Monday, December 20th, 2021 - The Algorand Foundation today announces the award of our first Oracle Supagrant to Algoracle, for the development of an oracle network, to provide a price, weather, sports, random numbers, and other types of data to dApps created on the Algorand ecosystem.
The Algorand Foundation announced in September the Viridis DeFi fund, providing 150 Million Algo to fuel the significant early growth of the DeFi ecosystem on Algorand. Our Viridis fund invited applications from experienced developer teams and organizations to build secure and high-quality solutions such as Oracles and Bridges for the Algorand ecosystem. The Algoracle team will make the project highly accessible to data providers as well as data consumers, with URL endpoints; providing simplicity by decoupling the need for nodes to be run by the providers.
Agloracle is a unique abstraction layer decentralized oracle network that is built on the Algorand Blockchain that enables universally connected decentralized node networks, to securely interact as independent sources to provide critical off-chain, real time external data feeds needed by complex smart contracts to become a strong form of digital agreement. Real time network exchanges include accurate and up to date Sports, Weather and Crypto pricing data to complete smart chain contracts.
The Algoracle Network is driven by a large, secure, open-source community of node operators, feed providers who facilitate trusted, independent and real time data feeds. The network has several layers of security mechanisms, verified by researchers, security auditors, and community bounty hunters.
Agoracle’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.
Algoracle is led under the vision of founder Abdul Osman, a veteran in bringing technological products from ideation to delivery to scale. He and his team seamlessly connect in over twelve different time zones, and bring a wide range of global technical depth and perspective.
“There is a large number of exciting applications that can be built on blockchain, and a healthy network of oracles that is just as decentralized and opaque as the blockchain it is built on is crucial. Algoracle believes in security by reducing complexity.” Says Algoracle’s CEO, Abdul Osman.
Algoracle Team members consist of software & Blockchian developers, along with mathematicians that have been running in-depth simulations on what a decentralized economy would look like. The team’s diverse skills provide a unique perspective on helping solve the ‘Oracle Problem’.
Algoracle’s trusted and secure node operators that convert off-chain real time data use Algorand’s cryptographic sortition algorithms and consensus protocols when selecting nodes that will write the agreed on values to the data feeds’ smart contracts. By leveraging Algorand differentiating technology, Algoracle is hyperfocusing on providing high quality data, extremely efficiently and with the same security level as the Algorand blockchain it's built on.
Algoracle plans to be selected as one of the core methods through which dApps will further decentralize their operations to utilize accurate up to date real-time data. Now is a terrific time to partner and connect with Algoracle. In the process of building trusted partners within our network, Algoracle is aiming to be one of the dominant open-source oracle networks on the blockchain in the decentralized data processing ecosystem.
‘In 2021, we rolled out programs to help identify and support projects that bring real economic activities on the Algorand blockchain. Ecosystem development is very important to us and we’re delighted to see Algoracle progress from our Algorand Encode Hackathon winner to now being our 1st Oracle Supagrant recipient’, underlines Sean Lee, CEO at Algorand Foundation. ‘Oracles are an essential element of the technology stack blockchains offer. Oracle data is required for a wide variety of decentralized applications, providing the connection between off-chain, real-world data and the digital world of blockchain platforms.
You can watch Algoracle’s winning product demo from the Algorand Encode Hackathon here.
For more information on Algoracle please visit www.Algoracle.ai or follow them on Twitter and Discord. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here when applications re-open on January 12th, 2022.