On January 5, 2023, the official Twitter account of the Algorand oracle network Goracle Network announced that the IDO public offering phase of Goracle's native token GORA will be launched on its deep partner Tokensoft on April 11. Specifically, 2 million GORA tokens will be sold at a unit price of 1 GORA = 0.5 USD.

According to previous reports, on May 18, 2022, the decentralized oracle network Algoracle (the predecessor of Goracle) completed a US$1.5 million seed round of financing, led by Borderless Capital, with participation from Algorand Foundation, Valhalla Capital, Big Brain Holdings, Xpand Capital, Parea Capital, OrcaDAO, GMI Capital and EXA Finance.

Goracle Project Introduction

Goracle is the Oracle and Data Services provider for the Algorand ecosystem. Goracle unlocks the limits of what decentralized applications can do for everyday users by bringing the best data to the chain in the most secure and efficient way. By creating a flexible and modular oracle infrastructure, Goracle can deliver on the promise of oracles that are fast, support frequent upgrades, and are scalable while remaining decentralized.

Another use case for Goracle is a partnership with sports data provider OddsJam to enable the protocol to access sports results via an API. This opens the door to innovative ideas such as sports betting and fantasy leagues based on real-time sports data. The sports betting market is expected to reach $129B by 2028, and Algorand has the opportunity to become the on-chain home powered by Goracle.

Goracle's vision is to provide an oracle solution that brings mainstream adoption to web3 and Algorand, and enables an ecosystem of decentralized applications to solve real-world user problems. By providing a flexible and modular oracle architecture, it drives the development of oracle and blockchain reliability, security, and performance.

Goracle envisions a decentralized, secure, and scalable network that is governed and operated by the community that uses it. As infrastructure needs grow, the oracle network's computing resources scale horizontally and vertically to meet those needs. As new use cases and technological advances emerge, the network should upgrade frequently and seamlessly without disrupting users. Infrastructure issues should fade away, and security should be guaranteed without sacrificing privacy or decentralization.

Roadmap Project development route at a glance:

  • 2022/12/15: Price Pairs mainnet launch

  • 2022/12/12-24: Exclusive whitelist pre-sale

  • 2023/01/16: Testing tasks include registering a wallet address, filling out the latest node questionnaire, and joining the community module

  • 2023/01/23: Testing tasks include, Oracle applications, translation, memos/videos/blog posts

  • 2023/02/13: Testing tasks include staking authorization and attribution portal

  • 2023/02/28: Testing tasks include node operation

  • 2023/04/11: Nodes and public sale and questionnaire survey

    • Node Sale: Tokens for running nodes

    • Public Sale: Anyone who wishes to purchase tokens and participate in the ecosystem

  • 2023/04 - Full launch of the Gooracle protocol on the Algorand blockchain

Team Background & Investment Partners

Goracle was registered and established in Zug, Switzerland, which is known as Crypto Valley. Switzerland is one of the first countries in the world to enact laws and regulations for blockchain technology, creating legal certainty for developers, customers and investors. It has also gradually formed an oasis for the crypto industry, bringing together a large number of professional talents and top teams.

Goracle is made up of full-time and part-time contractors and uses strategic consultants to help build the protocol. The identity background of the team members is very detailed in its white paper. Including consultants, a total of 24 members who cooperated to build the protocol were introduced. Goracle is mainly divided into 4 main departments: finance, engineering technology, data science, marketing and compliance management.

  • CEO - Abdul Osman: With a professional background in software engineering and business administration. He is the founder of two software companies and Goracle is his second successful startup. He has been focusing on creating innovative web and mobile applications and has more than 8 years of experience in bringing technology products from conception to delivery to scale.

  • CFO – Ali Hassan: With over 15 years of experience in financial analysis, internal audit and risk management at multiple multinational organizations, he will ensure that grants, seed funds and treasury are managed to the highest standards and that Goracle complies with accounting regulations and financial reporting requirements.

  • CTO - Joseph Jones: He is an experienced professional software engineer who has worked in many software fields, including machine learning, DevOps, web/mobile applications and blockchain development. He leads a team of six people to develop technical strategy to ensure that Goracle's technology is not only cutting-edge, but also aligned with its long-term business goals.

