Blockchain and cryptocurrencies have made information open, uncensorable, and completely trustless. With transparency, there’s been increased scrutiny, and information that is factually incorrect can be pointed out, eliminated easily since the majority of the nodes or miners will not agree on the data.
However, the trustless nature of blockchain is its Achilles heel when the information comes from outside the network. The input from an off-chain source can be fake or manipulated and the blockchain consensus people would not be able to tell on its authenticity.
Orao: Oracle for Blockchain
Oracles are data providers that give input on a variety of information to different data requesters. Since blockchain networks are closed in terms of data, the use of oracles for running services and systems that rely on external data is a must.
For example, a DeFi service that allows people to use synthetics to represent traditional shares, such as a Tesla stock can easily trade, but the token’s value is derived not from the simple internal supply and demand mechanism, but from Tesla’s real-life stock value. The platform in question would need to rely on an external mechanism that connects with the database and keeps the Tesla share value updated. This critical single point can be the greatest failure as the information feed can give an incorrect value, collapsing the entire trading ecosystem. Secondly, the potential of a good oracle system that can provide a variety of data feed remains untapped, meaning the real possibility of blockchain platforms exploiting their efficiency for real-world applications is limited.
This is where Orao steps in to create predefined Data Protocols. Each type of data will have its own protocol, creating a data feed mechanism that is created perfectly for it. Each type of data requires a different data structure that is optimized according to its use. This ensures that Orao not only provides the right type of data, but the protocols can be created easily for any kind of data set, thus allowing for any kind of external information to be connected to blockchain systems.
TensorFlow on Orao
While the different types of data feed are solved, the problem of authentic data input still remains. The traditional approach (in a blockchain sense) has always been to use game theory and only oracles that stake tokens to the network are allowed to push data. The concept is that since they have a stake, they will not feed manipulated data as they will lose their investment. The concept seems to work on paper, but there are times when pushing fake data can have far more profits than losing their stake, potentially allowing exploitation by the oracles in these circumstances.
Orao counters this issue by using the neural network TensorFlow. TensorFlow is an open-source neural net that Orao leverages to analyze and filter the flow of information. TensorFlow can check the data using a number of different factors, such as disparity in data sources, historical analysis, etc. The neural net compares the vast data and is able to identify suspicious data and flag, allowing the whole network to become aware that a specific source is not to be trusted unless the issue is resolved. This way, malicious parties will be identified even before they are able to manipulate the network to their advantage.
At the same time, it will also be able to identify data providers that give authentic information, but with delays. These providers will be pushed to update their data more frequently, leading to the overall input in the Orao network as fresh as possible.
Cross Chain & Practical
An oracle, as sound and accurate as it might be, is of limited use if it is contained within a network. Ironically, decentralized networks are information silos as they work independently. Countering this, Orao has used Polkadot’s Substrate to run their own part thread. This allows Orao to leverage the interoperability feature of Polkadot and use oracle gateways to give data feed to other blockchain networks such as Ethereum, EOS, Cosmos, and Binance Smart Chain.
The easily buildable Data Protocols mean that Orao can be used for any kind of oracle data. Think beyond the crypto economy. Weather data to predict the outcome of sporting events, weather information for farmers and the aerospace industry, even helping marketing companies define the perfect time to start different campaigns – the possibilities are endless.
Powering the Orao Network is their utility token Orao. A total of 1 billion tokens will be created, the limited tokens creating a deflationary economy. 390 million tokens will be available through their public TGE, while the rest of the tokens will be locked up for future development programs, bounties, incentives for network operators etc. Leveraging the power of machine learning and having cross-chain operability along with its decentralized nature means Orao is an oracle that is secure, has advanced data authenticity features and is set to become the de facto oracle network for blockchain platforms all over the world.