Algoracle plans to help dApps get access to real-time data on-chain. Algoracle believes real-time data is extremely valuable and should be exchanged simply, truthfully, and swiftly. Algoracle is working to set the blockchain industry standards by which businesses and people interact with up-to-date real-time data.
Algoracle plans to help businesses, organizations, and users re-imagine how real-time data is directed and exchanged.Algoracle believes real-time data is extremely valuable and should be exchanged simply, truthfully, and swiftly. Algoracle is working to set the blockchain industry standards by which businesses and people interact with up-to-date real-time data.
Algoracle won 1st place at Encodes Algorand Hackathon and since then Algoracle’s experienced team of blockchain developers have undertaken extensive testing and have developed a data-changing technical infrastructure that the market has been waiting for. Algoracle plans to become the leading decentralized network for providing real-time data.
So what is Algoracle? The Algoracle protocol is simplicity at its best. Algoracle concentrates on keeping accurate and up-to-date real-world data on a smart chain contract with as little infrastructure as possible.
Algoracle is a unique decentralized oracle network that is built on the Algorand Blockchain. Algoracle enables universally connected decentralized feed providers and node networks to securely provide efficient real-time data needed by complex smart contracts to become a strong form of digital agreement.
The real-time network exchanges that Algoracle will provide will be accurate and up-to-date weather, sports, stocks, and crypto pricing data completed by smart chain contracts.
The Algoracle Network is driven by a large secure open-source community of node operators and researchers, security auditors, who provide trusted independent real-time data feeds through a secure API endpoint, and access a wide range of data feeds. The support computations require reliable performance and guarantees to create forms of trust.
Algoracle’s winning formula focuses on establishing decentralized participation which is guaranteed for all independent node operators and users looking to contribute to the network for economic stimulation. Algoracle focuses on keeping trusted, accurate and up-to-date real-world data on a smart chain contract with as little infrastructure as possible. To ensure the network is fully decentralized, Algoracle focuses on keeping the collection and aggregation mechanisms as decentralized as possible.
1. Feed Providers (FPs) arrange the data that is sourced from any ideally secure and trusted sources of off-chains. The Feed Providers are the backbone of the Algoracle system. Algoracle makes it as effortless as possible for FPs to contribute to the system by easily connecting their API endpoints that respond to verified nodes with their values (Vs).
2. Algoracle Node Runners (NRs) call the APIs provided by the feed providers. Utilizing the cryptographic sortition protocol, the cluster of nodes selects members of the node to propose, vote on and certify the next value(s) to be added to the Feed Smart Contract (FSC). Node runners have two options, to aggregate the data, or provide the raw values for the smart contracts reading the data to aggregate themselves.
3. Bounty Hunters are a part of the general public of the Algoracle Community(AC). The Algoracle Community (AC) can view real-time live updated feeds and report deficient quality or malicious Feed Providers to get bounties. The AC can also vote on previous reports, and once certain thresholds are met, individuals who voted and reported get paid “bounties” for correct reports, or they can lose their stake for incorrect reports. Algoracle Community (AC) participates in Bounty hunting and can view the live data or the historical data submissions and stake their tokens to report obvious incorrect feeds. This program is simply an additional layer of penalties on top of the slashing penalties applied to substandard quality or deficient feeds.
Another unique feature that Algoracle provides to its node operators is instant economic stimulation. Once verified as a legitimate, secure, and trusted source through Algoracles level of decentralization Permission to Participate in Protocols, P2PP, node operators will have the opportunity to gain revenue from the applications using their nodes. To help reduce complex open-source network token issues for accessing secure, real-time executed smart contract data provided by node operators, fees will be paid by the Algorland applications. The node operators will be financially compensated in Algo tokens which is the native currency of Algorand.
The Algoracle roadmap includes several additional innovative initiatives. You can find the roadmap on the homepage of Algoracle.ai. If you are interested in learning more about the company’s real-time data solutions or want to be a node provider, join Algoracle’s discord community: (https://discord.gg/Pe8rwyPvKp)
Goracle will be partnering with HEADLINE. Goracle will be empowering HEADLINE’s Dev Tools with their data feeds.
When we started building Goracle, we chose a name that would clearly identify what we do. We have learned a lot about naming since then.