Browse our FAQs below to get more information about Verity. Can’t find what you’re looking for? Just reach out to us through our contact page.

How does Verity Oracle work?

Verity Oracle uses a pool of real people to collect and verify data from the real world. After your consensus threshold is reached, the data is sent automatically to your smart contract. For a more in-depth explanation – read Verity’s whitepaper.

Why do smart contracts need oracles?

Smart contracts need to be able to get real-world information to enable them to execute (or not). The only way to supply a smart contract with such information is to use an oracle. Oracles connect real-world information to the smart contract, supplying it in a form that the smart contract can understand and then carry out its function. You can read more about smart contracts and the oracle problem here.

How long does Verity Oracle take to decide on an outcome?

The time it takes for Verity Oracle to complete a task will depend on the complexity of the data you require. The simplest tasks can take just seconds for data to be collected and verified and the result sent to your smart contract. More complex tasks that require more scrutiny will take longer to complete. You can set your task duration, and in future Verity Oracle will provide recommended task times, based on our data.

What happens if I don’t agree with the consensus result?

If you don’t agree that the consensus result is accurate, you may raise a dispute via the dispute mechanism. NOTE: in order to raise a dispute, you must stake a certain amount of your own VTY tokens, which will be lost if the dispute is rejected. So be sure your dispute is genuine before taking this step.

What currency can be used on Verity Oracle?

Verity Oracle relies on VTY to process an event however, other ERC-20 tokens can also be used. Verity prioritizes the use of VTY, so all other ERC-20 tokens will be automatically exchanged to VTY on decentralized exchanges and charged a small fee (N>1%) to ensure the token remains viable and usable in the general market while at the same time letting developers keep their preferences. This difference in fees is sent to the reward pool.

How much does it cost to use Verity Oracle?

As a client, you set your own price for each task and task price is subject to normal freemarket principles. In future we will provide recommended minimum task prices based on our data of previous tasks.

What kind of data can I use Verity Oracle to collect and verify?

Verity Oracle can be used to collect and verify almost any type of data that is obtainable. It is especially useful for collecting and verifying unstructured, or hard-to-get data, for which there is no source currently available. Examples of data types that Verity has been used to collect so far include:

  • Sports match results
  • Weather data
  • Details of a car accident from video footage
  • Image tagging
  • Sentiment analysis
  • Insurance claim validations

How can my organisation use Verity Oracle to trigger smart contracts?

Verity Oracle can be used by a private group or a public pool. For example – you could use it to trigger a contract that says after employee X has left the company, trigger employee termination procedure Y. Verity Oracle could be created to trigger this contract after three out of four of your staff confirm employee ­X has left. Or, Verity’s own audience can be used. Contact: sales@verity.network to learn more about how you can start using Verity to collect or verify data.

What’s a consensus threshold?

The consensus threshold is the % of data providers that must agree on the same outcome, for consensus to be reached. For example – if you set your consensus threshold to 75%, this means that 75% of the data providers must agree in order for consensus to be achieved. A task with a high number of data providers combined with a high consensus threshold will give greater certainty of accuracy than a task with a small number of data providers combined with a low consensus threshold.

Can I choose how many data providers to use?

Yes – you can select any number of data providers, from 1 upwards. The higher the number of data providers, the higher the certainty of data accuracy. In future, Verity Oracle will offer guidance on the recommended number of data providers to use, during the task creation process.

How do I know how many data providers and what consensus threshold to use?

A task with a high number of data providers combined with a high consensus threshold will give greater certainty of accuracy than a task with a small number of data providers combined with a low consensus threshold. In future, Verity Oracle aims to provide recommended consensus thresholds, and numbers of data providers, based on our data.

What is a data provider?

A data provider is someone who provides data to Verity Oracle and earns rewards, by completing a task, for example verifying the content of an image or submitting a score for a football match. Become a data provider here.

What is VTY token?

VTY is Verity’s native token. It is required by data providers for ‘staking’ in tasks. It can also be used for running tasks and running validation nodes.

 

How much can I earn as a data provider?

Payment for tasks is set by the client (or ‘data customer’) and depends on the time required and the complexity of the task. The amount of reward offered for doing a task is ultimately subject to market forces on the Verity platform.

Does it cost me anything to join Verity as a data provider?

There is no ‘membership fee’ for becoming a data provider – but you will need a small amount of ETH and VTY in order to take part in a task. Verity is built upon the Ethereum blockchain. Like any other Ethereum blockchain project, a small ‘gas fee‘ in ETH must be paid for every transaction. You will also need to ‘stake’ some VTY tokens in order to be able to take part in a task. As long as you are part of the concensus, you will get these back.

What is token staking and why do I need to do it?

In order to prevent gaming of the system, Verity uses token staking for tasks. This means that in order to take part in a task, each data provider must deposit a small amount of VTY tokens to the task smart contract. If the data provider is part of the consensus, they will get these tokens back, along with a share of the reward pot. If they are not part of the consensus, these tokens will be lost. This approach incentivizes accuracy and disincentivizes low quality data.

What is crowdsource work?

Crowdsource work is using a group of people to achieve a task – rather than a single person. On Verity, we use large numbers of people to collect and/or verify information. People who supply this information are called ‘data providers‘ and earn a reward for being part of the concensus. Crowdsourcing is typically a more accurate and secure method of obtaining information, compared to relying on a single source. Wikipedia is another excellent example of using crowdsourcing to obtain accurate and trusted information.

How is Verity different to other crowdsource platforms like Mechanical Turk?

Verity has some useful differences, when compared to other crowdsource platforms like Mechanical Turk: 1. No Geographical Restrictions – Verity can be used by anyone, anywhere in the world (unlike MT which has restrictions on most countries outside of the USA). 2. Get Paid Instantly – Verity uses blockchain for its payment system, so you can withdraw payments as soon as you receive them – no waiting around! 3. No Registration Required – Just get MetaMask and you’re ready to start earning with Verity.

What do Verity validation nodes do and how is the system decentralized?

Validation nodes are responsible for capturing the votes cast on tasks running on Verity Hive, building consensuses and cross-validating each other to ensure honesty and accuracy. Nodes generate passive income via the collection of validation fees while also being involved in the system’s governance. Decentralization is ensured by having a community of dozens of validation nodes, so no single entity can influence any given task.

How do I become a Verity validation node?

Currently it is not possible to become a Verity validation node, because all spots were filled in 2018, via our Prime Validation Node program. However, in the coming months, we plan to begin accepting new nodes again – be sure to join our discord community to be alerted when that happens.