I know current and recent markets have not been favourable to crypto/blockchain companies, but after doing some digging on the future growth of the industry’s, I found out that the full potential of blockchain technology currently remains undiscovered. For being such a new industry, the future applications and benefits are still somewhat of a mystery. Some even believe that blockchain technology can replace banks or that one day bitcoin can replace gold! I know it can all be a bit confusing, navigating all the different companies and what they do and how it benefits the user, and I’m in the same boat. However, through my research I came across a really unique company called Goracle that made everything seem so simple. Let me break them down;
Who are they?
Goracle is a decentralized oracle network platform which connects the blockchain to the world. In simpler terms, this means that the project’s platform plans to bring different types of feeds (Sports, Stocks, Crypto, etc) directly to the user. Goracle offers you to consume feeds, and provide feeds with dApps all in a very easy way, and you only pay for the feeds you use! This application is really interesting and Goracle is one of the first companies to utilize this business model. The company believes the first mover advantage will reduce once people become more comfortable with the platform which could take some time as it is pretty new for a lot of people!
Why choose Goracle?
If you're still reading, then some of you may be wondering, why invest here? How will that benefit me? Well here are 3 ways that Goracle provides value;
1.) Decentralized Sports Betting and Fantasy Sports - The global sports betting and fantasy market is estimated to grow to more than $182.12 billion in revenue by 2030. decentralized sports betting, which has started to gain traction but requires dApps to handle thousands of transactions daily, resulting in high gas fees. But Goracle handles it all!
2.) 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.
3.) NFT Gaming - Goracle 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.
News Highlights
- Goracle has announced a technical partnership with Kleros, the dispute resolution protocol. The goal of the partnership is to help resolve disputes that arise on Algorand blockchain. Read more: https://www.goracle.io/post/goracle-partners-with-kleros
- Goracle will be empowering HEADLINE’s Dev Tools with their data feeds. Read more: https://www.goracle.io/post/algorand-startups-goracle-and-headline-spark-collaborative-partnership
Final remarks
What do you guys think? I'm fairly new into this kind of tech but it all sounds promising and definitely looking like the way of the future. Maybe try out the testnet application from Goracle and sign up to be a feed provider, node runner, or bounty-hunter to get some hands-on experience and learn more! Link: https://www.goracle.io/rewards
Disclaimer: This is not financial advice, always do your own DD
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