Cointelegraph Accelerator, the startup booster leveraging Cointelegraph’s media capabilities, has announced the latest addition to its roster — Goracle: A next-generation blockchain oracle.
Oracles serve as a crucial link between on-chain and off-chain data, acting as middleware that provides reliable off-chain data services for blockchain projects. Goracle is the next-generation consensus oracle based on proof of stake, designed to enhance the decentralization, speed, security and functionality of decentralized applications requiring real-world data.
The functionality of Goracle extends beyond price feeds, encompassing a wide array of use cases that can have practical applications in the real world. Oracles enable smart contracts to leverage off-chain resources, offering limitless possibilities.
Goracle aims to broaden the range of use cases by offering an extensive amount of data, as well as off-chain computation, compared to traditional oracles. It also strives for greater flexibility, eliminating restrictions on who can run nodes or participate. Cointelegraph Startup Program will help create brand awareness for Goracle to secure more end users, as well as help the Goracle team hone their marketing prowess.
By bridging the gap between the blockchain and real-world information, Goracle ensures that DApps have a reliable and up-to-date source of real-world data at their fingertips.
- Goracle’s data feeds empower developers to rapidly build innovative decentralized applications. From stock market and cryptocurrency market data to weather information, sports events, shipping details, savings, insurance and prediction markets, smart contracts gain access to any API endpoint traditionally accessed via REST APIs with GET or POST commands.
- Goracle’s use cases particularly shine in crypto games, where modifications to the value or appearance of nonfungible tokens (NFTs) may be required, such as incorporating avatars, weapons, lands and other items. In this context, Goracle can provide a data feed to execute these modifications based on real-world events.
- Goracle’s sport feeds can help the decentralized sports betting market. The global sports betting and fantasy market is projected to surpass $182.1 billion in revenue by 2030, compared to $76.8 billion last year. Decentralized sports betting can bring about significant change in this sector, which has already gained momentum but necessitates DApps capable of handling a high volume of daily transactions.
- Cross-chain applications, including supply chain management, gaming and asset management, are other potential use cases. Developers can create applications that track the movement of goods across different blockchains, verify ownership of virtual assets in games, or manage asset portfolios across multiple blockchains.
- Enterprise businesses worldwide provide trillions of dollars’ worth of goods and services on a daily basis. Goracle’s network can revolutionize transparency, increase revenue streams and enhance the security of existing systems for enterprises. Goracle can connect the blockchain network with external data sources and customs databases to provide real-time information on product origin, authenticity and delivery status.
- Goracle can play a crucial role in enabling decentralized finance (DeFi) applications and smart contracts to access real-time market data, including price feeds, interest rates and exchange rates. This facilitates the automation and execution of financial transactions, such as decentralized lending, derivatives trading and asset management with accurate and reliable information from trusted sources.
Cointelegraph Accelerator Startup Program
By joining the program, Goracle will have the opportunity to present to the broader Web3 ecosystem its innovative oracle solution with a new approach for the future of data on the blockchain that relies on scalability, cost-effectiveness, privacy and security. Goracle was chosen to join this program, as it’s a promising project that has the potential to revolutionize the way that blockchain applications interact with the real world. It is already being used by a number of projects, and its adoption is likely to grow in the future.
Goracle’s inception in autumn 2021 marked a turning point, securing the prestigious first-place position in Encode’s Algorand Hackathon — an impressive accomplishment that underscored its innovative potential. In December 2021, Goracle further cemented its position as a trailblazer by receiving the esteemed first oracle Supagrant from the Algorand Foundation.
Notable partners of Goracle include Algorand Foundation, Brave New Coin, Borderless Capital, Big Brain Holdings and Xpand Capital. The public IDO of its GORA token is scheduled for June 28, and the mainnet launch on Algorand is planned for July 5, 2023.