Standards-based Cardano oracle

Orcfax is an oracle designed to publish real-world data to the Cardano blockchain for use by smart contracts. The project is currently in a R&D phase which is being led by Peter Van Garderen and his development team. Orcfax is receiving additional design and development support from the Cardano experts at Mlabs. The first Orcfax fact statement feeds will go live on Cardano Mainnet in Q1 2023.

Peter Van Garderen is a software developer and professional archivist. He holds a graduate degree in archival science and a distinguished alumnus designation from the University of British Columbia’s Information School. Dating back to medieval times, the archival profession has maintained standards and practices for protecting and demonstrating the authenticity of documents and information resources. Peter is a pioneer in developing free and open-source software systems that implement these standards for trustworthy archival repositories.

Peter is the founder of Artefactual Systems, a bootstrapped free and open-source software company based in Vancouver, Canada. Artefactual Systems provides development and hosting services for the hundreds of trusted memory institutions worldwide that have deployed the Archivematica and AccessToMemory solutions that he developed. Peter has lectured widely on archives technology and has coordinated an international academic research project on the authenticity of digital records.

Peter is also a long-time decentralization advocate and researcher, building prototype tools for both the Bitcoin and Ethereum blockchains. He has spoken on applying archival principles to Web3 technology at the first Decentralized Web Summit hosted at the Internet Archive in 2016. In 2020, he led development teams that won several Filecoin hackfests.


