In its first phase of operations, the types of feeds offered by Orcfax are
limited to price feed data from centralized exchanges, starting with our
ADA-USD|USD-ADA feed. The primary source
data underpinning these feeds will be collected and validated in a federated
network of nodes that is operated by the Orcfax project.
During this phase, the federated network will benefit geographical distribution, which will ensure that the data reported is regionally consistent.
In the second, and subsequent, phases the Orcfax oracle service will publish multiple data feed types and use a fully decentralized network of independent node operators who have staked the Orcfax utility token ($FACT) in order to collect and validate all published data. Each of these nodes will be equally capable of carrying out all aspects of data collection, validation, and publication. This decentralized network of Orcfax nodes will be responsible for publishing multiple data feeds of various types onto the cardano blockchain.
This phase is expected to begin in mid-2024, after Orcfax completes the operation of its incentivized Testnet. This Testnet exercise will provide the data and experience needed to configure the technical and incentive structure of the decentralized validator pool prior to transitioning from the federated model.
The following diagram illustrates how the three Orcfax network deployment phases overlap.
The final phase marks the shift of Orcfax network governance from the Orcfax Ltd. company to the Orcfax Decentralized Autonomous Organization (DAO).