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Operational requirements

Orcfax is a decentralized oracle solution that publishes data about real world events to the Cardano blockchain. The decentralized oracle feeds issued by Orcfax are made possible by leveraging a network of independent nodes which are responsible for collecting and aggregating multiple primary data sources while providing full audit logs of the complete oracle process.

Those interested in running an Orcfax node will be required to do the following:

  1. Reserve, mint and hold a Validator license
  2. Deposit FACT tokens in our validator smart contract

Rationale​

The use of a license and the required deposit is designed strategically to provide network security, clarity, and fairness within the Validator Network.

The Validator License is an NFT that represents the right to operate an Orcfax validator node. The NFT is non-redeemable, but tradable on the secondary markets.

The Deposit is a redeemable amount of $FACT staked by validators for network participation. It ensures validator accountability and is subject to slashing (penalty) for actions that harm the oracle network (e.g. poor node network response time, contributing non-conformant data, etc). Validators will be able to reclaim their deposited $FACT anytime. However, removing the required stake amount will result in losing the ability to run their node until a deposit is added once again.

The Validator License​

The decentralized Orcfax network will consist of 100 nodes. This means that only 100 licenses are available. This decision to limit network size was made in consultation with the Orcfax community.

Each of these licenses will cost 100,000 $FACT to mint.

The ability to demonstrate interest in acquiring a license was first made available through a reservation process, whereby users were required to submit a transaction to themselves with a minimum of 250,000 $FACT during a one week period. A ranking system was then employed to score user reservations based on two factors:

  1. timeliness of the submitted reservation transaction
  2. the total $FACT submitted in the transaction (above and beyond the minimum requirement of 250K).

This ranking system wwas designed to provide greater opportunity to all while also disincentivizing “whales” and bots from acquiring multiple licenses for the purposes of speculation.

The reservation process started on February 17th, 2024 at 19:00:00 UTC and ended exactly 1 week later on February 24th at 19:00:00 UTC. During, and after, the reservation period, users were able to track the status of their reservation through a realtime leaderboard.

At the end of the reservation process the top 100 valid reservations were whitelisted to mint their validator license at a later date, and were required to retain the $FACT amount in their wallet that they reserved with up to the minting date in order to keep their whitelist status. The remaining valid reservations will be held in reserve in case some don’t exercise their rights to mint a license, or a reservation entry is invalidated due to fund movement prior to the mint event.

Mint date​

The date at which whitelisted wallets may mint their licenses will be announced shortly. Please watch our Discord for timely updates.

The Orcfax team will share a time-window for whitelisted wallets to mint their License NFTs. In case of unclaimed licenses, a second round will open for the group of wallets held in reserve.

The minting price of the license will be 100,000 $FACT.

The $FACT accrued through the minting process will be transferred to the ecosystem wallet. This allocation is for future partnerships, (centralized) exchange liquidity, marketing campaigns and developer grants. The funds within this wallet have been set aside to fund research, and to develop tools/services that contribute to the growth of the Orcfax ecosystem.

The $FACT deposit​

On March 1, 2024 The required $FACT deposit for node operation was set at 500,000 $FACT. This sum was determined through market value, whereby either 500,000 $FACT or 10,000 USD equivalent in $FACT on March 1st would be required (i.e. whichever $FACT amount is larger on that date).