Orakl Network Proof of Reserve

Description

The Orakl Network Proof of Reserve is a critical component within the Orakl Network ecosystem, designed to establish and verify the reserve holdings of financial entities. This service ensures transparency and trust in the financial operations by providing a secure and auditable process for validating reserve data. The Orakl Network Proof of Reserve is a cornerstone within the ecosystem, dedicated to establishing trust in financial operations. This service seamlessly integrates off-chain and on-chain processes, providing a robust framework to verify and authenticate reserve holdings.

A Proof of Reserve is defined by a pair of an adapter and an aggregator, and can be accessed on-chain through a AggregatorProxy smart contract, where the on-chain implementation of contracts are reused from Orakl Network Data Feed. The AggregatorProxy is an auxiliary contract that redirects read requests to Aggregator contract. The Proof of Reserve's Aggregator contract holds all submission values that is served to consumers through AggregatorProxy contract.

Every proof of reserve has configuration that describes the least frequent update interval called heartbeat, and minimum deviation threshold (deviationTreshold).

The Orakl Network Proof of Reserve operates as a streamlined, single-process system, easily triggered by a Cron job. The initial phase involves retrieving the most recent roundId and PoR value from the Proof of Reserve Aggregator contract. Subsequently, the process assesses eligibility for submission through a combination of the Heartbeat Check and Deviation Check. If either condition is met, the final step involves fetching data from the API resource and reporting the next round to the POR contract. This cohesive workflow ensures efficient and timely execution of the Proof of Reserve process.

The code is located under ./node/pkg/por directory

Configuration

Before we launch the Orakl Network Proof of Reserve, we must specify several environment variables. The environment variables are automatically loaded from a .env file.

# POR
POR_REPORTER_PK=
POR_CHAIN=
POR_PROVIDER_URL=
# (optional) defaults to 3000
POR_PORT=

• POR_REPORTER_PK: designated por reporter's pk, should be whitelisted from the aggregator contract

• POR_CHAIN: chain name of POR (baobab or cypress)

• POR_PROVIDER_URL: json rpc url to be used for reading and submitting onchain

• POR_PORT: port to be used for healthcheck (defaults to 3000)

Launch

Before launch, setup environment variables required by Orakl Node. You can find detailed explanation at Orakl Node README.

To launch Proof Of Reserve navigate to node directory and execute the command below.

task local:por