OST’s Newest Partner, Rlay, to Make the World Honest and Accountable with Blockchain
Rlay is building the information validation protocol for decentralized applications (dApps), backed by OST technology
OST is building essential blockchain infrastructure and toolkits for businesses to tokenize their platforms and communities. Together with our Partner Companies and the developer community we are creating the technology needed to facilitate what is often referred to as web 3.0: the decentralization of the internet as we know it.
While the first world wide web enabled people to view static pieces of information, it was web 2.0 that turned the internet into a two-way street. Billions of people are now sharing their ideas, opinions and even locations through status updates, chat, live video and more. Web 2.0 also allows us to rethink the ways we transact, with platforms like Unsplash and LytePay leveraging the power of community-driven content to gain competitive advantage.
With web 3.0, public blockchains and trustless systems are now leading the way for an open, decentralized web. Decentralization also means getting rid of middlemen — think banks, large social media platforms, or even governments — who have the power to decide if and when a transaction should occur. This is where smart contracts will be front and center. These self-executing contracts work on the if-this-then-that premise: If Condition A is met, then Action B will automatically execute. As it’s stored on the blockchain, there’s no way to tamper with the contract rules as that would alert hundreds, if not thousands, of nodes.
Dubbed revolutionary for being able to disrupt nearly every industry, there’s a looming uncertainty that can hamper the development, deployment, and mass-adoption of smart contracts: The lack of validated truth. No matter how smart the contract, it won’t do any good if it’s basing actions on false information.
There’s a looming uncertainty that can hamper the development, deployment, and mass-adoption of smart contracts: The lack of validated truth. This is where OST Partner Rlay steps in.
This is where our latest partner, Rlay, steps in. Rlay is building ‘the information validation protocol for decentralized applications (dApps).’ The Rlay team is building their protocol to help create a world where smart contracts will be fed with truthful, validated information. A first version of the Rlay Testnet was launched yesterday.
The Rlay protocol aims to detect false information and thus validate any statement through what it calls the Proof-of-Coherence (PoC). Akin to a crossword puzzle, PoC will be able to run a justification test about the plausibility of new entries by comparing them with already verified information of the network.
We are proud to welcome Rlay as an OST Partner Company. OST and the OpenST Foundation are providing Rlay with technology to help launch the RLAY token, which will be the key tool to facilitate building their PoC validation protocol. The OST Company also participated in Rlay’s Seed Sale.
The Rlay protocol turns information verification into an Ethereum-based market. Participants earn RLAY tokens by providing true “propositions” (i.e. information), while suppliers will be required to spend RLAY for submitting information. For every new statement, a proposition pool will be opened up, and other suppliers can contribute data to their best available knowledge. The reward system is structured in such a way that it works to gather as many true statements as possible.
The Rlay protocol then aggregates these propositions into a consensus which eventually leads into a decentralized information network that can be accessed by anyone in the world.
As the Rlay protocol gets fed continuously with new information, scalability quickly becomes an issue. This is where OpenST Mosaic comes into play, allowing the heavy-lifting of Rlay’s consensus aggregation to happen on-chain — on open public OpenST utility blockchains, with transactions verified on the Ethereum value chain.
Rlay Proof-of-Coherence will act as a security mechanism that prevents participants from intentionally manipulating facts to their advantage, as new statements must match previously verified information. Once the information is successfully verified, it can be fed into executable smart contracts, thus guaranteeing the authenticity of the terms and conditions mandatory for future execution.
The uses for Rlay’s protocol are numerous: From confirming the physical location of a product in the supply chain, to authenticate people’s identities during elections.
OST CEO and OpenST Board Member Jason Goldberg joined Rlay’s Board of Advisors to advise the team on its protocol development, company strategy and funding.
The Rlay project harnesses the power of blockchain to expand on the concept of trustless systems by ensuring the input data used in smart contracts is verifiably genuine and incorruptible. It has been a delight to help seed and develop Rlay, and we look forward to their implementing Rlay on OST and OpenST technology.
While most OST partners to-date are taking mainstream apps onto the OpenST blockchain, partnering with Rlay provides a great opportunity for our teams to learn from entirely new web 3.0 protocols proving their capabilities and scalability on OpenST.
— Jason Goldberg, CEO OST & OpenST Board Member
Rlay’s ambition is to hold their own ICO event for RLAY token someday. In 2018, however, the team is entirely focused on proving out the Rlay technology. Working with OST provides Rlay with a scalable blockchain platform to build and grow on. Working with Rlay provides OST and OpenST with experience applying OST technology and the OpenST protocol to scale blockchain protocols while making OST technology flexible to support potential partner company ICO’s in the future.
Download Rlay’s whitepaper fore more information.
We kicked off the OST KIT Alpha III: Embedded Wallet-Lite Challenge
Alpha III is an opportunity to integrate the first OST Branded Token wallet features into your platform, and to provide OST with your feedback on how to build the best, most robust, wallet APIs, UX and features to meet your business goals.
Developers can earn up to 350,000 OST for their successful POC.
Check our latest blog post for more information and the program rules.
Register today for OST KIT Alpha III: https://goo.gl/hkFa8o
All registrations will be approved, whitelisted, and provided quick access to the OST KIT Alpha III sandbox environment within approx. 48 hours.
OST is building the complete blockchain infrastructure and toolkit for business. We strive to be the blockchain technology partner of choice for businesses of all sizes and levels of technical sophistication, enabling any business to create, launch, and manage their own branded digital token economy powered by OpenST protocols and OST blockchain management software. The OpenST protocol enables companies to launch branded token economies on highly scalable, open, cryptographically auditable side blockchains. OST has offices in Berlin, New York, Hong Kong, and Pune India. For more information, please visit: https://ost.com/