Utility Token

The first thing to address in building a decentralized oracle network is the cryptoeconomics of incentivizing miners.

Developers will reserve token along with any generic request. Miners will drive a consensus by staking token with the off-chain data they collected. Concurrence is drawn based on defined combiner algorithms and miners are rewarded or punished based on the consensus. Developers contracts then receive this concurrence on-chain to power their smart contract logic.

Thankfully, many brilliant minds have come together to build a safe and standardized token for Ethereum. One such token is the StandardToken, and this will be extended for the use as the Concurrence token (CCCE).

string public constant name = "Concurrence";
string public constant symbol = "CCCE";
uint8 public constant decimals = 9;
uint256 public constant INITIAL_SUPPLY = 10**18;
// https://github.com/ethereum/EIPs/issues/20
contract ERC20 {
  function totalSupply() constant returns (uint totalSupply);
  function balanceOf(address _owner) constant returns (uint balance);
  function transfer(address _to, uint _value) returns (bool success);
  function transferFrom(address _from, address _to, uint _value) returns (bool success);
  function approve(address _spender, uint _value) returns (bool success);
  function allowance(address _owner, address _spender) constant returns (uint remaining);
  event Transfer(address indexed _from, address indexed _to, uint _value);
  event Approval(address indexed _owner, address indexed _spender, uint _value);

On top of this tried-and-true token standard we will need a few other features. First, we will need a mechanism for developers to reserve funds for the mining of a particular resource. Second, we will need a way for miners to stake some of their own token against the consensus. Later, we will want to have a reserved percentage of Ether stored in a contract to provide liquidity to the token.