Real World Data for Blockchain Applications: Domain Joins Cointelegraph Accelerator.
Domain, a decentralized blockchain oracle network, has joined the Cointelegraph Accelerator program.
Smart contracts represent a largely underutilized cornerstone of the blockchain ecosystem, with the potential to redefine traditional business processes, legal agreements, and automated transactions that have remained untouched. Representing a market expected to reach $8.79 billion by 2030, smart contracts have the potential to increase transparency, reduce costs, and increase efficiency across multiple industries.
Small and medium-sized enterprises are missing out on a $20 billion opportunity with modern contracts. Source: Domain
Despite their potential, the sector has been left behind in harnessing the full value of the innovation, showing a significant gap in the adoption and use of smart contract technologies. The integration of decentralized applications (DApps) and smart contracts provides a viable solution for businesses looking to leverage this potential.
Blockchain oracles: Connecting DApps to the real world.
DApps, powered by smart contracts, automate transactions and facilitate agreements in a trustless and transparent manner, allowing businesses to streamline their operations. However, for DApps to function effectively, they need reliable and secure access to off-chain data – a capability provided by decentralized on-premises networks.
Originally built on the Algorand blockchain, Gora – the blockchain oracle network – aims to channel real-world data into the integration of DApps. The goal of the project is to enable developers and organizations to create applications that extend the utility of DApps into the daily activities of millions of users through both data usage and off-chain computing capabilities.
Source: Domain
Domain differentiates itself by not focusing on decentralized finance (DeFi) applications. It includes cross-chain functionality through Gora.Fi, enhancing interoperability with other blockchain ecosystems. Domain interoperability expands its applicability, automating processes by connecting real-world sensor data with smart contracts to ensure the integrity and accuracy of supply chain management and Internet of Things to track goods.
Expanding with experience beyond traditional DeFi.
The domain team, comprised of individuals with experience at Fortune 500 companies, brings knowledge and expertise to the platform. The platform's experienced backbone has contributed to the domain's visibility in the blockchain space, generating $100,000 in annual recurring revenue.
The growing domain ecosystem is supported by more than 117 active nodes and has attracted more than 20 marketplace vendors, indicating strong and widespread demand for decentralized verbal and data integration services.
The project's vision extends beyond DeFi, aiming to transform industries such as supply chain, healthcare and governance with blockchain. Gora also plans to empower developers and businesses with essential tools, educational resources, and community support to ensure safe, secure, and private data access in DApps for improved transparency and trust.
Domain's roadmap includes the launch of the Gora.Fi DeFi platform and the launch of Domain's ERC-20 token on Ethereum in the second quarter. The platform plans to expand its cross-chain capabilities to BSC and Arbitrum in Q3, with further expansion into the Cosmos and Solana ecosystems in the last quarter of 2024.
