Gora, a decentralized blockchain oracle network, has been selected to participate in the prestigious Cointelegraph Accelerator program.
Smart contracts are a vital but underutilized component of the blockchain ecosystem, with the potential to revolutionize traditional business processes, legal agreements, and automated transactions. It is projected that the smart contracts market will grow to $8.79 billion by 2030, offering increased transparency, cost reduction, and improved efficiency across various industries.
Despite the significant potential, small and medium-sized enterprises are missing out on a $20 billion opportunity in smart contracts. This highlights a crucial gap in the adoption and utilization of smart contract technology.
The integration of decentralized applications (DApps) and smart contracts presents a solution for businesses to harness this untapped potential. DApps, powered by smart contracts, automate transactions and streamline operations in a secure and transparent manner. However, for DApps to function effectively, they require access to off-chain data, which is facilitated by decentralized oracle networks.
Gora, originally developed on the Algorand blockchain, is leading the charge in integrating real-world data into DApps. The project aims to empower developers and organizations to create applications that enhance the functionality of DApps for millions of users through data utilization and off-chain computation capabilities.
Gora stands out by not solely focusing on decentralized finance (DeFi) applications. It offers cross-chain functionalities through Gora.Fi, enhancing interoperability with other blockchain ecosystems. This expansion allows Gora to explore applications in supply chain management, Internet of Things integration, and authentication verification, among others.
The experienced team behind Gora, with backgrounds in Fortune 500 companies, has been instrumental in the platform’s success in the blockchain space. Gora has achieved significant traction, with $100,000 in annual recurring revenue, over 117 active nodes, and more than 20 marketplace sellers.
The project’s vision extends beyond DeFi, aiming to revolutionize industries such as supply chain, healthcare, and governance through blockchain technology. Gora also plans to provide developers and businesses with the necessary tools, resources, and community support to ensure secure and reliable data access in DApps for improved transparency and trust.
Gora’s roadmap includes the launch of the Gora.Fi DeFi platform and the introduction of Gora’s ERC-20 token on Ethereum in the second quarter. The platform intends to expand its cross-chain capabilities to BSC and Arbitrum by Q3, with further expansions into the Cosmos and Solana ecosystems planned for the last quarter of 2024.
For more information on Gora, visit their website.