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

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 ma...