Understanding the Algorand Ecosystem Oracle Goracle in One Article

06/03/2023·1years ago

Goracle Project Financing Situation

On January 5, 2023, the Algorand oracle network Goracle Network officially announced on Twitter 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 price of 1 GORA = 0.5 USD.

According to previous reports, on May 18, 2022, the decentralized oracle network Algoracle (formerly Goracle) completed a $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 service provider of the Algorand ecosystem. Goracle brings the best data to the chain in the most secure and efficient way, thereby removing the limitations of decentralized applications for everyday users. By creating a flexible and modular oracle infrastructure, Goracle can fulfill the promises of oracles, being fast, supporting frequent upgrades, scalable, and decentralized.

Another use case for Goracle is its collaboration with sports data provider OddsJam, enabling the protocol to access sports results through APIs. This opens the door for innovative concepts such as sports betting and fantasy leagues based on real-time sports data. By 2028, the sports betting market is expected to reach $129 billion, and Algorand has the opportunity to become the home of a chain supported by Goracle.

Goracle's vision is to provide an Oracle solution that introduces mainstream adoption to web3 and Algorand, enabling the decentralized application ecosystem 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 managed and operated by the community using it. As infrastructure needs grow, the computational resource level and vertical scaling of the oracle network should meet these needs. With the emergence of new use cases and technological advancements, the network should upgrade frequently and seamlessly without disrupting users. Infrastructure issues should gradually disappear, security should be ensured without sacrificing privacy or decentralization.

Roadmap Project Development Overview:

2022/12/15: Price Pairs mainnet launch
2022/12/12-24: Exclusive whitelist presale
2023/01/16: Test tasks include registering wallet addresses, completing the latest node survey, and joining the community module
2023/01/23: Test tasks include Oracle applications, translations, memos/videos/blog posts
2023/02/13: Test tasks include staking authorization, ownership portal
2023/02/28: Test tasks include node operation
2023/04/11: Node sale and public offering with surveys
Node sale: Tokens for running nodes
Public offering: Open to anyone wishing to purchase tokens and participate in the ecosystem
2023/04 - Full launch of the Goracle protocol on the Algorand blockchain

Team Background & Collaborative Investment Partners

Goracle is registered in Zug, Switzerland, known as Crypto Valley. Switzerland is one of the first countries in the world to establish regulations for blockchain technology, creating legal certainty for developers, clients, and investors, and gradually forming an oasis for the crypto industry, attracting a large number of professionals and top teams.

Goracle is composed of full-time and part-time contractors and utilizes strategic advisors to help build the protocol. The team organization members are detailed in their whitepaper, including 24 members who cooperated to establish the protocol. Goracle is mainly divided into four main departments: finance, engineering technology, data science, marketing, and compliance management.

CEO - Abdul Osman: With a background in software engineering and business administration, he is the founder of two software companies, and Goracle is his second successful venture. He has been focused on creating innovative web and mobile applications and has over 8 years of experience in taking 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 in several multinational organizations. He will ensure that grants, seed funds, and treasury are managed to the highest standards and ensure that Goracle complies with accounting regulations and financial reporting requirements.
CTO - Joseph Jones: An experienced professional software engineer who has worked in various software fields, including machine learning, DevOps, web/mobile applications, and blockchain development. He leads a team of six to develop a technology strategy to ensure that Goracle's technology is not only cutting-edge but also aligned with its long-term business goals.
CDO - Ahmed Ali: Previously served as a chief statistician and data scientist, holding a master's degree in mathematics and statistics. He has been deeply involved in creating models and simulation methods to determine the reward system that best suits ecosystem participants.
Marketing Director - Halli Ali: She has extensive experience in project coordination, developing efficient internal processes, and managing successful teams. She has the knack for data, observing trends, and working with other members of the marketing team to develop strategies and coordination to ensure that marketing goals are met and tasks are successfully implemented.
Director Of Strategic Partnerships - Adam Kinley: An experienced business development client executive and consultant responsible for increasing Goracle's brand awareness and developing strategic partnerships.

Goracle's development is realized through the seed round funding from previous investors, including Borderless Capital, Algorand, Valhalla Capital, Big Brain Holdings, etc. These investors' main motivation is to support an Algorand-based Oracle, which will contribute to the development of the ecosystem and leverage network effects. These investors have made significant investments in various Algorand projects and have been supporting Goracle's development to benefit the entire ecosystem.

Last year, Goracle announced a partnership with the blockchain development company HEADLINE, which is the creator of developer tools on the Algorand blockchain and the recipient of multiple Algorand Foundation developer tool awards. Similarly, Goracle collaborates with Tokensoft to ensure the smooth issuance of Goracle's tokens. Tokensoft is a secure, scalable, and compliant platform for token issuance. Since 2017, they have been helping developers launch tokens. Some of the key services they provide include regulatory due diligence, KYC/AML checks, investor accreditation, Sybil resistance, and distribution.

In terms of data, Goracle ensures complete transparency and the highest quality. The community is important to Goracle, and ultimately, data providers have the final say in joining the market. The following image shows the large data providers Goracle collaborates with:

Token Economics

The Goracle team believes that the security of a blockchain network depends on the correct incentive mechanism, so the design must ensure that the network is always secure, even with irrational participants, and the Oracle network is no exception. Goracle considered incentive alignment when designing the GORA token, 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 protocol changes. The GORA token implements a vesting plan to protect its value, and the token distribution is biased towards the ecosystem and participants. The initial design will ensure that the community will be the majority holder, and the holdings of whales will be limited.

The total supply of GORA is 100 million tokens, distributed across 13 sub-areas, with their vesting period information:

45% - Ecosystem rewards: Locked before network launch, subsequently released based on network activity;
12% - Treasury/liquidity reserve: Locked for 12 months, then released at 8% monthly. 100% locked in the treasury as reserves \u0026 automatic liquidity pairing;
3% - Advisors: Locked for 6 months, then daily unlock within 12 months;
12% - Team and recruitment: Locked for 24 months, then daily unlock for 12 months;
6% - Marketing and partnership: Locked for 3 months, then 15% monthly unlock;
2% - Proper node incentives: Cliff release for 3 months distributed to nodes running for over 2 years;
4% - Startup liquidity: Locked for market maker (GSR) order management and liquidity provision to CEX/DEX;
2% - Presale seed round: Cliff release for 12 months, daily unlock after 12 months;
6.67% - Seed round: Cliff release for 12 months, daily unlock after 12 months;
3.33% - Strategic financing: Cliff release for 12 months, daily unlock after 12 months;
2.35% - Whitelist financing: 12.5% TGE, linear daily within 8 months (can be used to run nodes to accumulate rewards).
1.4% - Public sale node sale: 15% TGE, linear daily over 6 months (Note: these tokens must be used to run nodes, and rewards will accumulate)
0.65% - Public sale: 20% TGE, linear daily release over 4 months;

The release process of the vesting period is as follows:

IDO Outlook

Goracle will conduct its IDO on partner Tokensoft, with a node sale supply of 1,400,000 tokens, which will end on April 18. The supply for the public sale part is 650,000 tokens, and the specific end date is yet to be determined. The token price is 1 GORA = 0.5 USD. If you are interested in learning more about Goracle's IDO, the following media can help you explore:

Official website: https://www.goracle.io/ Official Twitter: https://twitter.com/GoracleNetwork Discord: http://discord.gg/c5kb6UB7S4 Tokensoft IDO: https://app.tokensoft.io/dashboard

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