In a rapidly evolving blockchain landscape, the need for reliable, real-time data is critical. Enter Orcfax—a decentralized oracle service designed to revolutionize how data from real-world events is published on the Cardano blockchain. Utilizing the Cardano Open Oracle Protocol (COOP), Orcfax ensures that data is not only transparent and accurate but also readily available to smart contracts in eUTXO native format. With its commitment to audit compliance and data validation through permissionless storage on Arweave.org, Orcfax stands out as a beacon of trust and innovation, offering unparalleled authenticity and utility for blockchain transactions and applications.

What is Orcfax?

Orcfax is a decentralized oracle service that publishes data about real-world events to the Cardano blockchain. Orcfax data is made available to on-chain smart contracts in Cardano's eUTXO native format using the Cardano Open Oracle Protocol (COOP).

Orcfax archives standards-compliant audit logs for all its real-world data collection and validation. These are available on the permissionless Arweave.org decentralized storage network or via our own “Fact Explorer” app. The oracle data published by Orcfax is marked up using fact-checking vocabularies. This means it can be easily verified to be authentic and accurate, thereby making it more trustworthy and repurpose-able than standard oracles.

Token Market Data

Coin Statistics:

• Current Price: $0.0247
• Market Cap: $0.00
• 24h Price Change: 2.85%
• 7d Price Change: -1.00%
• 30d Price Change: 28.09%
• 24h High: $0.0248
• 24h Low: $0.0240
• All-Time High: $1.8398 (2024-02-22T23:22:00.000Z)
• All-Time Low: $0.0069 (2023-10-18T15:39:00.000Z)
• Circulating Supply: 0.00
• Total Supply: 1,000,000,000.00

The Purpose and Utility of the Orcfax Crypto Token

Addressing the Oracle Problem

The Orcfax crypto token, known as FACT, is a native utility token used in the Orcfax network for various purposes. The primary purpose of the FACT token is to serve as a form of payment for the fees charged to publish new fact statements on the Cardano blockchain. Orcfax is a decentralized oracle service that publishes data about real-world events to the Cardano blockchain, addressing the oracle problem that has impeded decentralization initiatives in the past.

Token Utility

The FACT token has a fixed supply of 1 billion tokens, with 500 million tokens allocated for rewarding Orcfax validator node operators for collecting, formatting, validating, publishing, and archiving real-world data for consumption as eUTXO datum by Cardano dApps and smart contracts. This allocation is meant to subsidize operations long enough for the network to become self-sustaining based on fee collection, ensuring a healthy, thriving validator pool network for the long-term viability and value of the network.

Staking and Governance

The FACT token is also used for staking by Orcfax validator nodes to participate in oracle processes, reward payments to validators for participation in the Orcfax node network, and voting power in Orcfax DAO governance decisions. Staking FACT tokens incentivizes good performance and trust in the network, as Orcfax validator node operators are required to mint and/or hold a Validator license and deposit FACT tokens to become an Orcfax Validator.

Summary

In summary, the FACT token is designed to facilitate the publication of real-world data on the Cardano blockchain, incentivize network participation, and enable decentralized governance of the Orcfax network.

Tokenomics and Distribution Model

Fixed Supply and Allocation

The Orcfax crypto token, known as FACT, has a fixed supply of 1 billion tokens. The token distribution model includes the following allocations:

1. Validator Rewards: 500,000,000 (50%) $FACT tokens are allocated to reward decentralized validators for running Orcfax nodes, subsidizing operations until the network becomes self-sustaining based on fee collection.
2. Promotional Airdrops: 10,000,000 (1%) $FACT tokens are allocated for raising awareness and promoting Orcfax through airdrops, giveaways, and public relations campaigns.
3. Team: 150,000,000 (15%) $FACT tokens are allocated for the founding team, compensating them for their investments in time and effort to launch the Orcfax network.
4. Advisors: 10,000,000 (1%) $FACT tokens are allocated for external advisors providing specialized expertise and guidance to the Orcfax project.
5. Ecosystem: 50,000,000 (5%) $FACT tokens are allocated for developing future partnerships, marketing campaigns, developer grants, research, and tools contributing to the project’s ecosystem.

Vesting Periods and Lock-Ups

The token distribution event (TGE) occurred after the token generation event, and the Orcfax team distributed all 1 billion $FACT tokens to a series of ADA Handle wallets. These wallets represent various allocations, each with its purpose and use, and are subject to specific rules governing how and when their supply of $FACT can be utilized. The allocations include validator rewards, promotional airdrops, team, advisors, and ecosystem development.

• Validator Rewards: 500 million $FACT (50%) are allocated for rewarding Orcfax validator node operators for collecting, formatting, validating, publishing, and archiving real-world data for consumption as eUTXO datum by Cardano dApps and smart contracts. This allocation is meant to subsidize operations long enough for the network to become self-sustaining based on fee collection.
• Promotional Airdrops: 10 million $FACT (1%) are allocated for raising awareness and promoting Orcfax through airdrops, giveaways, and public relations campaigns. This allocation has a cliff date of 3 months after the start of the ISPO and a 6-month vesting period.
• Team: 150 million $FACT (15%) are allocated for disbursement among the founding team, compensating them for their significant investments in time and effort to launch the Orcfax network. This allocation has a cliff date of 3 months after the start of the ISPO and a 24-month vesting period.
• Advisors: 10 million $FACT (1%) are allocated for external advisors that provide guidance and support to the Orcfax project with specialized expertise.

Inflation Control Mechanisms

The Orcfax crypto token, known as $FACT, has a fixed supply of 1 billion tokens. The tokenomics of $FACT are designed to achieve specific goals, and the Orcfax team decided not to sell any FACT tokens to maintain a fair distribution. The token is tradeable on Cardano DEX markets and is listed on coin tracking sites like CoinGecko and CoinMarketCap.

The Team Behind Orcfax

Leadership and Expertise

The Orcfax team is led by Peter Van Garderen, a