What Is ORAO Network (ORAO)?
ORAO is a data-agnostic cross-chain oracle based on Polkadot (DOT). The developers claim that their platform can provide a wide range of secure, high-speed, real-time scalable data for any blockchain.
The network can deliver customizable and secure data streams at high speed. Users can get data for anything via ORAO's feeds, including weather, e-sports and other physical events. Data providers can choose their own custom data streams. Additionally, the ORAO Network supports an extended range of data formats, compared to earlier types of oracles.
The company itself and the principal solutions of the ORAO Network launched in summer 2020. These include cross-chain interoperability with Polkadot, predefined data protocols, machine learning with TensorFlow, and an auction system and reputation.
Who Are the Founders of ORAO Network?
Nikola Strahija is the founder and CEO of ORAO Network. In 2015, Strahija supplied data to Fortune Top 20 companies. In 2017, he co-founded a website for indexing cryptocurrencies.
Dr. Andrey Zienko is the CTO of the company. After graduating from Moscow State University with a Ph.D. in physics, Zienko has worked on business intelligence using big data and AI technologies.
What Makes ORAO Network (ORAO) Unique?
One of the main issues with current generation oracles identified by the ORAO team are the relatively narrow data ranges that can be sold. For the most part, it’s financial data such as price flows.
ORAO has introduced predefined data protocols as their solution. The platform allows data providers to choose between different protocols instead of being limited to fixed protocols that only give access to the same data product. Thus, oracles are capable of standardized support for any information products from weather data to the results of a specific football match to flight bookings and so on.
ORAO supports cross-chain data transfers between blockchains. The demand for cross-network transactions is increasing due to the growth of the decentralized finance (DeFi) space coupled with the limited scalability of Ethereum’s (ETH) blockchain. ORAO was built on the Polkadot platform, offering it a higher performance compared to Ethereum-based oracles.
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Deepen your crypto knowledge with the CoinMarketCap blog.
How Many ORAO Network** **(ORAO) Coins Are There in Circulation?
The ORAO utility token is the key element of the platform’s cross-chain-driven network. If data providers want to work on a certain chain, they must place tokens on it. When there is a need to sell the same data on both Ethereum and EOS, they need to place tokens on both chains.
The ORAO tokens are used to pay for data. A user also needs to stake a certain number of tokens to become a data provider or buyer.
The maximum supply of ORAO is 1,000,000,000 tokens. The total supply is divided as follows: 20% to the team, 34% to the foundation, 10% to the advisors, 9% to the seed sale, 10% to the private sale, 16% to the public sale.
How Is the ORAO Network Secured?
Oracle networks like ORAO create economic incentives for providers to deliver legitimate data to smart contracts in a decentralized manner.
To protect the interests of the consumers, ORAO developers propose to create a neural network that will detect outdated or malicious data. It will constantly monitor information flows and predict the reliability of individual data providers.
Where Can You Buy ORAO Network** **(ORAO)?
As of May 2021, ORAO trading is available on the following exchanges:
Read our detailed guide on how to buy Bitcoin and other cryptocurrencies.
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