
Goracle
The premier oracle network launched on the Algorand blockchain.
Date | Investors | Amount | Round |
---|---|---|---|
* | $1.5m | Seed | |
Total Funding | 000k |
USD | 2022 | 2023 |
---|---|---|
Revenues | 0000 | 0000 |
% growth | - | 149 % |
EBITDA | 0000 | 0000 |
Profit | 0000 | 0000 |
EV | 0000 | 0000 |
EV / revenue | 00.0x | 00.0x |
EV / EBITDA | 00.0x | 00.0x |
R&D budget | 0000 | 0000 |
Source: Dealroom estimates
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Goracle, which now operates as Gora Network, functions as a decentralized oracle network, initially established on the Algorand blockchain. The company was founded in 2021 by Abdul Osman, who serves as the CEO and has a background in both Business Administration and Software Engineering. The project's inception was marked by winning first place in Encode's Algorand Hackathon in autumn 2021, followed by receiving the first oracle Supagrant from the Algorand Foundation in December of the same year.
The core business of Goracle is to act as a crucial bridge between blockchains and real-world data, a service essential for smart contracts to interact with off-chain information. This enables decentralized applications (dApps) to utilize external data feeds for various sectors, including finance, sports, weather, and logistics. The business model is structured around its native utility token, GORA, which clients use to purchase data and computational power from the network. This includes services like calling a verifiable random number or accessing external APIs in a trustless manner. The network is maintained by a community of node operators and data providers who are incentivized through GORA token rewards for participating in consensus and ensuring data accuracy.
Goracle's platform is designed with a flexible and modular architecture, which supports customization and scalability. Initially focused on the Algorand ecosystem, the network is expanding its cross-chain compatibility to other blockchains such as Ethereum, Polygon, Arbitrum, and Cosmos. This multi-chain strategy allows developers across different platforms to integrate reliable off-chain data into their applications. The company has secured funding through several rounds, including a $1.5 million seed round led by Borderless Capital in 2022, with other investors like Big Brain Holdings and Valhalla Capital participating. Goracle has also formed strategic partnerships with entities like HEADLINE, Vantage Point for security audits, and has been part of the Cointelegraph Accelerator program to enhance its industry presence.
Keywords: decentralized oracle network, blockchain data, Algorand, smart contracts, off-chain data, GORA token, cross-chain compatibility, decentralized applications, data feeds, Web3 infrastructure, node operators, Abdul Osman, Borderless Capital, blockchain security, crypto data, DeFi, NFT gaming, verifiable random function, multi-chain oracle, tokenomics