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Orcfax

<p style="margin-left:0px;">A comprehensive understanding of blockchain empowers individuals, developers, and organizations to leverage the technology’s distinct, decentralized capabilities. This awareness not only facilitates engagement with the broader ecosystem but also encourages active participation in its development. Consequently, the Cardano Foundation consistently advocates for and engages in educational endeavors, aiming to demystify blockchain and decentralization concepts for a broad spectrum of stakeholders.</p><p style="margin-left:0px;">During last year, the Foundation continued to engage with post-secondary institutions and generated community discussions through efforts like the “Let’s Talk Cardano” webinar series. The Cardano Academy also stands as a notable example of furthering an understanding of blockchain technology.</p><h2 style="margin-left:0px;">Delivering blockchain education</h2><p style="margin-left:0px;"><img src="https://ucarecdn.com/6093586d-a5c7-4aa1-bc00-24bc405298ba/" alt="Cardano Academy - Empowering the digital architects of the future"></p><p style="margin-left:0px;">Earlier in 2023, the Foundation launched the Alpha Program of the <a href="https://academy.cardanofoundation.org/"><u>Cardano Academy</u></a>, inviting select users to access and trial the new platform. Following this initial soft launch, the Foundation proceeded with the <a href="https://cardanofoundation.org/en/news/cardano-foundation-2023-products-to-advance-blockchain/"><u>full-service launch</u></a> in December 2023. The Foundation is pleased to announce that for the Cardano Blockchain Certified Associate (CBCA) course, users will soon be able to obtain the Associate Certification—with exam bookings available in the first half of 2024.</p><p style="margin-left:0px;">We also made <a href="https://cardanofoundation.org/en/news/cardano-foundation-announces-education-partnership-with-petrobras-1/"><u>Cardano Academy content available to Petrobras</u></a>, the government-owned energy giant in Brazil. Through this partnership, the Foundation will spearhead educational workshops for Petrobras employees, expanding understanding and expediting the adoption of blockchain technology. During the sessions, participants will examine the vast potential of blockchain, explore its various use cases and applications, and complete interactive quizzes covering related topics. The Cardano Foundation hosted two workshops in the Metaverse to mark the program's initiation, one of which delved into global and Brazilian regulatory considerations.</p><p style="margin-left:0px;">Additionally, the Foundation and Cardano Academy are providing Petrobras with CBCA content for employee training initiatives. Upon successful completion of the blockchain course, participants will receive a certificate. Additionally, the first 500 Petrobras attendees of the Cardano Academy will collect a unique NFT. This NFT, developed in collaboration with the Petrobras Education Board, will dynamically evolve, reflecting the progress of participants in their training.</p><h2 style="margin-left:0px;">Bringing blockchain education and research</h2><p style="margin-left:0px;">Engaging in academic pursuits and research within the realm of blockchain proves crucial for advancing comprehension of its underlying principles, cryptographic mechanisms, and distributed consensus protocols. This academic exploration not only fosters a nuanced understanding of blockchain technology but also facilitates the development of sophisticated solutions to address its inherent challenges. As such, the Foundation engages in rigorous academic inquiry, as well as sponsoring and contributing to blockchain research.</p><p style="margin-left:0px;">Notably, Manvir Schneider (Research Scientist at the Foundation) presented the paper “<a href="https://ieeexplore.ieee.org/document/10411438"><u>MACS: A Multi-Asset Coin Selection Algorithm for UTXO-based Blockchains</u></a>" at the <a href="https://ieee-cybermatics.org/2023/blockchain/index.php"><u>6th IEEE International Conference on Blockchain 2023</u></a>. Additionally, Schneider, along with Mel McCann (Vice President of Engineering) and Reza Ramezan (Research and Education Lead), authored a paper titled “<a href="https://arxiv.org/abs/2311.01113"><u>A Survey on Coin Selection Algorithms in UTXO-based Blockchains</u></a>,” which is under review at a peer-reviewed journal.</p><p style="margin-left:0px;">The Foundation also nurtures relationships with post-secondary institutions through in-person and virtual engagements as well as <a href="https://cardanofoundation.org/en/news/a-commitment-to-education-the-cardano-foundation-strengthens-ties-with-the-university-of-zurich/"><u>sponsorships</u></a>. For example, over three weeks, the University of Zurich's (UZH) “Deep Dive Into Blockchain” Summer School program hosted over 40 esteemed academic and industry professionals from around the globe, delivering sessions both online and on-campus. These sessions focused on comprehensive blockchain education, from its fundamental workings to future applications of decentralized technology.