Goracle Partners With Tokensoft to Launch $GORA

Goracle is excited to announce that we will launch our GORA token at the end of Q1 2023.

Before diving into our token launch, let us explain why oracles need a token in the first place. A blockchain network’s security is dependent on the correct incentive mechanisms. The design must ensure that the network always remains secure, even with irrational actors. Oracle networks are no different. Goracle is designing the GORA token with incentive alignment in mind, giving holders the right to run a node and to participate in governance. Community members can stake their GORA token for the entire governance period, allowing them to vote on changes to the protocol.

The Goracle team believes our token should have additional utility beyond governance rights and the right to run a node, which not everyone can do given the technical requirements.

GORA Token Utility

The GORA token can be used to purchase data & computational power from the node network. Users can use the GORA token to request arbitrary data, such as calling a verifiable random number (VRF number) or even to call any external API trustlessly. Goracle is also in discussions with various companies who want to get data from sensors (e.g. supply chain, insurance etc) and bring that on-chain.

The amount of gas paid for a transaction increases with the number of computational steps a smart contract has to perform. Sometimes, it makes sense for a dApp to move part or all of that computation off-chain. Using the GORA token, dApps can pay the Goracle node network to perform the computation and place the result on-chain.

The GORA token can also be used to subscribe to data feeds such as sports data or institutional grade financial data. The integration process is automated through smart contracts, and data will be auto-pushed to accounts making payments.

The GORA token will give users the ability to participate in consensus. Goracle data feeds’ security depends on node runners’ participation in voting on the data. When a customer requests data from the Goracle network, one random node fetches and proposes the data while all other node runners vote on the data. Each token held by a node runner is equal to one vote. Every time a node runner votes honestly, they are rewarded in GORA tokens. If a node votes incorrectly or fails to vote, their staked GORA tokens are slashed, meaning their stake gets permanently reduced. Thus a dishonest node runner’s influence in the network is also decreased.

GORA token holders who do not wish to run a node can delegate their tokens to a staking provider. The delegation process is similar to trusting your ETH to a validator on Ethereum. One such staking provider is our partner, Validatrium, who will take a small commission in return for helping to delegate your votes. Importantly, this process is non-custodial from the staking providers, which means you retain control over your GORA tokens.

Partnering with Tokensoft

Launching a token is a significant milestone for Goracle, and we are proud to announce that we will partner with Tokensoft to ensure our token launch goes smoothly and in a compliant manner. Tokensoft is a secure, scalable, and compliant platform for projects to launch tokens. They have been helping developers launch tokens since 2017. Some critical services they provide include regulatory diligence, KYC/AML checks, investor accreditation, Sybil resistance, and distribution.

The success they have achieved proves to us that they are a great partner for our token launch.

• $18 billion combined market cap created
• 100+ assets created
• 300k+ unique on-chain addresses

Some of their notable clients include DeFi heavyweight Synthetix, index protocol The Graph, and the Avalanche & Tezos blockchain networks. We’re glad we can add Goracle to that list.

As mentioned, the GORA token will be launching in late February/early March. We will make more announcements closer to the date.

If you’re interested in learning more, check out our documentation.

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