Friday, March 29, 2024

Oracle

by Hideo Nakamura
Oracle

Oracle

Oracle is a type of data service that provides access to external information sources, such as news feeds and market prices. It enables real-time processing of data from multiple sources, without the need for manual intervention. This makes it ideal for providing timely updates on the value of cryptocurrencies or other financial instruments.

An Oracle can be used by cryptocurrency exchanges or wallets to provide price feed and pricing services across different currencies or assets. In addition, Oracles are increasingly being used in smart contracts built on blockchain networks where they serve as trusted third parties who verify outside information before executing specific contract conditions automatically based on predetermined criteria. The use of an Oracle eliminates the risk associated with relying solely on code logic when executing complex transactions involving digital assets.

The most popular Oracles in cryptocurrency include Chainlink, Band Protocol and Tellor which all provide secure access to off-chain data while maintaining trustless operation within a decentralized network infrastructure. These platforms enable developers to create applications that interact with real-world events and trigger automated payments based on outcomes obtained from various external sources using their APIs (Application Programming Interfaces). By leveraging these Oracles, businesses are able to build reliable systems that allow them to take advantage of new technology without having to worry about security issues posed by centralized solutions like legacy databases or web servers running proprietary software.

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