</p><p style="margin-left:0px;">The Cardano Foundation sponsored 12 students for this program while also introducing Cardano to 70 students — 40 in person and 30 virtually. To commence the Foundation’s involvement, Alexandre Maaza (Sustainability Lead) first provided an introduction to Cardano and the Cardano Foundation’s work. Thomas Mayfield (Team Lead of Decentralized Trust and Identity Solutions) then went on to discuss several fundamental properties of blockchain protocols such as block data structure, transaction models, staking and rewards, real-world use cases, and getting started as a developer on Cardano. To conclude, Mateusz Czeladka (Senior Java Developer) presented on smart contract development with Aiken using the <a href="https://github.com/bloxbean/yaci-devkit"><u>Yaci DevKit</u></a>. With Czeladka’s assistance and a previous showcase, students completed <a href="https://github.com/cardano-foundation/aiken-lucid-yaci-dev-kit-starter-kit"><u>tutorial exercises</u></a>.</p><p style="margin-left:0px;">In another session, Dr. Claudio Tessone of UZH noted how the Cardano Foundation contributed to bringing students from all over the world to the Summer School. CEO Frederik Gregaard then took the stage to deliver a keynote that highlighted the uniqueness of the Summer School program and its ability to bring non-technical people and experts together. Ultimately, he noted, Cardano is about bringing people together; not just that, but the ethos of blockchain actually envisions decentralization in a scenario where people must come before code.</p><p style="margin-left:0px;">Following Gregaard's session, both <a href="https://muesliswap.com/swap"><u>NMKR</u></a> and <a href="https://muesliswap.com/swap"><u>MuesliSwap</u></a> teams presented, culminating in thought-provoking discussions about the possibilities and advantages of blockchain, including in the context of finance and the arts. Expanding our commitment to comprehensive blockchain education, Ramezan further enhanced our academic footprint by delivering a half-day session on Cardano's technology during the Blockchain Summer School program hosted by the University of British Columbia (UBC) in Canada.</p><h2 style="margin-left:0px;">Education through engagement</h2><p style="margin-left:0px;"><img src="https://ucarecdn.com/a1cbad87-e8f0-4a8d-b8dd-6333f42d94d6/" alt="Let's Talk Cardano Week - Webinar series by the Cardano Foundation"></p><p style="margin-left:0px;">In the second half of 2023, the Foundation continued its “Let’s Talk Cardano” series, exploring topics in a format that fosters discussion on topics important to Cardano users and others in the blockchain ecosystem. Additionally, these sessions allow the Foundation to share useful information with those not yet involved in the industry, providing participants with an opportunity to connect with solutions providers.</p><p style="margin-left:0px;">One such webinar reflected on Switzerland for <a href="https://cardanofoundation.org/en/news/cardano-foundation-and-switzerland-for-unhcr-recognized-for-philanthropy-innovation/"><u>UNHCR’s year-long collaboration with the Cardano community</u></a>. The session, led by Switzerland for UNHCR’s Alvaro Cosi (Head of Communications &amp; Innovation) and Ruxanda Cornescu (Communications Associate), examined the integration of blockchain and Web 3.0 technologies in humanitarian initiatives, highlighting Web 3.0 challenges and aspirations.</p><p style="margin-left:0px;">The <a href="https://www.youtube.com/watch?v=8nNF_Y4eDcA"><u>next session</u></a> showcased <a href="https://zerocitizen.io/"><u>Zero Citizen's</u></a> efforts in combining technology with environmental sustainability. Led by project CEO Ben Bonner and CTO Thomas Langlois, the webinar delved into the use of blockchain for sustainable solutions, including tokenized carbon credits and fractionalizing renewable energy assets, reflecting Zero Citizen's role in ClimateTech.</p><p style="margin-left:0px;">For the <a href="https://www.youtube.com/watch?v=1Y3KTXHVF44"><u>following webinar</u></a>, Peter Van Garderen of <a href="https://orcfax.io/"><u>Orcfax Ltd.</u></a> discussed the crucial role of oracles in DeFi. The session combined theoretical insights and practical demonstrations on integrating the Orcfax oracle data with Cardano DApps, highlighting the role of decentralized oracles in the DeFi ecosystem.</p><p style="margin-left:0px;">The last <a href="https://www.youtube.com/watch?v=6aAcG3rAuIY"><u>“Let's Talk Cardano”</u></a> session of 2023 examined the inner workings of <a href="https://www.geniusyield.co/"><u>Genius Yield's DEX</u></a>, a decentralized exchange built for the Cardano ecosystem. In this webinar, Genius Yield’s Marvin Bertin and Dr. Lars Brünjes discussed the DEX's functionalities, including a live trade demo and insights into Smart Order Routers, emphasizing its role in decentralized trading and the future of blockchain finance.</p><p style="margin-left:0px;">In hosting sessions like the “Let’s Talk Cardano” series, the Foundation continues to advance blockchain awareness for a diverse range of stakeholders. Additionally, platforms like Cardano Academy, partnerships with the likes of Petrobras, and a post-secondary presence reinforce our focus on empowering individuals and organizations through comprehensive blockchain education. As we work to further emphasize exploration, collaboration, and community involvement, the Foundation encourages all community members to participate in our educational efforts—furthering Cardano as a resilient public infrastructure.</p>

