5 Ways Goracle will be a Game-changer
Goracle is based on the Algorand blockchain that uses a new Pure Proof of Stake (PPoS) consensus protocol to solve the blockchain trilemma of security, scalability, and decentralization.
The future of data on the blockchain relies on scalability, cost-effectiveness, privacy, and security. Goracle achieves this by using a network of nodes and data providers distributed across the globe, offering true decentralization, innovative asymmetric encryption, fair pay-as-you-go pricing, and numerous layers of security.
5 Ways Goracle will change the Algorand Network and the Crypto World
1. Enables A New Generation Of Use Cases
Goracle’s data feeds will enable developers to build novel decentralized applications in short periods of time. Data availability has been a major roadblock to creativity, but now developers will be able to build proof of concepts in a matter of weeks, rather than months. From stock market, crypto market, and weather, to sports events, shipping, savings, insurance, and predictions markets, smart contracts can access any API endpoint traditionally accessed via REST APIs with GET or POST commands.
2. NFT Gaming
Goracle’s use cases can shine in the emerging sector, crypto games, which may need to modify the value or appearance of their NFTs to include avatars, weapons, lands, and other items. Here, Goracle can provide a data feed to execute these modifications, such as altering the appearance of an NFT based on an event in the real world.
Gorale can further deliver a fair gaming experience on-chain by providing a tamper-proof way to determine the composition of newly minted NFTs and distribute rare attributes to existing avatars.
3. Decentralized Sports Betting and Fantasy sport
The global sports betting and fantasy market is estimated to grow to more than $182.12 billion in revenue by 2030, from $76.75 billion last year. In the traditional betting market, we implicitly trust the other party to pay us our win and provide the lowest commissions. Thus, decentralized sports betting can make a significant change here, which has started to gain traction but requires dApps to handle thousands of transactions daily, resulting in high gas fees.
Goracle’s scalable network can help the decentralized sports betting market on the Algorand Network. Goracle tested this use case by creating an application for people to bet on the outcome of the UEFA CL, viewable at gorasports.com
4. Verifiable Random Functions
The adoption of dApps, NFTs, and P2E games has led to this growth. But what many of these applications require is an oracle service to operate. This is where Goracle comes into the picture. It can provide newer and more complex dApps with a native Verifiable Random Function (VRF) mechanism that further improves its performance, efficiency, scalability, and uptime.
5. Liquidations
In crypto, millions of dollars worth of “liquidations” happen during every volatile event, but smart contracts don’t know when to liquidate positions on their own. They need a decentralized oracle like Goracle’s that can feed them real-time and accurate data to ensure that liquidation occurs as scheduled.
Got any questions about what we are doing? Want to participate in our ecosystem? Reach out to us at https://www.goracle.io/contact
