be very shallow. What is ORAO Network (ORAO) | What is ORAO Network token | What is ORAO token

What is an Oracle?

Smart contracts allow for some really cool stuff. You may have heard of Uniswap, or of decentralized exchanges in general. These are a particular kind of smart contract that allow us to eliminate middlemen (Like Coinbase, Binance etc), and so take away the need for trust in some central authority. You know that you get a fair trade not because there is abroker sitting in the middle matching orders, but because that’s just what the smart contract does. It plays fair, always. And if you are a programmer, you can examine the code for yourself and see exactly how it works.

However, smart contracts do have some significant limitations. Being constructs that exist entirely on the blockchain, they can’t reach out into the world outside. It’s like a one way mirror. We can see what happens on-chain, but nothing on-chain can look back. Anyone can print information in a transaction in the next block, but the problem is anyone can do it, and the smart contracts on-chain can’t verify that the information is true. You can sign information with a private key, of course, and a smart contract could be written to go “Ah yes, I do trust Bob, and he says the price of Bitcoin is $55,480.” But… Now we’re back where we started. Our decentralized, trust-less smart contract requires trust in a central authority.

And this is where oracles come in. Oracle networks create a data marketplace where, instead of trusting a single, arbitrary authority, anyone can participate in the buying and selling of data. You can still lie… but now you lose money if you do. To become a data provider you have to put up a stake; a big pile of tokens that can be confiscated if you try to cheat. On the other hand, if you provide good data you can get paid for it.

Different oracle platforms have different mechanisms for how all of this works. In ORAO’s case, the network compares the data you provide to the data everyone else is providing, as well as the data you have provided in the past. If one data provider suddenly makes a sharp turn that nobody else does, that’s flagged as suspicious data, and then things go from there.

What makes ORAO special?

The oracle space is now coming up on five years old, with each generation of oracle platforms innovating on the last. Even the most popular platforms, however, suffer from a few weaknesses. In particular, the range of data they oracles can sell is very narrow, confined almost entirely to financial data — mostly price feeds. Because transaction size also comes at a significant premium, even the financial data oracles provide tends to be very shallow.

ORAO solves this with the addition of Predefined Data Protocols. Instead of having fixed protocols that provide only the same data product over and over, our platform allows data providers to choose between a variety of different protocols — from narrow price feeds to more detailed market data to non-financial data. With ORAO oracles can credibly and in a standardized way support data products for anything from weather data to cancelled flights to the outcome of a specific football match.

Technology

Providing Data to any Blockchain

One of the most restrictive limitations of Blockchains is that they are self contained and isolated from the Internet, in general and from each other.

By creating our own blockchain based on Polkadot's substrate, ORAO is able to provide gateways to virtually every blockchain out there, provide secure data at high speeds and with maximum scalability. ORAO enables data providers to curate custom data solutions for any requirements.

Our data providers can curate custom data solutions for any requirements.

CONSUMERS PROTECTION

Stale or Malicious Data Identification

The ORAO network incorporates a custom built neural net that constantly monitors data feeds and is able to predict reliability of individual data providers.

By analyzing data in real time and comparing feeds to past trends ORAO can identify stale or malicious data as it is pushed, protecting consumers and ensuring the highest standards are always met on our network.

PERSONALIZED APPROACH

Extensive Data Formats

One of the main advantages of ORAO is the ability to support a much wider variety of data formats than earlier Oracles.

By creating Data Protocols, we force data normalization into useful formats, and also create categories outside of Finance.

Use Cases

We are building this for the real world. With ORAO, data providers can offer feeds and other data products for everything from esports and local weather data to traditional financial markets

Esports

By providing the outcome of an esports match we can fuel dapps without involving a third party. Smart contracts can be set up which query oracles after the end of a match to find out the outcome and then distribute payments accordingly

Weather

Similarly, an insurance contract can insure a farmer against years of low precipitation - easy enough for a smart contract to query data providers and find out how many inches of rain have fallen between two dates in a particular region. If there has been a drought, payments can be made directly without delays for insurance company claims adjusters to inspect the farmer's yields

And much more

Earlier Oracle platforms have understandably focused on financial data; mainly price feeds, due to technical limitations. ORAO introduces Data Protocols, which enable a large variety of new data products for providers to sell

Try It Ou

Cross-Chain Interoperability through Polkadot

In addition, ORAO is built from the ground up to support data transfers from one blockchain to another. If a smart contract on Ethereum wants information that is available on EOS, ORAO allows for oracles that can provide that. With the explosive rise of DeFi (Decentralized Finance), and the scaling and fee issues experienced on Ethereum now, it seems clear the demand for cross-chain transactions will only become more popular with time. To offer the best possible support for this, we chose to build ORAO to be native on Polkadot, where we will run a parathread. Building for this interoperability from the very beginning gives ORAO an incredible headstart, compared to older oracle platforms that started out only on Ethereum and decide to pivot later on to multi-chain support.