Cardano Foundation

Driving Blockchain Technology: Cardano Foundation’s Activities Part 8

<p style="margin-left:0px;">In the unfolding narrative of Cardano’s journey through 2023, a tapestry of innovation, protocol launches, conferences, and noteworthy milestones has shaped its ecosystem. This retrospective dives into the highlights that defined the year, providing a comprehensive overview of the developments that propelled Cardano’s evolution. From groundbreaking protocol upgrades to the launch of cutting-edge decentralized applications, these events collectively underscore the dynamic and transformative nature of Cardano’s ecosystem throughout the year.</p><h2 style="margin-left:0px;"><strong>Liqwid Finance Launch</strong></h2><p style="margin-left:0px;">On February 2nd, 2023, Liqwid Finance launched as a mainnet beta on the Cardano blockchain, introducing the first pool-based lending and borrowing protocol for the platform. Since launch, the market offerings have expanded to include other Cardano native tokens such as Shen, Djed, AGIX, MIN, and WMT. Notably, Liqwid Finance has experienced significant growth, boasting over $47 million in Total Value Locked (TVL) as it continues to play a pivotal role in the Cardano DeFi ecosystem.</p><h2 style="margin-left:0px;"><strong>Cardano Valentines Upgrade</strong></h2><p style="margin-left:0px;">On February 14th, 2023, at 21:44:51 UTC, the Cardano blockchain underwent the Valentine Hardfork, also known as the SECP upgrade. This brought ECDSA and Schnorr Cryptographic signature support to Plutus V2, enabling cross-chain dApp functionality on Cardano. This update allowed Wanchain to bridge to Cardano using cross-chain smart contracts and will enable many other cross-chain dapps in the future.</p><h2 style="margin-left:0px;"><strong>VyFinance Launch</strong></h2><p style="margin-left:0px;">On May 15th, 2023, the highly anticipated VyFinance DEX launched on the Cardano mainnet, marking a significant milestone in the evolution of decentralized finance (DeFi) on the Cardano blockchain through a non-custodial LP system. Since its launch, the VyFinance DEX has attracted over $10 million in Total Value Locked (TVL), establishing itself as a key player in the Cardano DeFi ecosystem.</p><h2 style="margin-left:0px;"><strong>Tappy NFT Launch</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*XNC9twGArG16HYCk.png" alt="" loading="lazy"></p><p style="margin-left:0px;"><a href="https://medium.com/tap-in-with-taptools/tappy-by-taptools-bb13d3070716"><u>On June 17th, 2023, TapTools launched the Tappy NFT collection</u></a>, acting as a subscription to TapTools Pro. 5555 NFTs were available at 420 ADA each. The collection quickly sold out, generating over 6 Million ADA in secondary market volume. Tappy continues to gain utility as the TapTools team continued to innovate by constantly integrating protocols and adding new <a href="https://taptools.gitbook.io/taptools/"><u>Pro</u></a> features.</p><h2 style="margin-left:0px;"><strong>Mithril Live on Cardano Mainnet</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*h5VhsKgGsjII88Ij.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">Mithril, a stake-based threshold signature protocol, went live on the Cardano mainnet beta in July of 2023. Mithril transparently, securely, and efficiently leverages staking power to enhance the synchronization of nodes. Mithril drastically shortens the time needed to sync the entire blockchain, now taking just under 23 minutes, a significant improvement from the typical blockchain sync time of multiple hours.</p><h2 style="margin-left:0px;"><strong>Levvy Finance</strong></h2><p style="margin-left:0px;">On June 23rd, 2023, Levvy Finance, developed by The Ape Society, launched, introducing a decentralized NFT lending and borrowing protocol to the Cardano ecosystem. Later in the year, Levvy expanded its services by adding token lending and borrowing functionalities. With its instant liquidity loans and the Levvy for Collections initiative, the platform provides a comprehensive suite of features and benefits to address the needs of the Cardano community.</p><h2 style="margin-left:0px;"><strong>Cswap launch</strong></h2><p style="margin-left:0px;">On July 25th, 2023, CSwap released the beta of their NFTfi Marketplace on the Cardano Mainnet, pioneering the first AMM protocol for NFTs on Cardano. Since launch, CSwap has gained over 2% of the NFT market share within the growing NFT space within the Cardano ecosystem, with thousands of NFTs being bought and sold on the platform. This achievement highlights CSwap’s significant presence in the Cardano NFT space and its contribution to the expanding marketplace within the Cardano ecosystem.</p><h2 style="margin-left:0px;"><strong>Marlowe</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*jAj6pKOog4sNH4v4.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">The development of Marlowe by IOG (Input Output) commenced in 2018 as a forward-looking initiative to create a robust tool for smart contract development on the Cardano blockchain. Recognizing the demand for a user-friendly smart contract language, IOG aimed to empower individuals with little or no coding experience to join the decentralized revolution. Marlowe’s user-friendly features play a pivotal role in driving the mass adoption of the Cardano blockchain, making blockchain technology more accessible to a broader audience. After years of meticulous development, Marlowe achieved a significant milestone with its release on the Cardano mainnet in the Summer of 2023, marking a groundbreaking step toward empowering smart contract development on the Cardano platform.