Algorand’s ecosystem has been adopted at unprecedented rates. Investors are looking for an affordable and efficient alternative to slow and expensive blockchains. The popularity of the network is on the rise.
Algoracle, a project created to provide Algorand with a native oracle service was created to bootstrap the ecosystem’s expansion. The only way to make this happen is by connecting the decentralized applications (dApps), to the real-world.
Algoracle assists in this process by connecting smart contracts to real-world data via a decentralized bridge. This service is essential for expanding any blockchain-based network.
Token Terminal’s data indicates an explosive increase in Ethereum’s monthly revenue. This is the biggest network in terms of dApps. The growth occurred from April 2020, when the revenue was below $1 billion, to today’s $14 billion.
This growth was largely due to the widespread adoption of DeFi protocols and NFTs, non-fungible tokens. To be able to run, offer products or services, make transactions and take on more users, these dApps need an oracle server.
Without an oracle there can be no growth. Algorand had 1.8 million addresses at its annual high. These users will support the network’s next era of adoption, but they need the tools and services that will enable it. It is called Algoracle.
The Algoracle can enable a new generation of use cases
Unlike competitive services, Algoracle leverages Algorand’s unique consensus algorithm. It is called Pure Proof-of-Stake or PPoS and allows Algoracle operate without limitations as an traditional oracle.
Algoracle can offer newer, more complicated dApps using a native Verifiable Random Functions (VRF). This improves the oracle’s performance, efficiency, scalability, and uptime.
VRF mechanisms and Algoracle will make it possible to support a new type of use case. Smart contracts can receive data. Their upgraded infrastructure will also allow them to transfer data into the real-world.
This allows users to receive notification from NFT markets, send or receive data via a DEX, and much more. This is the future of smart contract interaction and DeFi. It could enable dApps that use Algoracle to communicate with each other and possibly support cross-chain transactions.
Algoracle Backs Several Projects on Algorand
Algoracle has been a partner with Brave New Coin and Kaiko as well as Equito Finance and Glitter Finance over the last year. Glitter Finance and Algoracle have partnered to provide DeFi services that include a yield generator solution, cross-chain bridge and cross-chain NFT market.
It is clear that an Oracle solution to the Algorand ecosystem’s many use cases and the vast importance it holds, David Dobrovitsky (founder and CEO, Glitter Finance), announced the partnership.
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 (…).