Blockchain
Algorand Looks To Prove Why Algoracle Is Needed In The Contemporary Blockchain And Crypto Sector
Zug, Switzerland–(Newsfile Corp. – April 14, 2022) – As the complexity of current dApps (decentralized applications) on Algorand grows, so must the infrastructure, notably oracles, to enable significantly higher and better feature sets. In the Algorand ecosystem, Algoracle’s opinions on off-chain computing are therefore worth discussing in key detail.
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What is it exactly?
Since smart contracts are unable to access external data on their own, all Web 3.0 technology is built on the foundation of the most crucial of blockchain middleware, oracles. The current generation of decentralized oracle networks therefore seeks to connect real-world, off-chain data to blockchains. As the complexity of contemporary dApps grows however, oracles must also mature and expand to accommodate significantly higher and deeper feature sets as aforementioned.
The next major frontier in oracle development is indeed off-chain computing, which essentially allows oracles to handle significantly more advanced programming logic as well as data aggregation requests on behalf of smart contracts in a permissionless way before publishing the data on-chain. As such, streamlining and enhancing the functionality of oracle off-chain computation not only greatly improves smart contract execution, cost efficiency, and scalability, but it additionally provides decentralized applications with an excellent quality of life features that we often take for granted in Web 2.0, which includes things like push notifications and transaction automation, without requiring dApps to rely on multiple services with varying levels of centralization.
Why is any of this important?
It is simple to envision that as teams construct more sophisticated dApps, the kinds of data sourcing, processing, and computing will become increasingly complicated. An application would often need to pull data from numerous sources while applying certain parameters and filtering logic. Aggregating data from several APIs, selected statistical methodologies, and various data types implies that these activities quickly get needlessly complex. As a result, more efficient methods of doing off-chain processing and applying logic to various circumstances and use cases are critical.
Furthermore, most EVM oracles currently offer rudimentary ways for requesting certain APIs, allowing users to choose the URL or JSON from which to send data, although they do not natively support data aggregation logic. Aggregated data streams are frequently built up or enabled on a case-by-case basis, resulting in data centralization and inflexibility regarding logic application.
A considerably superior oracle design, from the perspective of a developer, would thus enable off-chain data aggregation for general computation. Simply put, oracles should function similarly to Layer-2 smart contracts, where any high-level programming language may be utilized to execute trustless reasoning. Builders ought to have access to a uniform interface that is pre-programmed with this specific goal in mind.
So what’s the issue and how can Algorand help?
Sadly, due to outdated code and the necessity to manage backwards compatibility for current clients, the previously mentioned crucial quality-of-life changes and additions are extremely difficult to execute in existing V1.0 oracles. Attempting to roll out improvements that would improve off-chain computing in present state oracles would hence be analogous to adding new components to an already-flying airplane. Due to this, most oracle V2.0 upgrades would often still leave developers maintaining a plethora of interfaces, both for data feeds and Layer-2 operations.
Algoracle is working on creating a unified interface with off-chain processing in mind, made possible by the intelligent implementation of the Algorand consensus. The significance of Algorand’s Pure Proof of Stake (PPoS) consensus is that its advantages can be simply duplicated for oracle data. The PPoS strategy, based on the Byzantine consensus, avoids standard Proof-of-Stake (PoS) security issues by fortifying the network with an emphasis on a transparent majority without bias based on each validator’s entire stake.
In other words, instead of forced token lockups and the risk of big stakeholders exerting monopolistic control over the network in PoS, PPoS will instead introduce an egalitarian method which randomly selects validators from the entire validator body, thereby removing entry barriers along with any minimum stake requirements.
Since its inception, Algorand has been able to achieve incredible performance, scale, and 100% uptime because of this random selection mechanism, also known as the Verifiable Random Function (VRF) cryptographic sortition. Silvio Micali, the creator of Algorand, was a fundamental architect behind the concept of VRFs, which are now one of the most important building elements for cybersecurity and cryptography applications.
The importance of VRFs
Essentially, a VRF is a tamper-proof random number generator. Such a resource is extremely beneficial for smart contracts dealing with lotteries, auctions, assignment or selection of roles, or any other activity that requires trustlessly verified unpredictability.
Algoracle can deliver a superior ‘VRF-as-a-service’ offering while also creatively deploying VRFs at the node network consensus level to reach peak oracle efficiency by piggybacking on Algorand’s PPoS consensus and bottom-up creation of a unified interface.
By integrating VRFs at a lower level, Algoracle is hence able to deliver improved reliability and effectiveness. Algoracle’s implementation of VRF in PPoS consensus, which ensures assured random sampling of validators, permits not just next generation off-chain computing, but also many essential functionalities taken for granted in the Web 2.0 world that currently evade the offers of oracle providers today.
About Algoracle
Algoracle, the first dynamic, decentralized oracle network constructed on the Algorand blockchain, was developed in the autumn of 2021 and won first place in the Encode’s Algorand Hackathon.
