Understanding the Algorand Ecosystem Oracle Goracle in One Article

Author: veDAO Research Institute

Goracle Project Financing Status

On January 5, 2023, the official Twitter of the Algorand oracle network Goracle announced that the IDO public sale phase of its native token GORA will launch on April 11 on its deep partner Tokensoft. Specifically, 2 million GORA tokens will be sold at a price of 1 GORA = 0.5 USD.

According to previous reports, on May 18, 2022, the decentralized oracle network Algoracle (the predecessor of Goracle) completed a $1.5 million seed round financing, led by Borderless Capital, with participation from the Algorand Foundation, Valhalla Capital, Big Brain Holdings, Xpand Capital, Parea Capital, OrcaDAO, GMI Capital, and EXA Finance.

Goracle Project Introduction

Goracle is an Oracle and data service provider for the Algorand ecosystem. Goracle removes the limitations on the functionalities that decentralized applications can provide to everyday users by bringing the best data on-chain in the most secure and efficient way. By creating a flexible and modular oracle infrastructure, Goracle can fulfill the promise of oracles, enabling rapid, frequently upgradable, scalable solutions while maintaining decentralization.

Another use case for Goracle is its collaboration with sports data provider OddsJam, allowing the protocol to access sports results via API. This opens the door to innovative ideas such as sports betting and fantasy leagues based on real-time sports data. By 2028, the sports betting market is expected to reach $129 billion, and Algorand has the opportunity to become the on-chain home powered by Goracle.

Goracle's vision is to provide an Oracle solution that brings mainstream adoption to web3 and Algorand, enabling the ecosystem of decentralized applications to address real-world user problems. By providing a flexible and modular Oracle architecture, it promotes the development of oracle and blockchain reliability, security, and performance.

Goracle envisions a decentralized, secure, and scalable network managed and operated by the community that uses it. As infrastructure demands grow, the oracle network's computational resources will scale horizontally and vertically to meet these needs. The network should frequently and seamlessly upgrade as new use cases and technological advancements emerge, without disrupting users. Infrastructure issues should gradually disappear, and security should be ensured without sacrificing privacy or decentralization.

• Roadmap Overview:
• 2022/12/15: Price Pairs mainnet launch
• 2022/12/12-24: Exclusive whitelist presale
• 2023/01/16: Testing tasks include registering wallet addresses, filling out the latest node survey, joining community modules
• 2023/01/23: Testing tasks include Oracle applications, translations, memos/videos/blog posts
• 2023/02/13: Testing tasks include staking authorization, attribution portal
• 2023/02/28: Testing tasks include node operation
• 2023/04/11: Nodes and public sale along with surveys
• Node sale: Tokens for running nodes
• Public sale: Anyone wishing to purchase tokens and participate in the ecosystem
• 2023/04 - Full launch of the Goracle protocol on the Algorand blockchain

Team Background & Collaborative Investment Partners

Goracle is registered in Zug, Switzerland, known as Crypto Valley. Switzerland is one of the first countries in the world to establish regulations for blockchain technology, creating legal certainty for developers, clients, and investors, and gradually forming an oasis for the crypto industry, gathering a large number of professionals and top teams.

Goracle consists of full-time and part-time contractors and utilizes strategic advisors to help build the protocol. The identities and backgrounds of the team members are detailed in its white paper. A total of 24 members are introduced, including advisors, and Goracle is mainly divided into four key departments: Finance, Engineering, Data Science, Marketing, and Compliance.

