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    Buterin says Terra recovery should target smaller holders

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    U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam

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    NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

    APE avoids broader market weakness

    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

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    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

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    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    NFT Collection Doodles Sees 400% Spike In Volumes On This

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    The Sandbox Launches Alpha Season 3 This August

    The Sandbox Launches Alpha Season 3 This August

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    Virtual Showrooms: The Future of Retail in the Metaverse

    Netflix Goes to Decentraland to Promote “The Gray Man”

    Netflix Goes to Decentraland to Promote “The Gray Man”

    Mirror Worlds: Merging The Metaverse With The Real World

    Mirror Worlds: Merging The Metaverse With The Real World

    Manchester City Teams Up With Roblox To Unveil New Kit In The Metaverse

    Manchester City Teams Up With Roblox To Unveil New Kit In The Metaverse

    Decentraland's Third Metaverse Art Week To Go Live This Month

    Decentraland’s Third Metaverse Art Week To Go Live This Month

    Metaverse 101 with Meta Starring Keke Palmer

    Metaverse 101 with Meta Starring Keke Palmer

    Experience Ghosts Metaverse in Decentraland

    Experience Ghosts Metaverse in Decentraland

    Samsung Launches 'Space Tycoon' As Metaverse Contributions Continue

    Samsung Launches ‘Space Tycoon’ As Metaverse Contributions Continue

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    bitcoin

    Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?

    TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

    TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

    Bitcoin

    Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

    Ethereum

    Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

    TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

    TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

    bitcoin

    Bitcoin Price Must Clear This Level If It Wants To See $28,000

    Bitcoin

    TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

    Ethereum

    Ethereum Could Take Hit As The Bulls Show Weak Hands

    TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs

    TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs

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    MATIC (Polygon) Is Exploding! Here’s Why Leading DeFi Projects Are Integrating With Polygon

    MATIC (Polygon) Is Exploding! Here’s Why Leading DeFi Projects Are Integrating With Polygon

    Common Crypto Mistakes To Avoid

    Common Crypto Mistakes To Avoid

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    eCash (XEC) Price Prediction

    What Is USDT Tether Token?

    What Is USDT Tether Token?

  • Regulation
    South America’s Second-Most Populous Country Considering Central Bank Digital Currency, Says Tax Agency Official

    South America’s Second-Most Populous Country Considering Central Bank Digital Currency, Says Tax Agency Official

    Huobi explains what went wrong with HUSD after stablecoin is back on track

    Huobi explains what went wrong with HUSD after stablecoin is back on track

    Crypto Exchange Gemini Rolls Out Staking for Polygon (MATIC), Says Support for Other Top Altcoins Coming Soon

    Crypto Exchange Gemini Rolls Out Staking for Polygon (MATIC), Says Support for Other Top Altcoins Coming Soon

    Biden is hiring 87,000 new IRS agents — and they’re coming for you

    Biden is hiring 87,000 new IRS agents — and they’re coming for you

    SBI lost 40% of hash rate after stopping mining in Russia: Data

    SBI lost 40% of hash rate after stopping mining in Russia: Data

    FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance

    FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance

    The Philippines pushes back against foreign exchanges, continuing a protectionist streak

    The Philippines pushes back against foreign exchanges, continuing a protectionist streak

    Hodlnaut cuts 80% of staff, applies for Singapore judicial management

    Hodlnaut cuts 80% of staff, applies for Singapore judicial management

    SEC Doubles Down on Bid Blocking Ripple From Obtaining Evidence in XRP Lawsuit

    SEC Doubles Down on Bid Blocking Ripple From Obtaining Evidence in XRP Lawsuit

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  • Home
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  • NFT’s
    Buterin says Terra recovery should target smaller holders

    Vitalik Buterin Wants To Upgrade NFTs, Crypto Community Opposes Proposal

    U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam

    U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam

    NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

    NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked

    APE avoids broader market weakness

    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

    Uniswap Labs Acquires NFT Startup Genie

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    eBay Acquires NFT Marketplace KnownOrigin, Here’s Why

