Oracles Network. News and Updates #1

#1

Hello,
thank you for participating in this grand experiment.

We are starting to publish updates weekly until we launch the live network.

General news:
a. The network was renamed to “Oracles” in a short form and to “Oracles Network” in a long form. “Notary Coin” is obsolete and we will replace all mentions of it.

We received several suggestions from lawyers and people from industry to rename the network and to not have a “notary” word in the name. In some states, notaries can not promote their services which are not related to their notary duties with mention of their notary license. We will work on this subject with our legal advisers. In the Oracles Network, validators create blocks and do not perform any notary actions.

b. We bought an old (Est. 2004) premium domain name oracles.org and waiting to get it on our hosting. The forums will be moved to https://forum.poa.network and will be available by the old name forums.notarycoin.com

c. We are creating the new website, and you can preview it on https://oracles.netlify.com. Please let me know in comments if you’d like to help with translations to other languages and proofreading.

d. Igor presented Ceremony dApp on the famous Consensus Event in NYC and presented the network on Ethereum NYC meetup. Here is a video from the Consensus event: https://www.youtube.com/watch?v=PEEGVsduYLI

Distributed Apps:

We created working prototypes for:
a. Initial key distribution dApp, where validators will exchange initial keys to a set of keys only they know
b. Voting dApp, where validators will vote for adding or removing additional validators
(i) a video with a creation of a ballot process https://youtu.be/5DByNih22kw
(ii) a video with replacing the initial key to production keys https://www.youtube.com/watch?v=kR7Ei399VTQ

Roadmap:

June 2017 - work on dApps, templates for virtual machines, documentation, website, whitepaper
July 2017 - prepare and start a test network
August 2017 - work on “proof of identity” oracles, preparation for main network ceremony, recruit more notaries
October 2017 - start the main network

One more thing. Token offering:

We have a plan to make a token offering of the main network to

  • provide initial liquidity to the network
  • sponsor bounties
  • support legal and security audit
  • support the R&D team
  • attract advisors

First twelve validators in the network will get additional tokens when we launch the main network. Details will be provided in the token offering doc soon.

We will work with the industry leaders to make this process compliant with all governing laws.

Cheers,
Igor and the team

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#2

Cool, glad to see this moving along and am excited by your timeline. Just wanted to give a quick update that I am now officially a Notary Public in the state of Utah! Excited to see this continue to move forward :slight_smile:

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#3

Thanks for the updates, big news!I like the new name, makes sense to change it.

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#4

How will we store the production keys?

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#5

When you set up your mining node, you will use your mining key and a password in a wizard, and the key and the password will be stored on an encrypted partition of your mining node.

I recommend storing a copy of the key in a secure container, e.g. 1Password or LastPass. Do not store the key in your ~/Downloads/ folder.

The voting key you can store in your local Parity client. We will provide it as a Docker image with predefined apps for the Initial ceremony and Voting.

The payout key you can store on a secure hardware device, such as Ledger or Tresor.

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#6

Nice, LastPass is very easy, thanks.

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#7

I LOVE the new name and branding! “Oracles” and “Oracles Network” sounds great, and it is a name that can really grow with a company.

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#8

Exciting updates and I like the new name! Where in the roadmap does the token offering actually occur?

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#9

Gerry, thank you. It’s not decided yet; I’ll keep you updated. If it happens, it will be near the launch of the main network. In any case, I plan to include a reward for the first validators in the genesis block.

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