Abstract of project whitepaper

As the world’s first application built on an EOS ecosphere, OracleChain needs to meet the demands of the Oracle (oracle machine) ecosystem by efficiently linking blockchain technology services with various real-life scenarios, thereby delving into this immense tens of billions of dollars valuation market.
As a decentralized Oracle technology platform based on the EOS platform, the autonomous Proof-of-Reputation & Deposit mechanism is adopted and used as a fundamental service for other blockchain applications.
In addition to Oracle services that provide real-world data to the blockchain, Oracle services that provide cross-chain data are also offered. Given that OracleChain can accomplish the functions of several prediction market applications, such as Augur and Gnosis, OracleChain can also support smart contract businesses that require high-frequency access to outside data in certain scenarios, such as Robo-Advisor.
OracleChain will nurture and serve those blockchain applications that change the real world. Our mission is to “Link Data, Link World,” with the aim of becoming the infrastructure linking the real world with the blockchain world.
By achieving intra-chain and extra-chain data connectivity, we aspire to create a service provisioning platform that can most efficiently gain access to extra-chain data in the future blockchain world.

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Business background

Currently, the majority of public chain projects fall into the type that the entire business process exists only within a blockchain, and the interaction with extra-chain information is not needed. However, in the process of blockchain technology development, particularly the development of smart contract technology, the interaction of intra-chain and extra-chain data is required in many application scenarios. For those blockchain applications that aim to serve the real world, obtaining external data to trigger the logical judgment of smart contracts is necessary. Applications such as decentralized trading market systems, decentralized insurance systems, various prediction market systems, and instant compensation systems for flight delays fall into this type. These applications require an oracle machine to obtain real-world data to perform smart contracts. If the EOS platform opens the possibility for an efficient blockchain, then OracleChain further strengthens it by providing extra-chain data for blockchain applications to bridge the data chasm separating the real world and the blockchain world and to break down data barriers among different blockchain applications. OracleChain will invigorate the blockchain community, thereby generating more possibilities.

Innovation

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With the excellent features of EOS, OracleChain can achieve a high throughput, efficiently provide Oracle data service, and ensure high processing capacity and low latency data services for blockchain applications, which make financial applications such as Robo-Advisor possible.

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OracleChain will use an effective reward and penalty mechanism with the aim of stimulating data feeders to provide effective data feed service. All the data feeders, which regularly participate in data feed, will attain a high reputation and be rewarded with OracleChain Tokens (OCT). Conversely, irregular or fraudulent data feeders will have a low reputation and lose the OCT risk fund they deposited in the OracleChain platform. Through this double-effect mechanism, which we refer to as Proof-of-Reputation & Deposit (PoRD), OracleChain will effectively defend against hostile data feeders, which could affect the actual results of Oracle through malicious data feeds. Clients need to pay in OCT to have access to services, thereby achieving the closed-loop circulation of OCT within OracleChain.

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OracleChain will use data as a tool to connect the world and bridge the data chasm separating the real-world and blockchain applications, which will ensure connectivity between data in the real world and data in the blockchain world to promote the overall prosperity of the blockchain ecosystem.

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OracleChain proposes the concept of “value of data” in blockchain. OracleChain also provides data service for blockchain applications and charges data consumers, thereby reflecting the value of data.

Project value

Global initiative

As the only application currently known to face the Oralce needs of the EOS blockchain ecosystem, OracleChain will serve the entire ecosystem and provide common data services for large-scale commercial blockchain applications.

Broad market

In the future, a rich ecosystem will form around the blockchain, and the future demand of the Oracle market will increase dramatically. OracleChain will directly face this demand, and plough this huge market worth tens of billions of dollars.

Infrastructure building

As a data service platform of the blockchain, OracleChain strives to become a data service infrastructure in the blockchain ecosystem.

Ecological network

OracleChain will also actively participate in community ecological construction as the ecosystem infrastructure and try to promote the common prosperity of blockchain ecology. The basic services provided will not only support prediction market applications such as Gnosis, Augur, etc., but also can help to develop blockchain applications with higher frequency of intra-chain and extra-chain data exchanges.

Development Roadmap

Time line
The specific development plan is subject to the progress of the R&D work of the EOS, and the OracleChain team will make adjustments accordingly.
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