This document serves to inform Goracle participants and community members about the GORA token, Goracle's native token that will be launched within the coming months. It contains a Tokenomics summary which will summarise the utility of the token, the number of GORA tokens, the supply schedule and incentive mechanisms.
The economic design goes into further detail using a framework which aggregates the Tokenomics into three categories; Market design, Mechanism design and Token design.
Market design discusses the ecosystem participants and the environment they will participate in and how it will be designed to be optimal for the growth of Goracle.
Mechanism design defines the rules of the ecosystem and they can be used to shape the future of the network.
Token design will discuss how the token can be designed to incentivise the optimal behaviours of participants
The Tokenomics of Goracle is crucial for the success of Goracle. Despite the incredible technology underpinning Goracle and the obvious demand for such services, if Goracle can not incentivise participation, subsequently decentralization and security through network adoption, then it will become difficult to persuade consumers and feed providers to utilize its' services.
In order for the token to have any value, there must be a demand for it. In order for there to be demand for a token, it must have a utility. Within the economic design we will go through in more detail where exactly the utility will originate from and who are the participants that will require GORA.
Important aspects of Tokenomics include; supply, demand, utility, token value appreciation, incentive mechanisms etc. The Tokenomics summary provides details on those areas with the economic design going into some more detail with usage of simulations to demonstrate the ideas behind it.
We would like to thank the following for their assistance in helping develop the foundation the Goracle economy is built on.
- Node Runner community
- In March and July, over 2000 node runners filled in Goracle's surveys, which was integral to Goracle's understanding of node runner behaviors and capabilities.
There are many other advisors, team members partners and community members who have helped Goracle shape its economy. Some of them are listed out in the team section of the litepaper. We also thank anyone who contributed even if they may not have been named.