Business Idea

Start An Ethereum Oracle

About

Starting an ethereum oracle requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$1T
starting costs
$18.5K
gross margin
83%
time to build
12 months

About

Starting an ethereum oracle requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$1T
starting costs
$18.5K

 

gross margin
83%
time to build
12 months

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Equipment & Supply Expenses $500 $5,000
App Creation Costs $1,099 $20,099
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $2,500
Website Costs $13 $215
Other Expenses $0 $300
Training & Education Expenses $0 $850
Total Startup Costs $2,524 $38,858

Successful Businesses

Business URL Rank
Oracle VM VirtualBox virtualbox.org #9,292
MDEX.COM mdex.com #21,467
Synthetix synthetix.io #36,942
Crypto Daily™ cryptodaily.co.uk #52,776
UMA—Universal Market Access umaproject.org #139,456
Liquid Ethereum Staking lido.fi #146,784
Tokens24 tokens24.com #156,155
iExec iex.ec #165,723
ScanLibs scanlibs.com #170,684
PowerPool powerpool.finance #177,992
Bridge Oracle On Tron Network bridge.link #189,137

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Rewarding work Starting a ethereum oracle can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Traffic to your website A ethereum oracle gives people a reason to visit your website and to keep coming back to you!
No overhead costs To get your ethereum oracle started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!
Cons Description
Crowded Space Competition is high when it comes to your ethereum oracle, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Longer Sales Process A ethereum oracle can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
Security Issues With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.
Isolation Often times, as a ethereum oracle, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a ethereum oracle, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.