</p><h2 style="margin-left:0px;"><strong>Spectrum Finance Launch</strong></h2><p style="margin-left:0px;">Spectrum Finance, the first fully decentralized DEX on Cardano, went live on July 24th, 2023, after many years of development and a recent rebrand after previously being known as ErgoDex. Since launch, its native token SPF has been released on Cardano, and Spectrum Finance has gained over $9 million in Total Value Locked (TVL). Additionally, the platform has been used for the launch of several new tokens.</p><h2 style="margin-left:0px;"><strong>Rare Evo</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*iibhnmnCH4q5oXZD.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">Rare Evo, A multi-chain web3 event took place from August 24th to August 26th, 2023, at the Gaylord Rockies Resort in Denver, Colorado. The keynote speech was delivered by Charles Hoskinson. The Cardano Foundation was present, as well as many Cardano projects, including Singularity Net, VyFinance, World Mobile, Emurgo, Cornucopias, and more. Projects discussed various topics like the future of AI, Web3 Gaming, Governance, Decentralized Finance, and more.</p><h2 style="margin-left:0px;"><strong>NFTxLV 2023</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*CksfYTzqO8ke5JjF.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">NFTxLV 2023, formerly known as CNFT Con, unfolded as a distinctive Cardano NFT event at the Las Vegas Convention Center from September 29th to October 1st. The North Hall of the convention center became a dynamic space, hosting over 3,500 attendees, 145 exhibitors, and 116 speakers. The event featured engaging panels exploring Cardano NFTs in space, partnerships shaping Metaverse Ecosystems, Web3 Gaming, and more, fostering an atmosphere more akin to Comic-Con than a conventional finance or crypto gathering.</p><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*b2kik5Xaea1uQ8Gb.png" alt="" loading="lazy"></p><h2 style="margin-left:0px;"><strong>ADAmail</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*kuhrQrRscJu5sly_.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">ADAmail, launched on August 28th, 2023, is the collaborative creation of NMKR, specializing in NFT infrastructure, and IAMX, a self-sovereign identity solution provider. This partnership aims to merge the traditional concept of email with the expansive capabilities of Web3. ADAmail allows users to send emails to any Cardano wallet address and streamlines email account logins by connecting to their wallets, offering a user-friendly tool that seamlessly integrates conventional communication with advanced blockchain capabilities.</p><h2 style="margin-left:0px;"><strong>OrcFax Oracle launch</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*ZLa6CffFlXrk2pGZ.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">OrcFax, a 2nd generation decentralized oracle, launched on Cardano on October 2nd, 2023. Since then, OrcFax seamlessly integrated its first protocol, Cerra, establishing a Decentralized Profit-Sharing Finance Hub on Cardano. Additionally, OrcFax delivered a masterclass on its oracle at the Cardano Summit, showcasing the significance of its protocol.</p><h2 style="margin-left:0px;"><strong>Cardano Summit</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*_zRqfVWCfTuh-o_y.jpeg" alt="" loading="lazy"></p><p style="margin-left:0px;">The Cardano Summit 2023, a three-day event held in the vibrant city of Dubai from November 2nd to November 4th, served as a global hub for blockchain technology enthusiasts. Organized by the Cardano Foundation, it brought together the Cardano community and a diverse audience, including community members, developers, innovators, investors, and inquisitive minds, all contributing to the momentum toward a brighter blockchain-powered future.</p><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/0*I5TAUaRMcWOsMtjt" alt="" loading="lazy"></p><h2 style="margin-left:0px;"><strong>Rosenbridge Launch</strong></h2><p style="margin-left:0px;">On December 31st, 2023, Rosenbridge went live, connecting the Cardano and Ergo blockchains. This multi-layered bridge brings a secure way to move funds between the two UTXO-based blockchains. The initial assets available to be transferred between the blockchains were ADA, ERG, RSN, SigUSD, and SigRSV.</p><h2 style="margin-left:0px;"><strong>Conclusion</strong></h2><p style="margin-left:0px;">In 2023, Cardano experienced significant progress with the introduction of new protocols and upgrades, contributing to the platform’s overall development. The emergence of various platforms enriched the decentralized landscape, complemented by several Cardano and web3-based events and conferences. As the community looks forward to 2024, the ecosystem is poised for continued growth and innovation, building upon the foundations laid in the previous year.</p>

