Goracle has announced the launch of its price oracle beacon chain on Algorand. The launch is slated for December 2022. Goracle has been working on the product for a year and is now prepared to make it available to the general public.
The community price oracle beacon is the first of the company’s four-phase initiatives. There is the incentivized testnet, the protocol launch, and the off-chain computation set to take place in 2023. This is the four-step plan for the launch of Goracle’s fully decentralized protocol.
In the first phase, Goracle will launch with a group of third-party node runners. The node runners will operate using the price pairs and build products using data on the platform. This activity is to test how external developers will use the protocol when it launches; feedback will also be provided to Goracle. This would allow the company to fine-tune operation procedures and incentive mechanisms as well as iterate during the incentivized testnet phase.
Goracle, formerly known as Algoracle, is a decentralized oracle network that connects real-world data to the blockchain. It’s built on the Algorand blockchain and was founded in 2021 by Abdul Osman. Decision-making in the company is done through its Decentralized Autonomous Organization (DAO) using the native token $GORA.
Users can also secure the network by staking the native token. The firm is backed by the Algorand Foundation, Big Brain Holdings, and other notable venture capitalists.
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