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What is OracleChain?
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, it can also support smart contract businesses that require high-frequency access to outside data in certain scenarios, such as Robo-Advisor.
Participant Motivation and the Closed Loop of OCT
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 the 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 OracleChainplatform. 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.