    NFT Collection Doodles Sees 400% Spike In Volumes On This

    NFT Collection Doodles Sees 400% Spike In Volumes On This

  • Metaverse
    The Sandbox Launches Alpha Season 3 This August

    The Sandbox Launches Alpha Season 3 This August

    Virtual Showrooms: The Future of Retail in the Metaverse

    Virtual Showrooms: The Future of Retail in the Metaverse

    Netflix Goes to Decentraland to Promote “The Gray Man”

    Netflix Goes to Decentraland to Promote “The Gray Man”

    Mirror Worlds: Merging The Metaverse With The Real World

    Mirror Worlds: Merging The Metaverse With The Real World

    Manchester City Teams Up With Roblox To Unveil New Kit In The Metaverse

    Manchester City Teams Up With Roblox To Unveil New Kit In The Metaverse

    Decentraland's Third Metaverse Art Week To Go Live This Month

    Decentraland’s Third Metaverse Art Week To Go Live This Month

    Metaverse 101 with Meta Starring Keke Palmer

    Metaverse 101 with Meta Starring Keke Palmer

    Experience Ghosts Metaverse in Decentraland

    Experience Ghosts Metaverse in Decentraland

    Samsung Launches 'Space Tycoon' As Metaverse Contributions Continue

    Samsung Launches ‘Space Tycoon’ As Metaverse Contributions Continue

  • Analysis
    bitcoin

    Bitcoin Price Declines Below 50-Day MA, Is A Recovery Expected?

    TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

    TA- Trezor (TRB) Holds Strong Above $40, Will The Crypto Pullback Affect It?

    Bitcoin

    Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

    Ethereum

    Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

    TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

    TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

    bitcoin

    Bitcoin Price Must Clear This Level If It Wants To See $28,000

    Bitcoin

    TA: Bitcoin Price Won’t Go Down Quietly: Key Supports To Watch

    Ethereum

    Ethereum Could Take Hit As The Bulls Show Weak Hands

    TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs

    TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs

  • Learn About Crypto
    MATIC (Polygon) Is Exploding! Here’s Why Leading DeFi Projects Are Integrating With Polygon

    MATIC (Polygon) Is Exploding! Here’s Why Leading DeFi Projects Are Integrating With Polygon

    Common Crypto Mistakes To Avoid

    Common Crypto Mistakes To Avoid

    eCash (XEC) Price Prediction

    Circuits of Value (COVAL) Price Prediction

    eCash (XEC) Price Prediction

    Kishu Inu (KISHU) Price Prediction

    eCash (XEC) Price Prediction

    Bitcoin Standard Hashrate Token (BTCST) Price Prediction

    eCash (XEC) Price Prediction

    Optimism (OP) Price Prediction

    eCash (XEC) Price Prediction

    ICON (ICX) Price Prediction

    eCash (XEC) Price Prediction

    eCash (XEC) Price Prediction

    What Is USDT Tether Token?

    What Is USDT Tether Token?

  • Regulation
    South America’s Second-Most Populous Country Considering Central Bank Digital Currency, Says Tax Agency Official

    South America’s Second-Most Populous Country Considering Central Bank Digital Currency, Says Tax Agency Official

    Huobi explains what went wrong with HUSD after stablecoin is back on track

    Huobi explains what went wrong with HUSD after stablecoin is back on track

    Crypto Exchange Gemini Rolls Out Staking for Polygon (MATIC), Says Support for Other Top Altcoins Coming Soon

    Crypto Exchange Gemini Rolls Out Staking for Polygon (MATIC), Says Support for Other Top Altcoins Coming Soon