TapTools

2023 Cardano Highlights

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<p>Variety of projects on Cardano fascinating, and some of them might substantially change future of network</p>
<p>In the fast-evolving world of decentralized finance (DeFi) and blockchain technology, Cardano remains at the forefront, constantly introducing innovative solutions that redefine the landscape. Here’s a closer look at three recently released projects on the Cardano network that are poised to make substantial impacts in the near future. </p>
<p>DexHunterIO is rapidly becoming a game-changer for Cardano traders. Their state-of-the-art platform provides what many believe to be the best trading experience on Cardano. A key innovation they have brought to the table is unlocking a sharded order book across the chain. The platform’s agility and responsiveness to user feedback are commendable; features are regularly updated, and in some instances, user-suggested enhancements have been incorporated in mere hours.</p>
<figure><img src="https://servercarlosesverde.nyc3.digitaloceanspaces.com/elevenglobal/wp-content/uploads/2023/10/17083631/image-9-1024x531.png" alt srcset="https://servercarlosesverde.nyc3.digitaloceanspaces.com/elevenglobal/wp-content/uploads/2023/10/17083631/image-9-1024x531.png 1024w, https://servercarlosesverde.nyc3.digitaloceanspaces.com/elevenglobal/wp-content/uploads/2023/10/17083631/image-9-300x156.png 300w, https://servercarlosesverde.nyc3.digitaloceanspaces.com/elevenglobal/wp-content/uploads/2023/10/17083631/image-9-768x398.png 768w, https://servercarlosesverde.nyc3.digitaloceanspaces.com/elevenglobal/wp-content/uploads/2023/10/17083631/image-9-1536x796.png 1536w, https://servercarlosesverde.nyc3.digitaloceanspaces.com/elevenglobal/wp-content/uploads/2023/10/17083631/image-9-2048x1062.png 2048w" /></figure>
<p>Source: TradingView </p>
<p>The DeFi world buzzed with excitement as Orcfax, the second-generation Cardano Oracle, made its debut on the mainnet. Beginning its journey with a global network of nodes, Orcfax prioritizes data collection, validation and on-chain price publications. Their ADA-USD feed is a precursor to the series of innovative offerings they intend to roll out. A unique feature is the garbage collection system, which ensures sustainability by removing obsolete fact statements.</p>
<p>But this is just the beginning for Orcfax. The next phase will see an expansion of feeds, deeper integrations with various projects and a move toward the incentivized decentralized testnet. This phase will actively involve the community. Additionally, the platform’s native utility token will facilitate payments for on-demand oracle data publication, staking by data validator nodes, reward payments and even play a role in Orcfax DAO governance decisions.</p>
<p>LevvyFinance has successfully carved a niche for itself as one of Cardano’s premier lending protocols. Initially starting with NFT-based collateral, they have diversified their offerings, now extending ADA loans against CNT collateral. The platform is notable for its impressive yields and user-friendly interface.</p>
<p><a href="https://u.today/here-are-3-new-cardano-solutions-you-shouldnt-miss" target="_blank">Source</a></p>
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Elevenews

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Here Are 3 New Cardano Solutions You Shouldn't Miss - ELEVENEWS