The goal of Algoracle is to provide easy and accessible oracle solutions to help dApps built on Algorand access off-chain data safely, precisely, and fast. By providing decentralized participation which is guaranteed for all independent node operators and users wishing to contribute to the network for economic stimulation, Algoracle intends to be the most reliable, secure, and easy up-to-date real-world data source.
Algorcale believes that real-time data is incredibly useful and should be transmitted in a straightforward, accurate, and timely manner. It therefore aspires to be one of the blockchain sector’s major open-source oracle networks in the decentralized data processing ecosystem.
Also, Brave New Coin, Amberdata, Kaiko, and Nomics, are just some of the current partners. Meanwhile, Bankrolled, Glitter Finance, Equito Finance, Upside Finance, Prismatic, Webblen Network, Mercury Labs, AlgoGuard, and others are the major clients. In terms of biggest achievements, the seed round was successfully closed, and a vital partnership with Amberdata was also established. The mainnet launch along with providing VRF and computation capabilities are among the main points of focus for the next 12 months.
Visit the official website and Twitter and Discord channels for more information and regular updates.
Abdul Osman
Email: [email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120023
Blockchain
From Onboarding to Settlement in Minutes: TransFi Launches BizPay to Redefine Global Business Payments
TransFi
The blockchain universe never sleeps. From pioneering cross-border payment systems in Central America to city-wide crypto strategies in New York City, today’s headlines reveal an industry maturing at breakneck speed. In this edition of Blocks & Headlines, we explore five landmark developments:
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Guatemala’s Banco Industrial integrates blockchain for seamless cross-border remittances.
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NYC Mayor’s Office unveils a comprehensive crypto and blockchain roadmap.
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OSR Holdings, BCM Europe & Taekwondo Cooperative sign an MOU to launch the OSRH token.
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Bybit’s “Chicken Trader” livestream—crypto meets poultry in the world’s first poultry-powered trading showdown.
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FIFA taps Avalanche to build a dedicated blockchain for its NFT platform.
These stories underscore three key trends reshaping the ecosystem:
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Institutional Adoption & Regulation: From national banks to municipal governments, legacy institutions are embracing decentralized technologies.
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Tokenization & Community Engagement: Strategic partnerships are launching specialized tokens that bridge niche communities with global markets.
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Innovative Use Cases: Whether gaming, entertainment, or live-stream events, blockchain’s versatility spawns ever-more creative applications.
Join us as we unpack the implications, weigh the opportunities, and forecast where these trajectories might lead.
1. Guatemala’s Largest Bank Integrates Blockchain for Cross-Border Payments
What Happened
Guatemala’s Banco Industrial, the country’s biggest financial institution, announced the deployment of a private‐permissioned blockchain network to streamline remittances from the U.S. into Guatemala City and beyond. The solution reduces settlement times from days to minutes, cuts fees by up to 60 %, and offers real-time traceability for senders and receivers.
Source: Cointelegraph
Analysis & Commentary
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Financial Inclusion Boost: Remittances account for over 12 % of Guatemala’s GDP. By minimizing friction and cost, blockchain integration will extend financial services to remote communities reliant on diaspora funds.
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Risk & Compliance: Permissioned networks allow Banco Industrial to retain AML/KYC controls, mitigating concerns around illicit flows. This hybrid approach demonstrates that enterprise blockchain can balance decentralization with regulatory rigor.
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Regional Ripple Effects: Neighboring Central American banks are watching closely. Should Guatemala’s pilot succeed, we can expect a domino effect across El Salvador, Honduras, and Costa Rica—each seeking to capitalize on faster, cheaper cross-border rails.
Implications
Legacy banks worldwide should view this as a blueprint: private blockchains can coexist with existing compliance frameworks while delivering transformative user benefits. Early movers will capture remittance market share and cultivate fintech partnerships across the Latin American corridor.
2. NYC Mayor Unveils Ambitious Crypto & Blockchain Agenda
What Happened
New York City Mayor Eric Adams detailed his administration’s multi-pronged strategy to make NYC a global crypto hub. Key initiatives include:
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A regulatory sandbox for crypto startups to pilot DeFi, NFTs, and token-based fundraising under city supervision.
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Partnerships with CUNY and Columbia University for blockchain research and talent development.
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Deployment of a blockchain-based public record system for land titles and business registrations.
Source: GovTech
Analysis & Commentary
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Regulatory Harmony vs. Overreach: By offering a controlled sandbox rather than blanket deregulation, NYC signals a nuanced stance—encouraging innovation without sacrificing consumer protection.
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Talent Pipeline: Academic partnerships aim to remedy the talent shortage plaguing blockchain firms. Local graduates trained in distributed ledger technologies (DLT) will feed startups, financial institutions, and government agencies.
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Public Services on Chain: Land registries and business filings on blockchain promise greater transparency and fraud reduction. If scaled effectively, NYC could set a global standard for government-blockchain integration.
