1. How is Oracles Network governed?
The Network is governed through the voting process on the built-in Governance DApp. Validators vote and the decision is made by the majority.
2. What are the differences between the Public Notary and validators roles?
Public Notaries are public officers constituted by law to serve the public in non-contentious matters and holding a valid license to prove their right to do so. Validators on Oracles network are people who validate the blocks and secure the netowrk. Being a Public Notary is one of the key requirements to become a validator in Oracles Network.
3. How does one become a validator on the Network?
Candidates apply to become a validator. To be validators on the Network, candidates are required to have an active notary public license within the United States. Verified public notaries undergo the initiation ceremony to receive the keys, allowing them to seal the blocks and secure the network. A concerned third party can check validators’ identities using open data sources and ensure that each validator is a good actor with no criminal records.
4. How many validations are needed for the Network to function?
The network will start with 12 validators on the testnet and 25 validators on the mainnet. But the number of validators can grow. There are public networks with one hundred of validators, e.g. Lisk.
5. Is 12 -final and constant number of validators? If so, why such number?
In Kovan Ethereum testnet there are ten validators on PoA network. We decided to start with 12+1 in the testnet which is a magic number. The mainnet will run with 25 validators. We don’t have the strict requirement to have an exact number of validators from the protocol level. The number of validators determined by human heuristics.
6. What incentivizes validators to perform their functions?
Monetary reward: for each generated block, a validator who created it will get one coin and all fees for transactions.
7. What are the costs of running a validator node in production?
The cost of running a validator node in production might vary but currently is approximately $100 a month.
8. What insures that validators do not act in their own malicious interests?
Validators are not incentivized to act in their own malicious interests, because their identities are visible. When noticed, malicious validators will be removed and replaced.
9. Do validators rotate? If so, how?
Validators are free to stay for as long as their notary license is valid, unless other validators decide to remove them from the list for inactivity or misbehavior and vote to do so via the governance DApp.
10. How is the initial ceremony conducted? Who is the Master of Ceremony? How is he chosen and by whom? How people in various parts of the US get together for it?
The Master of Ceremony is the initiator of a network. Using the Ceremony DApp, the Master of Ceremony will will create the initial keys and distribute those keys to individual validators. Each validator will change his/her keys to a new set of keys using the DApp. After the initial distribution of keys, an additional validator can be added through the voting process on the built-in Governance DApp.