Blockchain Oracles for dummies - what are they and why are they important?

2 44
Avatar for sp3ktraline
2 years ago

"An oracle is a person or agency considered to provide wise and insightful counsel or prophetic predictions, most notably including precognition of the future, inspired by deities. As such, it is a form of divination." - Wikipedia

When I think of the word oracle it inevitably comes to mind the wonderful book William Golding wrote called "The Double Tongue", which was found in the form of a draft after he was already deceased and published two years after he left us. It tells the story of Arieka, and provides an insight on the role of the Pythias, who were priestesses with special abilities that served as bridges to relay messages from the divine space deities inhabited to the earthly world of men in Delphos. They were the spiritual bridge that brought messages from the other side in the form of prophesies. 

On the blockchain realms, oracles serve a somewhat similar purpose. They are a bridge between two different entities and are an important instrument that collects and validates data from the real world to then send the info to a blockchain, so that a smart-contract can determine how to process an outcome, simply put. Examples of oracles are Chainlink on Ethereum, or WINkLink on the TRON network - notice how both share the link aspect on their names? They can do all sorts of cool stuff, like checking the results of football matches (or soccer, if you're reading this from the US) so that betting houses can then process how bets are resolved, for example. Their potential is limitless and they are important because blockchains rely on them to collect the data they need from the outside in order to process any sort of transaction if said transaction depends on real world circumstances to be determined.

 

- Follow me on noise.cash

6
$ 0.00
Avatar for sp3ktraline
2 years ago

Comments

I also wanna try to invest in cryptocurrency. They had lots of potential in this kind of situation wherein internet is the most convenient why to earn. Thanks for the info buddy.

$ 0.00
2 years ago