One of interesting issues from crowdfunding arises when a project receiving fundraising decides to terminate its operation as it fails to deliver a good or service as promised, fails to fulfill a contract, does not have an outcome as announced and does not refund back to the backers even if the project receives full financial support. This irresponsibility results in the negative image about the crowdfunding ecosystem.No damage control from funding support to projects is another issue that no crowdfunding platform proposes prevention or damage control measures for funds which a backer give to a maker in a particular project. This issue includes no substantial operation monitoring. This causes makers increasingly not to be responsible for project implementation.Project development often face with challenges and this is what the maker has to deal with and continuously solve problems during project implementation, such as different legal issues across countries, operation expense, manufacturing cost, marketing expense, fees from each stage, and financial tax and interest which must be taken into account closely, through the end. Those problems do not include other expenses like the cost to hire qualified and competent personnel. These numerous factors are the main reason which causes successful fundraising projects to be unable to achieve the target or to approach the milestone late.Problems of crowdfunding system can lead to loss of investment funds or high pressure which a maker has to assume the risks on project creation and operation to achieve the project objectives, but the crowdfunding system does not facilitate means to deal with such issues, such as no refund in case of project termination prior to good or service delivery and damage limitation from fundraising. All of these issues must be considered seriously.To ensure that funds raised from backers for a project will be used by the marker effectively, problems and challenges must be resolved throughout project development in order to deliver goods and services on time. And this is the objective of FairEco crowdfunding platform on the blockchain technology.
Ludos Tutorial Number 2: The Concept of Oracles on Blockchain Explained
contracts, agreements written in code which get activated when
predetermined conditions are met, are turning out to be one of the most
revolutionary applications of the blockchain. Through smart contract,
users including smart devices in the Internet of Things (IoT) networks,
can interact and perform business transactions with one another without
the third party enforcer services.
a simple smart contract, an action of one of the counterparts triggers
an activation. For example, the receipt of payment into an account can
trigger a file to be sent to the sender of the money. The payment could
also trigger a product shipping procedure.
complex smart contracts however might require to be activated by data
streaming external to the blockchain on which they are launched. For
example a betting decentralized application on the blockchain might rely
on the outcome of real world game matches to determine winners and
A smart contract on that decentralized application needs to
be tapped on to make payment to those who make accurate predictions.
This can only happen if it receives accurate results of the matches in
The role of oracles
This is where an oracle comes into play.
oracle is a node, a platform or a channel that stands between the
blockchain and the outside world. Its’ primary function is to relay data
which is necessary for the execution of smart contracts from outside
into the blockchain. The particular oracle for use is coded into the
smart contract itself.
blockchains use the oracle in their respective ways. Some blockchains,
such as Ethereum, use third party oracle services. These are separate
projects that connect to it through Application Programming Interfaces
(APIs). The third party oracles can be decentralized like the platform
Chainlink or centralized like Oraclize.
some blockchains have the oracle functionality coded into their base
protocol. Ludos is one of those that belong in this category, making it
more decentralized as a service platform.
oracle designs are more in line with expectations of the majority of
users especially within the crypto space. This is because users do not
have to worry about compatibility issue. Furthermore, the functionality
is well thought of right from the foundation of the platform.
Incentives to provide good data
both centralized and decentralized oracles, it is the individuals who
are tasked with sourcing for data and feeding it to smart contracts that
need it. This might appear as a weak point since individuals can choose
not to provide the correct data.
in most architectures this concern is taken care of and handled through
robust game theory models. Akin to the maintenance of blockchain
themselves, in oracle designs, good actors are rewarded and those who
try to game the system are penalized.
most instances, those providing data through the oracle system are
required to stake value in the form of native coins. If they share the
correct data, they stand to receive a reward and get back their staked
coins. However, if they provide the wrong data, they are not rewarded
and also risk losing the money staked.
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