    Biden is hiring 87,000 new IRS agents — and they’re coming for you

    Biden is hiring 87,000 new IRS agents — and they’re coming for you

    SBI lost 40% of hash rate after stopping mining in Russia: Data

    SBI lost 40% of hash rate after stopping mining in Russia: Data

    FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance

    FDIC sends 5 companies, including FTX.US, cease and desist letters for making false statements about deposit insurance

    The Philippines pushes back against foreign exchanges, continuing a protectionist streak

    The Philippines pushes back against foreign exchanges, continuing a protectionist streak

    Hodlnaut cuts 80% of staff, applies for Singapore judicial management

    Hodlnaut cuts 80% of staff, applies for Singapore judicial management

    SEC Doubles Down on Bid Blocking Ripple From Obtaining Evidence in XRP Lawsuit

    SEC Doubles Down on Bid Blocking Ripple From Obtaining Evidence in XRP Lawsuit

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Home Analysis

Algoracle, The Next Phase Oracle Solution Ready To Power The Algorand Ecosystem

April 11, 2022
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Algoracle, The Next Phase Oracle Solution Ready To Power The Algorand Ecosystem
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The Algorand ecosystem has seen unprecedented levels of adoption. The network has been rising in popularity as investors seek a sustainable and cost-efficient alternative to the expensive and slower blockchains.

Algoracle, a project created to provide Algorand with a native oracle service was created to bootstrap the ecosystem’s expansion. This can only move forward by connecting its decentralized applications (dApps) to the real world.

Algoracle facilitates this process by providing the network with a decentralized bridge to connect smart contracts with real-world data. This service is critical for the expansion of any blockchain-based ecosystem.

Data from Token Terminal indicates that Ethereum, one of the largest networks in terms of dApps numbers, saw an explosion in its monthly revenue. This growth was recorded from April 2020 when it stood below $1 billion to its current $14 billion.

The main driver for this growth has been the adoption of its decentralized finance (DeFi) protocols and non-fungible tokens (NFTs). Conversely, these dApps require an oracle service to operate, offer a product or use case, process transactions, and onboard more users.

Simply put without an oracle, there is no growth. At its yearly high, Algorand saw as many as 1.8 million active addresses. These users will support the network’s next era of adoption, but they need the tools and services that will enable it. Algoracle is the bridge that will make it happen.

Algoracle Can Enable A New Generation Of Use Cases

Unlike competitive services, Algoracle leverages Algorand’s unique consensus algorithm. Called Pure Proof-of-Stake (PPoS), it allows Algoracle to operate as a fully decentralized service without the limitations of a traditional oracle.

In that sense, Algoracle is a step forward for oracle as it can provide newer and more complex dApps with a native Verifiable Random Function (VRF) mechanism. This improves the oracle’s performance, efficiency, scalability, and uptime.

Algoracle and the VRF mechanism features will enable the service to power a new branch of use cases. For example, smart contracts will be able to receive data, and their upgraded infrastructure will allow them to send data into the real world.

In that way, a user could receive notifications from their NFT marketplace, receive or send data on a decentralized exchange (DEX), and more. It is the next generation in DeFi and smart contract interaction. This could allow dApps operating with Algoracle to communicate and potentially support cross-chain transactions.

Algoracle Supports Numerous Projects On Algorand

Over the past year, Algoracle has partnered with Brave New Coin, Kaiko, Nomics, AlgoGuard, Equito Finance, Glitter Finance, and many others. Their collaboration with Glitter Finance has enabled them to power their DeFi services comprised of a yield generation solution, a cross-chain bridge, and a cross-chain NFT marketplace.

This goes to show the importance of an oracle solution for the Algorand ecosystem and its vast array of use cases. When the partnership was announced, David Dobrovitsky, founder and CEO of Glitter Finance said:

The Glitter Finance technical team, working in concert with the technical team of Algoracle has developed new innovations that will greatly enhance and change the way blockchain and cross-chain bridges work and will allow for much greater solidity and stability for the Glitter Protocol (…).

 

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Tags: AlgoracleAlgorandecosystemOraclephasepowerReadySolution
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