Oracles POA Network is the very first Ethereum-based public network with Proof of Authority consensus, reached by independent validators. POA Network makes clever contract platform cheaper and swifter than POW predecessors.
Building a service on top of a public blockchain has both high technical barriers of entry and significant upfront costs. As the result, many puny and medium businesses are excluded from adopting and loving the benefits of the blockchain technology.
We are building a public network that combines speed, security, and cost efficiency, previously only available to private networks. We aspire to become a decentralized hub for open networks based on PoA consensus.
We see Oracles POA Network as a very first step towards realizing our vision of horizontal blockchains scalability by creating a swarm of blockchains with Proof of Authority consensus, connected by interledger protocols.
Oracles POA Network is designed as a general application blockchain. I.e. what can be done on Ethereum network, can also be done on POA Network.
Organizations can build their own networks with their own validators based on Oracles POA Network’s ceremony and governance.
Developers can deploy DApps using our PoA framework. We envision the most instant use cases in identity (obviously, because it’s a part of our consensus), crowdfunding, real estate transactions and many more.
But the most innovative use cases are very likely the ones we have not yet thought about.
Proof of Authority
Proof of Authority (PoA) is an alternative consensus mechanism, which does not depend on the knots solving arbitrarily difficult mathematical problems, but instead uses a set of “authorities” – knots that are explicitly permitted to create fresh blocks and secure the blockchain.
Validators on POA Network are the known people who validate the blocks. Proof of Authority means that they stake their identity to secure the network. Their identity is subject to a number of verification requirements, including proof of address and no criminal record.
Master of Ceremony
The Master of Ceremony is the initiator of a network. Using the Ceremony DApp, the Master of Ceremony creates 12 initial keys and distributes them to individual validators. Validators then substitute initial keys with a fresh subset of keys. This initial ceremony launches the network.
Five seconds block time
The network is fully compatible with Ethereum protocol. PoA consensus mechanism, however, permits much quicker block time.
Creating blocks in a PoA network does not require significant computational resources, as in Proof of Work based blockchains.
Validators vote for adding or removing validators using Oracles DApp. Thus, the network supports voting at the consensus level.
Legally recognizable hard fork decisions
All validators are required to sign a legal agreement with the network. Hard fork decisions are legally trussing.
Model for hybrid networks
POA Network model can be used as a blueprint to quickly launch open on-premise networks with intrinsic value.
The network supports a broad range of “proof of identity” DApps and integrates them to proof the identity of validators.
The project announced on Silicon Valley Ethereum Meetup. Very first validators joined the waitlist.
NotaryCoin renamed to Oracles Network. Igor won Consensus 2017 Hackathon with Ceremony DApp.
The network launched on the testnet with 12 independent validators. Initial Ceremony and Governance DApps deployed in production.
Very first projects launch their tokensales using Oracles Network ICO Wizard, a instrument for running a crowdsale on blockchain for non-developers.
ICO Wizard integrated with Parity bridge for the state of the art cross-chain ICO of Oracles Network.
Oracles Network mainnet launched and connected to the exchanges. Coins unlocked in real time using the bridges.
Oracles Network team expanded with other experienced engineers and researchers focusing further on blockchain scalability.
Very first Half, 2018
Numerous PoA based networks connected their DApps using bridges without PoW/PoS predecessors.
2nd Half, 2018
Oracles Networks becomes a platform with numerous PoA networks connected by interledger protocols.
Introducing Oracles Network
Read how Oracles Network approaches blockchain scalability problem.
Introducing ICO Wizard
Launch a token sale for your project, even if you are not a developer.
Interview with Validators
Learn more about validators’ role and consensus on Oracles Network.
Oracles Network Ecosystem
Learn more about horizontal scalability via connected PoA networks.
POA in the Insurance Industry
Learn more about a vision for Proof of Authority in the insurance industry.
Learn more abut Cross-Chain Bridges: paving the way to Internet of blockchains.