hotdog

Hotdogs Take the Top Spot on #Cardano !

[dingaling @dingalingts]

Bullish on @gaiminio LFG. Gimme dat $GMRX

[hotdog @hotdogada]

1. Introducing the authenticator model.

Orcfax authenticators are pieces of software operated by a decentralized network of operators around the world. These Orcfax software nodes collect, validate, publish, and store real-world data on-chain for Cardano decentralized applications (dApps). Instead of implementing external business arrangements and contracts like other authenticators, Orcfax is developing a decentralized and frictionless information services group (Oracle) model that allows its network of Validators to me. This means that anyone can become an Orcfax authenticator, as long as they meet the following conditions:

Set a certain amount of FACT.
Hold authentic license.
Meets the minimum technical requirements to operate an Orcfax Authenticator node.

1.1 Validator Rewards.

When a data record is written on-chain, an Orcfax Validator is randomly selected to put that record on-chain. This Orcfax validator will receive rewards in FACT tokens. This means that the number of Validator licenses is limited, the more data sources the more rewards will be allocated to each active Validator.

In the first version of the validator network (V1), the system randomly selects an Orcfax Validator to post records on-chain, meaning everyone has the same chance to earn rewards. However, in future versions, this random allocation will be taken into account by prioritizing rewards to Validators with a higher amount of FACT delegation.

1.2 How does Orcfax Authenticator earn?

To estimate rewards, you can join our validator channel on Discord and use the reward calculator.
This tool allows you to simulate different scenarios by adjusting key parameters that affect reward estimates (such as the number of data sources). The image below depicts this tool. Yellow boxes can be customized. Some boxes have notes explaining how they work.

1.3 Test Network (ITN).

After distributing the Validator licenses, we will deploy the Test Network (ITN). The testnet (ITN) will take place on the Cardano testnet and in our Private Validator Discord channel. Validators who participate in the ITN and support node software testing will be rewarded with FACT for accompanying the Orcfax team in perfecting the technical specifications and economic models. Details of the rewards will be announced in the near future.

1.4 Non-Valuator Rewards.

Although not officially announced yet, the possibility that non-Valuators can receive FACT rewards by delegating their FACT in the first phase of the Validator network (V1) is quite promising. The protocol can allocate a portion of the client fees and generated FACT numbers to reward those who delegate their FACT tokens. However, before making a final decision, Orcfax will hold a community vote, in line with our goal of providing members with an opportunity to participate and help shape the future of the network. net.

1.5 Technical requirements.

While we believe that accessibility is important in decentralization and have made design choices that we hope will allow more people to participate in the network, it is important to Meet the technical requirements of participants. In addition to the Validator license and minimum FACT deposit, operators will need to be knowledgeable about:

Cardano Network: Covers the basics of how Cardano works, blockchain structure, core concepts like staking and delegation.
Linux Server Operations: Ability to manage and configure Linux servers, including installing required software, troubleshooting, and system monitoring.

1.6 License + Deposit = Security + Utilities.

The use of licenses and staking is strategically designed to provide security, transparency, and fairness to the Validator Network.

A license is an NFT (non-fungible token) that represents the right to operate a Validator node. This NFT cannot be exchanged for the original token but can be traded on the secondary market.

Staking is an amount of FACT staked to join the network. It ensures Validator accountability and can be penalized for actions that harm the Oracle network (e.g. slow node network response time, non-compliant data provisioning,…). Orcfax Validator holders can reclaim their staked FACT at any time, but they will lose the ability to run a node unless the stake is replenished in the future.

2. How to reserve a license and booking time.

After much discussion with the community, we decided to adopt a points-based booking system that is completely license-free and open to everyone. The point system provides greater opportunities for all members and minimizes the possibility of "whales" collecting multiple licenses for speculation. The point system also minimizes bot activity.

To reserve one of the 100 licenses, you need to send yourself a transaction containing: 2.2069 ADA and At least 250,000 FACT.
Your transaction will score higher if: You submit your transaction soon after booking opens. You add more FACT to that transaction.
Booking period: Start: 19:00:00 UTC February 17 – End: 19:00:00 UTC February 24 (exactly 1 week later)

During the staking period, we will regularly post a list of valid staking addresses in the project's Discord.

The top 100 valid bookings with the highest scores will be whitelisted to mint their Orcfax Validator licenses. The license creation date will be announced shortly after the booking process ends. The price to create a license is 100,000 FACT.

2.1 Accumulate points:

The higher the score you earn, the more favorable your ranking during the Validator license booking process. If there are more than 100 wallets that want to book, we will prioritize the 100 wallets with the highest total points. There are two ways to accumulate points:

2.2 Time point.

Calculation is based on the speed at which transactions are sent after the booking period begins. The sooner you send a transaction, the more time points you receive. The maximum time point is 604,800, equivalent to 1 week (the time the booking process takes). For every second that passes after the booking period begins without your transaction being recorded on-chain, you will be deducted 1 point. This shows that sending transactions extremely quickly does not create a huge advantage in terms of time points.

2.3 FACT Deposit Points.

Calculate based on the amount of FACT you send to yourself (this amount will go to your wallet). For example, if you deposit 500,000 FACT in the trade (instead of the minimum 250,000), you will receive 500,000 deposit points.

2.4 Invalid transactions during point accumulation:

The following transactions will be excluded from the booking process:

Send before or after the booking takes place.
Wrong wallet sent.
Insufficient ADA balance (2.2069).
Insufficient FACT balance (at least 250,000).
FACT balance drops before license minting (you cannot move accumulated FACT points until the license minting event begins).

[hotdog @hotdogada]

@LilSappys Can we cooperate?

[hotdog @hotdogada]

Public Live
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[hotdog @hotdogada]

Start Mint WL
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[hotdog @hotdogada]

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[hotdog @hotdogada]

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[hotdog @hotdogada]

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[Harsh Singh | Collab Manager @nftsanatan]

🚨#NFTGiveaways🚨

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[hotdog @hotdogada]

HOTDOG-SOCIETY
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