Have you, uh… Have you seen transaction costs on Ethereum lately? It’s… not good.

Don’t get us wrong, it’s extremely cool that DeFi has grown to the point where the market is so hot people are willing to pay a hundred bucks to trade on dexes. But it’s not ideal.

When we started planning out ORAO, it was apparent to us that there likely will not be a one smart contract blockchain to rule them all. The future is interconnected, and the networks that make it will be those that support many chains, and interactions between chains. And Polkadot is a fantastic base layer for networks that want maximum interoperability. Thus, ORAO is built from the ground up for Polkadot. This means we will be able to support Ethereum, and EOS, and Kusama, and Tron, and any other chain where we see demand. With Polkadot we will have the best possible cross-chain interoperability, in speed, scaling and security all in one.

Chains like Ethereum will improve their scaling, of course. Layer two solutions, sharding and Ethereum 2.0 will massively increase the throughput of the Ethereum network, and other chains will follow. But with the exponential growth we have seen in crypto and especially in DeFi, it seems incredibly obvious that scaling will be an ongoing issue for many years to come. With the wealth of variety in data protocols ORAO can support, we also expect data buyers and providers to take advantage of our interoperability and utilize chains where transaction costs are lower at the moment to process more complicated data products. The future is going to be interesting indeed.

Predefined Data Protocols

Transaction size on blockchains like Ethereum come at a significant premium, so both data providers and data buyers have strong economic incentives to keep data products as slim and shallow as possible. If you ask for the price of Bitcoin as a trader, you generally want to know some fairly rich information. What’s the price of Bitcoin on Binance? And on Coinbase? Huobi? If I sell 1000 BTC in one go, how much slippage would that produce? What’s the trading volume like, hour to hour? As a trader you can get all this information quite easily through APIs from all the exchanges you care about. Try putting all this information on the blockchain while paying gas fees for every byte of data though and things get… prohibitively expensive. So when a smart contract asks oracles for price feeds, they typically get very shallow information.

And much of the time, that’s fine. Market forces are what they are, and oracles and smart contracts are designed accordingly. However, with the explosive growth of DeFi, the dearth of more complex data products is quickly becoming a limiting factor. ORAO’s solution to this is to create a library of many different Predefined Data Protocols. With ORAO the network is able to accommodate any number of variations on data protocols. If there is market demand for a specific package of data, that package can be turned into a data product.

The same design that allows for a rich variety of different financial data products also opens the door to non-financial data. Our data protocols can accommodate anything from esports tournament outcomes to seasonal precipitation levels in your area of choice, or even ads-b and other flight data picked up from the data provider’s personal location. Lack of oracle support is becoming a serious bottleneck on the growth of DeFi — and ORAO is here to fix it.

Machine Learning powered Reputation Scores

So the problem with pure reputation systems is that they can only account for what data providers have done in the past. If you tell the truth 100 times and then lie the 101st time, most reputation systems will give a big seal of approval for you to stick on your lie. Now, your lie will get exposed afterwards, of course, but this means that there is room for an attacker to play it straight for a long time, making a modest profit as a normal data provider, while at the same time looking for an opportunity to deceive a buyer in a way the seller can exploit for their own ends. If a big bet is riding on who won the latest Starcraft tournament, a betting smart contract can be fooled by fabricated data, resulting in payouts to people who should have lost, and money lost for people who should have won.

Earlier oracle networks have some protection against this in the form of a stake that data providers have to put up. Get caught lying and lose your stake. That’s certainly a disincentive, but it only means that the seller has to look for an opportunity to target a richer victim.

ORAO has developed a new approach, with the aid of machine learning. Using TensorFlow, the ORAO network maintains neural nets that calculate trust scores based not only on past accuracy but also on the data on its own merit. Incoming data products are judged based on not only what the data provider has provided in the past, but what other providers are saying as well.

These neural nets are initially trained by our developers. This allows new data protocols to be deployed quickly and immediately benefit from a robust reputation system, but after that data produced by oracles is used.