• CEO - Abdul Osman: He has a professional background in software engineering and business administration. He is the founder of two software companies, with Goracle being his second successful startup. He has focused on creating innovative web and mobile applications, with over 8 years of experience in taking technology products from conception to delivery and scaling.
• CFO - Ali Hassan: He has over 15 years of experience in financial analysis, internal audit, and risk management in various multinational organizations. He will ensure that grants, seed funding, and the treasury are managed to the highest standards and that Goracle complies with accounting regulations and financial reporting requirements.
• CTO - Joseph Jones: He is an experienced professional software engineer who has worked in many software domains, including machine learning, DevOps, web/mobile applications, and blockchain development. He leads a team of six to develop technical strategies to ensure Goracle's technology is not only cutting-edge but also aligned with its long-term business goals.
• CDO - Ahmed Ali: He has previously served as a chief statistician and data scientist and holds a master's degree in mathematics and statistics. He has been focused on creating models and simulation methods to determine the best reward system for Goracle's ecosystem participants.
• Marketing Director - Halli Ali: She has extensive experience in project coordination, developing efficient internal processes, and managing successful teams. She has a knack for data, observing trends, and working with other members of the marketing team to develop strategies and coordinate efforts to ensure marketing goals are met and tasks are executed smoothly.
• Director of Strategic Partnerships - Adam Kinley: He is an experienced business development client executive and consultant responsible for enhancing Goracle's brand awareness and developing strategic partnerships.

Goracle's development has been made possible through the seed round funding from previous investors, including Borderless Capital, Algorand, Valhalla Capital, Big Brain Holdings, etc. These investors are primarily motivated to support an Algorand-based oracle that will contribute to the ecosystem's development and leverage network effects. They have invested heavily in various Algorand projects and have continuously supported Goracle's growth to benefit the entire ecosystem.

Last year, according to online media reports, Goracle announced a partnership with blockchain development company HEADLINE. HEADLINE is known for creating developer tools on the Algorand blockchain and has received multiple Algorand Foundation developer tool awards. They also collaborate with Tokensoft to ensure the smooth issuance of Goracle's tokens. Tokensoft is a secure, scalable, and compliant platform for projects to issue tokens. Since 2017, they have been helping developers launch tokens. Some key services they provide include regulatory due diligence, KYC/AML checks, investor verification, Sybil resistance, and distribution.

In terms of data, Goracle ensures complete transparency and the highest quality. The community is important to Goracle, and ultimately has the final say on which data providers can join the market. The following image shows the large data providers that Goracle collaborates with:

Token Economics

The Goracle team believes that the security of a blockchain network depends on the correct incentive mechanisms, so the design must ensure that the network remains secure at all times, even with irrational participants, and the oracle network is no exception. When designing the GORA token, Goracle considered incentive alignment, granting holders the rights to run nodes and participate in governance. Community members can use their GORA tokens throughout the governance period, allowing them to vote on changes to the protocol. The GORA token implements a vesting plan to protect its value, and the token distribution is biased towards the ecosystem and participants. The initial design will ensure that the community will be the majority holder, with whale holdings being limited.

The total supply of GORA is 100 million tokens, distributed across 13 sub-regions along with their vesting period information:

• 45% - Ecosystem rewards: Locked before network launch, then distributed based on network activity;
• 12% - Treasury/liquidity reserves: Locked for 12 months, then released at 8% monthly. 100% locked in the treasury as reserves & automatic liquidity pairing;
• 3% - Advisors: Locked for 6 months, then unlocked daily over 12 months;
• 12% - Team and recruitment: Locked for 24 months, then unlocked daily over 12 months;
• 6% - Marketing and partnerships: Locked for 3 months, then released at 15% monthly;
• 2% - Appropriate node incentives: Cliff release over 3 months distributed to node operators running for over 2 years;
• 4% - Launch liquidity: Order management and liquidity provision by market makers (GSR) locked until CEX/DEX;
• 2% - Presale seed round: 12 months cliff release period, unlocked daily after 12 months;
• 6.67% - Seed round: 12 months cliff release period, unlocked daily after 12 months;
• 3.33% - Strategic financing: 12 months cliff release period, unlocked daily after 12 months;
• 2.35% - Whitelist financing: 12.5% TGE, linear daily release over 8 months (can be used to run nodes to accumulate rewards).
• 1.4% - Public sale node sale: 15% TGE, linear daily release over 6 months (Note: these tokens must be used to run nodes, rewards will accumulate)
• 0.65% - Public sale: 20% TGE, linear daily release over 4 months;

The vesting release process is illustrated below:

IDO Outlook

Goracle will conduct its IDO on the partner platform Tokensoft, with a node sale supply of 1,400,000 tokens, which will end on April 18. The supply for the public sale is 650,000 tokens, with the specific end date yet to be determined. The token price is 1 GORA = 0.5 USD.