<p style="margin-left:0px;">On October 2nd, 2023, the Cardano ecosystem reached a significant milestone as Orcfax launched its mainnet price feeds on the Cardano Blockchain. These price feeds are a vital component of the blockchain ecosystem, serving as trusted sources of real-world data. But what exactly are oracles, and how does Orcfax work?</p><h2 style="margin-left:0px;"><strong>What Are Oracles?</strong></h2><p style="margin-left:0px;">Oracles play a pivotal role in bridging the gap between smart contracts and real-world data. In essence, they serve as trusted sources of off-chain information that provide smart contracts with the data needed to execute specific actions. Oracles act as intermediaries between blockchain networks and external data sources, enabling smart contracts to interact with real-world events, prices, and information.</p><h2 style="margin-left:0px;"><strong>How Does Orcfax Work?</strong></h2><p style="margin-left:0px;">Orcfax operates as a second-generation oracle on the Cardano Blockchain, leveraging the Cardano Open Oracle Protocol (COOP) to publish and format its data feeds. Its architectural framework consists of specialized nodes primarily coded in Python, Haskell, and Plutus v2. These nodes are responsible for broadcasting real-world data, such as the USD price of ADA, in the form of CBOR-serialized reference inputs within Cardano transactions.<br>Orcfax generates permissionless, standards-compliant, archival packages that are made available for auditing the flow of its data collection, validation, and publication. This allows Orcfax to demonstrate how their source data was collected and validated.<br>These data points are subsequently accessed and employed by smart contracts and scripts to execute various business logic operations. The real-world events Orcfax covers are diverse, ranging from currency price pairs and sporting event outcomes to supply-chain activities, gaming, real estate, and even gambling. Orcfax brings this wealth of real-world information onto the Cardano Blockchain.</p><h2 style="margin-left:0px;"><strong>How Decentralized Oracles Benefit Cardano’s Ecosystem</strong></h2><p style="margin-left:0px;">Oracles will have a pivotal role within the Cardano ecosystem, supporting a wide range of decentralized applications. Lending and Synthetic protocols will rely on oracles for decentralized data feeds to accurately monitor asset prices. Gaming and gambling protocols will benefit from oracles for provably random numbers to ensure transparency and fairness. These examples offer just a glimpse into the many ways oracles will enrich Cardano’s diverse ecosystem.</p><h2 style="margin-left:0px;"><strong>Price Feeds</strong></h2><p style="margin-left:0px;">Orcfax has launched its inaugural ADA/USD price feed, marking a significant milestone within the Cardano ecosystem. Notably, this feed is available to all users free of charge for an entire year thanks to Orcfax’s generous subsidy.<br>In a conversation with Vahid from the Orcfax team, we inquired about the frequency of updates for these complimentary price feeds, a critical aspect for users relying on real-time data. Vahid stated that the price feed updates will occur at intervals of either “1 hour or 1% deviation, whichever comes first.” This dynamic approach ensures timely access to precise pricing information, which is indispensable for various applications and use cases within the Cardano ecosystem.<br>As the Cardano network continues to grow and diversify, the need for comprehensive price feeds extends to Cardano native tokens (CNTs). When asked about the possibility of including ADA/CNT pairs in the price feeds, Vahid stated that “adding ADA/CNT (Cardano native token) pairs are absolutely on our roadmap. A lot will depend on what projects require from us.”</p><h2 style="margin-left:0px;"><strong>What’s Next for Orcfax?</strong></h2><p style="margin-left:0px;">Currently, Orcfax utilizes federated mainnet price feeds and will soon transition to an incentivized testnet phase. Following this, Orcfax will introduce Decentralized Mainnet Feeds, enabling anyone to become a validator by staking FACT tokens, the native token of the Orcfax protocol. The final phase of Orcfax’s roadmap will introduce Decentralized DAO Governance to the oracle protocol.</p><h2 style="margin-left:0px;"><strong>FACT Token Performance</strong></h2><p style="margin-left:auto;"><img class="image_resized" style="width:680px;" src="https://miro.medium.com/v2/resize:fit:1400/1*KzHsMst4zG0QUcTyWOF0Mg.png" alt="" loading="lazy"></p><p style="margin-left:0px;">FACT is currently down over 22% in the last week as presale investors and ISPO participants take profits. FACT has a current market cap of $1,684,527 and a diluted market cap of $10,667,713, placing it at spot #38 in the top 50 tokens on TapTools. The token has 1.04K holders, with the holder count seeing an increase of 9.13% in the last week.</p>

Orcfax ($)

Decentralized Cardano-native oracle that collects, validates, publishes and archives standards-based fact statements.

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