Implications
Other major cities—London, Singapore, Dubai—will feel pressure to match NYC’s playbook. Municipal leaders should prioritize sandbox frameworks and academia-industry liaisons to nurture homegrown crypto ecosystems.
3. OSR Holdings, BCM Europe & Taekwondo Cooperative Launch OSRH Token
What Happened
OSR Holdings, BCM Europe, and the Taekwondo Cooperative signed a strategic Memorandum of Understanding to co-develop the OSRH token, a blockchain-based digital asset aimed at supporting global Taekwondo practitioners. Features include:
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Membership Rewards: Tokens earned through event participation, coaching certifications, and tournament wins.
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Decentralized Governance: Athletes vote on sponsorship allocations and rule-change proposals via on-chain ballots.
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Marketplace Integration: A dedicated NFT marketplace for Taekwondo memorabilia, from digital belts to highlight reels.
Source: PR Newswire
Analysis & Commentary
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Niche Tokenization: OSRH token exemplifies the power of community-focused tokens. By aligning incentives with passion points—training, competition, governance—stakeholders gain ownership and engagement.
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Governance Innovation: Athlete-driven decision-making on sponsorship and funding disrupts top-down federation models. This could democratize sports governance across disciplines.
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Commercial Ecosystem: The NFT marketplace offers monetization channels for athletes and federations alike. Strategic royalties on secondary sales ensure sustainable funding.
Implications
Other sports federations and niche communities should explore token models that blend rewards, governance, and commerce. Successful launches will hinge on clear utility, user education, and regulatory compliance in key jurisdictions.
4. Bybit Presents “Chicken Trader”: The World’s First Poultry-Powered Trading Showdown
What Happened
Cryptocurrency exchange Bybit debuted “Chicken Trader,” a live-streamed event where two contestants trade crypto pairs—and manage live chickens—to earn “Egg Points.” Viewers can stake on their favorite trader, earning NFTs and token rewards based on performance.
Source: PR Newswire
Analysis & Commentary
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Gamification Meets DeFi: Chicken Trader’s fusion of live-stream engagement, staking mechanics, and NFTs exemplifies Web3’s playful ethos—turning trading into interactive entertainment.
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User Acquisition Strategy: Bybit gamified acquisition funnels, leveraging viral social content to onboard nontraditional crypto audiences intrigued by the novelty factor.
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Regulatory Tightrope: Combining staking with competition and livestock raises jurisdictional questions around gambling, securities, and animal welfare. Bybit must navigate diverse regulations to scale globally.
Implications
Other exchanges will replicate gamified formats to differentiate UX and grow communities. Yet long-term viability demands balancing flashy live-events with rigorous compliance, sustainable tokenomics, and authentic value for participants.
5. FIFA Taps Avalanche to Power Its NFT Platform
What Happened
Global soccer body FIFA selected the Avalanche blockchain to launch its official NFT marketplace, featuring digital collectibles—from World Cup highlights to player-card packs. Avalanche’s high throughput and low fees were cited as decisive factors.
Source: TradingView (via Cointelegraph)
Analysis & Commentary
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Scalability & Sustainability: Avalanche’s consensus mechanism delivers sub-second finality and carbon-offset commitments, aligning with FIFA’s environmental pledges.
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Fan Engagement: Tokenized highlights and limited-edition digital memorabilia expand revenue streams beyond broadcast rights, offering fans verifiable ownership and collectible provenance.
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Interoperability: Avalanche’s growing DeFi ecosystem enables future integrations—staking fan tokens, launching prediction-market games, or embedding NFT rewards in FIFA’s mobile apps.
Implications
Major sports leagues and entertainment brands eyeing NFT forays will scrutinize Avalanche’s performance under FIFA’s global load. Blockchain platforms must prove they can handle spikes during marquee events—kickoff times, finals, transfer windows—while preserving UX and sustainability goals.
Conclusion
Today’s Blocks & Headlines illustrate blockchain’s multifaceted evolution:
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Legacy institutions like banks and city governments are unlocking new efficiencies and transparency through private and public DLT networks.
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Community-driven tokens are redefining governance and monetization in sports and niche domains.
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Innovative engagement—from poultry-fueled trading spectacles to global soccer NFTs—demonstrates blockchain’s capacity for gamification, fan loyalty, and novel revenue models.
Yet with opportunity comes responsibility: scalable architectures must coexist with robust compliance; token economies require thoughtful design to sustain value; and regulators, academia, and industry must collaborate to craft frameworks that balance innovation with consumer protection.
As blockchain weaves deeper into finance, governance, entertainment, and sports, stakeholders who embrace strategic partnerships, prioritize user education, and invest in resilient infrastructures will lead the charge into Web3’s next frontier.
The post Blocks & Headlines: Today in Blockchain – May 22, 2025 appeared first on News, Events, Advertising Options.
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