Goracle aims to accelerate the development of dApps that are useful in the day to day lives of millions of users. Goracle will accomplish this by providing the infrastructure necessary for developers and organizations to build applications that make use of real world, off-chain data. Furthermore, Goracle will enable developers to build applications that utilize off-chain computation.
In 2022, the number of daily users for decentralized applications surpassed 2.4 million daily users, with several billion dollars in volume. Global uncertainty has lead to increased adoption of cryptocurrencies, especially in emerging markets. This increased adoption of cryptocurrencies has familiarized people with wallets and the mechanics of transacting on-chain. As the general population becomes more comfortable using decentralized applications, demand for oracles to provide real world data will see a similar rise.
Algorand, in particular, has seen increased development, with large numbers of applications being developed or going live in 2022. Algorand is also seen as being an institutional favorite (e.g. among banks, insurance, etc) for its speed and secure cryptographic properties. Goracle aims to provide the Algorand ecosystem with a high quality oracle solution to further grow the blockchain.
Along with record numbers of new users, the blockchain space has also seen record number of hacks and exploits, many of these being through bridges/oracles hacks and manipulation. This highlights the need for security as a top priority for any oracle solution such as Goracle.
The primary goal of this litepaper is to highlight the organization and backers of Goracle, and to highlight compliance of the protocol. In addition, it will aim to provide a high level overview of the functioning mechanism of the oracle, and the types of feeds Goracle plans to launch with. This litepaper is accompanied by an in-depth economic design paper. Technical details of the network will be released in a future whitepaper closer to the launch date of the protocol.
Goracle network is currently being developed, and there will be several major updates and announcements in the coming weeks. To be a part of the ecosystem (e.g. running nodes, participating in incentivized testnet, etc.), please contact us with your interest.