BERKELEY, Calif. – Nov. 7, 2017 – Oracles Network today announced details around its upcoming initial coin offering (ICO). Oracles Network is an open, permissioned and public blockchain network built on Ethereum protocol with Proof-of-Authority (PoA) consensus reached by independent, pre-selected validators.
[Note: This is a press release.]
Oracles Network improves transaction speed and makes smart contracts cheaper and faster than Proof-of-Work (PoW) predecessors. The pre-sale opens to the public on Nov. 15 at 9:00 a.m. PST, closing on Nov. 21, 2017, at 9:00 PST. The crowdsale will begin on Dec. 1 at 9:00 a.m. PST and will close on Dec. 31 at 9:00 a.m. PST.
Founded by an award-winning blockchain expert, Igor Barinov, in partnership with global blockchain community leaders, including Parity Technologies and Satoshi Fund, Oracles Network aims to solve the limitations of public blockchains by proposing a horizontal scalability solution with a “swarm” of PoA-based networks connected by an interledger protocol.
Oracles Network’s PoA consensus algorithm is reached by independent and known validators who hold an active notary public license and serve as authorities to secure the network by validating blocks. Concerned third parties can cross-validate their identity using data in public domain.
“If we prove that consensus by known people can be an economic model for blockchains, we will open the opportunity for many businesses to establish networks based on this approach,” said Barinov, co-founder and project manager of Oracles Network. “Lowering the technological barriers and making open networks, connected by an interledger protocol, more affordable for small and medium businesses is the most important thing we can do for broad blockchain adoption.”
Oracles Network is inviting the public to participate in the development of decentralized DApps built on top of its network. As part of its ICO, the company will offer 252,460,800 ORC (tokens), a total of $25 million USD.
Please visit the following for more information about the ICO and Oracles Network’s project:
About Oracles Network
Oracles Network is the first Ethereum-based public network with Proof-of-Authority (PoA) consensus, reached by independent, pre-selected validators. Oracles Network makes smart contracts cheaper and faster than Proof-of-Work (PoW) predecessors.
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