
Goracle Network
The Goracle network is a decentralized oracle provider secured by the $GORA token and aims to provide the Algorand ecosystem with off-chain data. By harnessing its technology and clever design, Goracle provides decentralized applications with reliable, secure, and high-throughput data that can be used to unlock a plethora of use cases on the blockchain.
Categories:
Oracle
Updated:
2023-07-10
Tags:
Proof of Stake
Ticker:
$GORA
Token Strength.
Token Utility:
$GORA's utility: -Pay for real-world (off-chain) data and computation on the Goracle network. -Governance over the network. -Staking to run a node runner/operator and receive rewards (from the protocol and consumers). -Delegation to a node runner/operator to receive rewards (from the protocol and consumers). -Provide on-chain liquidity.
Demand Driver:
Demand Drivers: -An increase in the number of consumers seeking reliable, secure, and high-throughput off-chain data from a decentralized oracle provider like Goracle would drive demand for $GORA, as the token is required to pay for this service. -An increase in the number of consumers requiring computational power from the network would drive demand for $GORA, as the token is required to pay for this service. -An increase in fees generated (by providing data or computation) by the network would make running a node more desirable and would thus drive demand for $GORA, as the token is required to setup a node. -An increase in fees generated (by providing data or computation) by the network would make delegating $GORA tokens to a node runner/operator more desirable and would thus drive demand for $GORA, as the token is required to delegate stakes in the network. -An increase in network security (by an increased number of node operators/runners and/or delegators) would result in more demand for data and computation as it is more reliable and secure, and thus for the $GORA token. -An increase in demand to govern the network can also drive demand for the $GORA token, as staking, delegating, or holding it is required to participate in governance. -An influx of users, developers, and, by extension, dApps to the Algorand network could bolster the aforementioned demand drivers. -An increase in use cases requiring real-world data could bolster the aforementioned demand drivers.
Value Creation:
The value created by Goracle lies in its ability to provide developers and decentralized applications with real-world data that is fast (high throughput), reliable (accurate), and secure (tamper-proof). This real-world data can range from weather to event outcomes to price feeds, allowing a myriad of use cases to be fulfilled, such as borrowing and lending, insurance, and sports betting on the blockchain, among other things.
Value Capture:
Value accrual to token: -The network generates fees in $GORA from consumers that require real-world (off-chain) data and computation and passes them onto node runners/operators and their delegators. -Node runners/operators also receive $GORA rewards from the protocol for behaving in line with the protocol rules and following consensus. Value accrual to protocol: -None; all fees generated get passed onto node runners/operators and their delegators.
Business Model:
The protocol generates revenue by allowing consumers to purchase real-world (off-chain) data and computations for a fee paid in $GORA. These $GORA token(s) are then distributed as revenue to node runners/operators (and, by extension, $GORA tokens delegated to that node runner/operator) who provided the data or computation (the node runner/operator has a higher chance of being selected to provide the data or computation based on the self-staked $GORA token amount and the $GORA token amount delegated to them, just like in any PoS blockchain, i.e., the higher the self-staked and delegated $GORA tokens, the higher the chance of being picked to provide data and/or computation).
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Protocol Analysis.
Problems & Solutions | Problem: -Blockchains are isolated from the rest of the world. Decentralized applications that employ real-world data need an oracle that can provide data quickly, without sacrificing the reliability or security of that data. Solution: -By matching the security of its underlying blockchain and harnessing its technology, the Goracle network provides decentralized applications and builders with real-world data that allows them to build endless applications and onboard the next generation of blockchain users and use cases. |
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Predecessors | Similar projects include Chainlink, Uma, Band, Tellor, and other oracle providers; however, most of these projects provide oracles on EVM-compatible and equivalent chains. Goracle is providing oracles on the Alogrand blockchain, which is neither EVM-compatible nor equivalent. |
Investment Take
... coming soon
Tokenomics Timeline.
2023-06-28
IDO
$GORA Initial Dex Offering (IDO)
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Ecosystem Users.
Name | Role | |
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Community Members & Team | Streamline the process for node runners/operators and feed providers to do their jobs, lower the barriers to entry, and attract more consumers. | |
Consumers | The whole network is based on consumers. These consumers use the data provided by node runners/operators and pay a fee for doing so. | |
Feed Providers | Feed providers' role is to monetize the data provided by the node runners/operators. Feed providers are also incentivized to reduce the cost of onboarding data consumers/users. | |
Investors | Investors hold the $GORA token in hopes of price appreciation. They may also make markets for the $GORA token by providing liquidity, etc. | |
Node Runners/Operators | Node runners/operators run the essential infrastructure that provides real-world data on-chain using oracles. These node runners also secure the network by staking the native $GORA token. |
Resources.
Author.
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