Auctions

Data is not always so easily divided into strictly good or bad. Our neural nets grade data based on intent, of course, but it also leaves room for factors like freshness. If two data providers always tell the truth but one of them consistently has two seconds older data than the first, a reputation system should account for that. At the same time we can hardly call the slow oracle here bad and be done with it.

For this reason, ORAO has an auction system, where data providers can carve out their own place in the market based on just how good their data is. Some buyers will always want the fastest, most accurate data they can get, and are willing to pay a premium for it. For others the requirements are less stringent. When you need to know who won the White Sox game yesterday, two seconds of extra ping isn’t really a factor, so you’ll usually go with whoever is supplying data more cheaply. If you’re about two drop 1000 wrapped BTC on Uniswap, well now we may want our information to be as up to date as possible, even if it costs a few extra DAI.

So ORAO sorts data providers into tiers based on their reputation scores, creating a market where buyers can choose providers according to their own priorities.

Cross-Chain Interoperability through Polkadot

Have you, uh… Have you seen transaction costs on Ethereum lately? It’s… not good.

Don’t get us wrong, it’s extremely cool that DeFi has grown to the point where the market is so hot people are willing to pay a hundred bucks to trade on dexes. But it’s not ideal.

When we started planning out ORAO, it was apparent to us that there likely will not be a one smart contract blockchain to rule them all. The future is interconnected, and the networks that make it will be those that support many chains, and interactions between chains. And Polkadot is a fantastic base layer for networks that want maximum interoperability. Thus, ORAO is built from the ground up for Polkadot. This means we will be able to support Ethereum, and EOS, and Kusama, and Tron, and any other chain where we see demand. With Polkadot we will have the best possible cross-chain interoperability, in speed, scaling and security all in one.

Chains like Ethereum will improve their scaling, of course. Layer two solutions, sharding and Ethereum 2.0 will massively increase the throughput of the Ethereum network, and other chains will follow. But with the exponential growth we have seen in crypto and especially in DeFi, it seems incredibly obvious that scaling will be an ongoing issue for many years to come. With the wealth of variety in data protocols ORAO can support, we also expect data buyers and providers to take advantage of our interoperability and utilize chains where transaction costs are lower at the moment to process more complicated data products. The future is going to be interesting indeed.

Token Economics

The ORAO token and its role in the data marketplace

The ORAO utility token is the heart's blood of the ORAO network. It serves as its central unit of staking and exchange. Anyone wishing to become a data provider or data buyer must stake an amount of tokens, and payments for data are made with the token as well.

We have made the conscious decision not to allow data providers to artificially inflate their reputation score by holding more tokens. A top score should indicate the best possible data reliability, and nothing else. However, an incentive does exist for large holders to keep their full stake in the form of increased visibility within the provider's own tier.

The ORAO network operates cross-chain through Polkadot, thus data providers must stake tokens on every chain they wish to operate on. A data provider who wants to sell the same data on both Ethereum and EOS, for example, must stake tokens on both chains.

Token Supply, Distribution, Vesting

There will be a total supply of 1,000,000,000 ORAO tokens. 290 million of these were allocated to private sales in the early days of the project, with another 66 million earmarked for the presale. Network incentives exist in the form of 200 million tokens in Validator rewards, 60 million in Customer rewards, as well as 50 million set aside to ensure liquidity and 33 million in reserves. The Team and Advisor/Partner allocations are 200 and 100 million, respectively.

Network incentives and team/advisor allocations are subject to a 3 to 18 month lockup, as shown above. They are further subject to a vesting period, as are private sale tokens.

Immediately following the Token Generation Event the circulating supply will be 36,250,000 tokens. For the purpose of token sales the market cap evaluation at that time will be a modest $543,750, with a token price of $0.015 USD. However only the market can determine prices from there.

Would you like to earn TOKEN right now! ☞ CLICK HERE

How and Where to Buy ORAO?

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)...

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

After the deposit is confirmed you may then purchase ORAO from the Website IEO at Mar 23, 2021 - Mar 25, 2021 : https://orao.network

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once ORAO gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money https://www.binance.comhttps://www.bittrex.comhttps://www.poloniex.comhttps://www.bitfinex.comhttps://www.huobi.comhttps://www.mxc.aihttps://www.probit.comhttps://www.gate.iohttps://www.coinbase.com

Find more information ORAO

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🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds

Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

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