Goracle, a decentralized oracle network that links the Algorand blockchain to the physical world, has released its litepaper. This development aims to usher in a new era of global growth in the blockchain ecosystem.
The primary purpose of the litepaper is to bring attention to the Goracle team and its supporters, as well as the protocol’s compliance. The litepaper also describes the types of feeds Goracle intends to use for its initial release and the general mechanism by which the oracle operates. The litepaper is accompanied by a comprehensive economic design paper.
The litepaper touches on the security of Goracle at a very high level. As Goracle’s mainnet launch approaches, a whitepaper that thoroughly examines the protocol’s security features will be released.
In terms of security, Goracle focuses on four main concepts:
- Network Consensus
- Trust model
- Data integrity
- Crypto-economic security
About Goracle
Goracle is the first dynamic, decentralized Oracle network built on the Algorand Blockchain. Its goal is to accelerate the adoption of Web3 and Algorand while also enabling an ecosystem of decentralized applications to solve real-world user problems.
The protocol is expected to be regularly updated to quickly incorporate new technologies and work well with new applications.
The Oracle Network’s computational resources expand horizontally and vertically to keep up with the ever-increasing demands on the underlying infrastructure.
Network upgrades would take place regularly and transparently to avoid disrupting users’ experiences as new use cases, and technologies emerge.
Nobody should have to be concerned about infrastructure, as security would be ensured without jeopardizing anonymity or decentralization.
Shaping the Future of Oracles
Goracle is helping to shape the future of Oracle-based business software with its innovative approach. As a result of its initiatives, there is now a decentralized Oracle network that provides users with accurate and up-to-date data.
Goracle, a decentralized oracle, enables smart contracts and dApps on the Algorand blockchain to interact with off-chain data sources and compute.
This is because it has implemented decentralized participation, ensuring that all users and operators of independent nodes have the same opportunity to contribute to the network.
Future Plans
The Goracle mainnet is set to launch in the third quarter of 2022, with the promise of more products being developed in its ecosystem.
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