Development blog #5.2: Eternal Trusts dApp prototype — Oracles
In the development blog #5.1, we described the client-side functionality of the beta Eternal Trusts dApp based on ET protocol. Just to remind you, this is the dApp that will serve as a proof of concept for the protocol and a basis for trustees & fiduciaries to build upon.
In today’s development blog, we will talk about how the dApp will function on the oracles’ side and give an account of the purpose customization and the process of communicating with solution consultants.
Oracle is a blockchain term that represents an address with a special authority to make changes to the smart contracts. Oracles also serve as mediators of unencrypted data from the physical world into the blockchain on behalf of the client. As for the ET protocol, a network of oracles is a group of trusted parties acting in the same manner as trust protectors and enforcers, being rewarded for the right actions that benefit the client. The original dApp of Eternal Trusts will consist of a reputable network of oracles and providers preselected by the founders.
At the same time, the protocol will allow for the creation of new ET dApps on its basis using the ET token. Any company interested in integrating a mechanism of the decentralized purpose trust into its business processes can do this by gathering a network of their own oracles, setting up servers to store and process private data and starting to attract clients that need to fulfill fiduciary objectives.
The client that bought Eternal Trusts tokens and paid to initiate the fulfillment of goals must first formulate them. A separate class of ET oracles — “solution consultants” — develops and finds the best possible solution for the client’s purposes through close communication with the client.
Let’s take a peek at how the solution consultant interface will look like within the ET dApp.
- The sign up process is largely similar to the client’s one.
2. There is one important difference though: since dApp founders have to verify the reputation of oracles and screen out those who do not meet the criteria of trustworthiness and reliability, the dApp requires a lot more information from them during the registration. While a client can retain a concealed identity during the sign up, an Oracle of ET has to demonstrate a very solid, transparent reputation and prove to the DAO directors that he or she has credentials and deep expertise in one of the 4 purpose categories: Dynasty Support, Charity, Life Extension, or Retirement.
3. After registering and signing in, the Oracle will be presented with a personal cabinet similar to the client’s one with minor differences.
4. The ET Token serves as a reward token for oracles. They have to hold a predetermined share of it to retain their voting/participation rights within the ET ecosystem and participate in the dApp’s purpose execution flows. Initially, the token can either be automatically purchased with the oracle’s assets/gained as a gift from an existing token holder, or purchased on exchanges/during the ET token sale.
5. Each Oracle-Solution Consultant of ET dApp can draft up and publish so-called “purpose templates” — fiduciary solutions that clients can choose and customize interacting with the oracle. Templates are created in an easy-to-use constructor and published for everyone to see.
6. When a client chooses a template, it begins the period of purpose customization. This long back-and-forth process is done in the chat interface, where the client and oracle work together to determine the fiduciary goals and the level of needed customization. In the example below, a client has chosen a solution consultant with a large experience in dynasty support trusts. At the same time, the oracle is the author of a template called “Centuries-long family support”, which is very similar to what the client wants to do with his assets and requires only minor modifications. The client describes in detail his fiduciary purpose, which consists of managing assets with a low-risk strategy and distributing their share (1%) to his family (2 beneciaries) each 1 of January. The oracle proposes her template, which is set up to provide asset redistribution mechanisms to support families with multiple beneficiaries, as the solution.
7. In the large scheme of things, whenever a predefined trigger is set off, a series of voting by oracles begins that determines what must be done optimally in the best interests of the client. Initially, there needs to be a voting which activates the customized template and begins the purpose execution flow. As you can see below, when the optimal solution is formulated, the voting is initiated by the oracle, which takes a vote from the client as a confirmation of the template. The results of this vote, along with the customized template, are stored on the blockchain for further usage.
8. When the solution consultant has fulfilled her job and constructed a feasible solution that the client agreed to, she is rewarded and can withdraw a share of tokens from her account.
As you can see, the solution consultant job can be a familiar and attractive way to monetize the knowledge and expertise for estate planners, financial advisers, and other groups of experts with a good track record.
Stay tuned for the next blog where we will talk in detail about how other business owners, fiduciaries, and trustees will be able to utilize our dApp constructor to build and manage their own fiduciary dApps similar to this one!