Orcfax

Decentralized Oracle Feeds for Cardano. Validating real-world data from multiple sources with full audit logs to deliver authentic & accurate data.

Orcfax is a decentralized oracle service designed to publish data about real world events to the Cardano blockchain. Orcfax data is made available to on-chain smart contracts in Cardano's eUTXO native format using the Cardano Open Oracle Protocol (COOP).

Orcfax collects and validates facts about the real world using multiple, redundant nodes that are run as a decentralized network. Just as imporantly, Orcfax archives standards-compliant audit log packages for the entire oracle publication workflow. This allows Orcfax users to "trust but verify" that Orcfax is delivering authentic and accurate data.

The Orcfax solution has launched by offering currency price-pair feeds but will expand to report on a diverse type of other real-world facts as oracle use cases and their importance beyond blockchain domains becomes more important to society at large.

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Glossary

Oracle

In the ancient world oracles were people through whom the Gods spoke directly to the inhabitants of earth. In the blockchain and crypto world oracles are a service that provides off-chain data to smart contracts running on a blockchain.

On-chain functions, i.e. smart contracts, cannot access real world data on their own. This is problematic when a smart contract is trying to provide the real-time price of financial assets to users, or when it needs to determine the outcome of a sporting event for a gambling protocol, or even when it has been asked to use something measurable in the real world, such as the temperature or quantity of snowfall, in its calculations. Oracles can feed any real world data onto the blockchain for use by smart contracts.

Data is collect it in a variety of ways: APIs, websites, sensors, etc, and can be manual input by humans. This data is collect by nodes and is then passed on to the oracle service that then supplies the smart contract with the data. Having one node supplying data means a central point of failure, and a high potential for manipulation of the data. As a result oracle services usually use a network of nodes to build a consensus of the correct data point and to prevent the data from being manipulated, thereby helping to ensure trust in the data they supply.

On-Chain

These are all the on-chain NFTs, and on-chain NFT collections, that currently exist on Cardano. Many people consider on-chain NFTs to be better, or more special, than off-chain NFTs.

In regards to the on-chain vs off-chain NFT argument, the image represented by an off-chain NFT is found by following a link, typically stored on the IPFS, from the NFTs metadata. This can be changed by the person who uploaded it. The image represented by an on-chain NFT is coded into the metadata and is, therefore, immutably coded into the blockchain's history. This is usually, but not always, in the form a language that your browser understands, allowing your browser to interpret that information and display the NFT.

Audit

Audits are incredibly important in the decentralized and blockchain world and audits are completed on a platforms code, typically by 3rd parties, to ensure that that code is as watertight as possible. Conducting audits before releasing product is a best practice technique and can expose flaws in a protocol before that protocol is released to the public, allowing developers to fix them so that they cannot be exploited by hackers.

When we run on the mantra that “Code is law” then that code needs to be secure so that everyone can be sure that their tokens are safe in the protocols and platforms they’re using. The projects tagged with audit are those that offer or conduct audits on platforms and projects in this space.

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