  • CDO - Ahmed Ali: He has previously worked as Chief Statistician and Data Scientist and holds a Master's degree in Mathematics and Statistics. He has been deeply involved in creating models and simulation methods to determine the Goracle reward system that best suits ecosystem participants.

  • Marketing Director - Halli Ali: She has extensive experience in project coordination, developing efficient internal processes and all aspects required to manage a successful team. She has a knack for data, observing trends, and strategizing and coordinating with the rest of the marketing team to ensure marketing goals are met and tasks are implemented smoothly.

  • Director Of Strategic Partnerships Adam Kinley is an experienced business development account executive and consultant responsible for increasing Goracle’s brand awareness and developing strategic partnerships.

The development of Goracle was made possible by seed round funding from previous investors, including Borderless Capita, Algorand, Valhalla Capital, Big Brain Holdings, etc. The main motivation of these investors is to support an Oracle based on Algorand, which will help the development of the ecosystem and thus exert network effects. These investors have invested heavily in various Algorand projects and have been supporting the development of Goracle and benefiting the entire ecosystem.

Last year, according to online media reports, Goracle announced a partnership with blockchain development company HEADLINE. It is reported that HEADLINE is the creator of developer tools on the Algorand blockchain and the winner of multiple Algorand Foundation Developer Tools Awards. It also cooperated with Tokensoft to ensure that Goracle's token issuance goes smoothly. Tokensoft is a secure, scalable and compliant platform for projects to issue tokens. They have been helping developers launch tokens since 2017. Some of the key services they provide include regulatory due diligence, KYC/AML checks, investor certification, Sybil resistance and distribution.

When it comes to data, Goracle ensures full transparency and the highest quality. The community is important to Goracle and ultimately has the final say on which data providers can join the market. The following figure shows the large data providers that Goracle works with:

Token Economics

The Goracle team believes that the security of a blockchain network depends on the right incentives, so the design must ensure that the network is always secure, even with irrational participants, and the Oracle network is no exception. Goracle designed the GORA token with incentive alignment in mind, giving holders the right to run nodes and participate in governance. Community members can use their Gora tokens throughout the governance period, allowing them to vote on changes to the protocol. The GORA token implements a vesting plan to protect its value, and the distribution of tokens is ecosystem- and participant-biased. The initial design will ensure that the community will be the majority of holders and that whales’ holdings are limited.

The total supply of GORA is 100 million tokens, which will be distributed across 13 sub-zones along with their vesting period information:

  • 45% - Ecosystem Rewards: locked before network launch, and then released based on network activity;

  • 12% - Treasury/Liquidity Reserve: 12 months locked, then 8% released per month. 100% locked in the Treasury as reserve & automatic liquidity pairing;

  • 3% - Advisors: 6 months lockup, then daily unlocking for 12 months;

  • 12% - Team and Recruitment: 24 months lock, then 12 months daily release;

  • 6% - Marketing and Partnerships: 3 months lock, then 15% release per month;

  • 2% - Appropriate node incentives: 3-month cliff release distributed to node operators for more than 2 years;

  • 4% - Startup liquidity: Market maker (GSR) order management and liquidity provision locked to CEX/DEX;

  • 2% - Pre-sale seed round: 12-month cliff release period, and daily unlocking and release after 12 months;

  • 6.67% - Seed round: 12-month cliff release period, and daily unlocking and release after 12 months;

  • 3.33% - Strategic Financing: 12-month cliff release period, and daily unlocking and release after 12 months;

  • 2.35% - Whitelist Funding: 12.5% ​​TGE, linear daily for 8 months (can be used to run nodes to accumulate rewards).

  • 1.4% - Node sales for public sale: 15% TGE, daily linear over 6 months (Note: these tokens must be used to run a node, rewards will accumulate)

  • 0.65% - Public sale: 20% TGE, linearly released daily over 4 months;

The process diagram of vesting period release is as follows:

IDO Outlook

Goracle will conduct an IDO on its partner Tokensoft. The node sales supply for this IDO is 1,400,000 tokens, which will end on April 18. The public sale supply is 650,000 tokens, and the specific end date has not yet been determined. The token price is 1GORA = 0.5 USD.

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