Wednesday, December 22th, 2021. BrightNode signed a partnership with Algoracle to elaborate its Tokenomics. Algoracle is a unique abstraction layer decentralized oracle network that is built on the Algorand Blockchain. It 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.
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.
The Algoracle team will make the project highly accessible to data providers as well as data consumers.
BrightNode is working with Algoracle team to outline the project’s Tokenomics that will leverage the innovative oracle solution that Algoracle is introducing into the blockchain space.
Tokenomics is the engine that moves the economic system based on blockchain technology: a key aspect of any crypto related project. The success of a project is often based on a balanced mix of economic incentives and blockchain engagement mechanisms – that’s why Tokenomics plays such an important role.
BrightNode will support Algoracle’s project in the design of its main economic pillars: token supply and allocation, governance, staking, rewards, protocol incentives as well as DeFi opportunities.
Thanks to its thorough market expertise and know-how BrightNode aims to further validate Algoracle’s solution through the implementation of the optimal DeFi tools for a future successful token sale.
Algoracle has recently received the first Oracle Supagrant from Singapore’s Algorand Foundation, 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.
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.
BrightNode has recently seen a parabolic growth of client’s interest in Tokenomics. Francesco Piras, BrightNode co-founder says “Algoracle is one of the most promising projects that we have lately seen in the crypto space. A decentralized service like Algoracle will represent a strong contribution to the growth and to a broad adoption of Algorand’s ecosystem. We are glad to be contributing to building the solution that this innovative project brings to the market”.
Algoracle is led under the vision of founder Abdul Osman, a veteran in bringing technological products from ideation to delivery to scale. “The Tokenomics of a project can determine its long term success, and with Oracles being an integral part of a blockchain, we wanted to ensure we work with a firm with deep expertise in Tokenomics design.” Says Algoracle’s CEO, Abdul Osman.
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.
You can watch Algoracle’s winning product demo from the Algorand Encode Hackathon here.