📄️ What is Oracle ?
We recognize that the blockchain realm operates as a self-contained native network. However, if we aim to make it functional in everyday scenarios and need to import external data onto the blockchain, such as the current stock market trends, the price of a gallon of milk, or the latest sports scores, what approach should we take?
📄️ What can Oracle do ?
One of the primary functions of oracles is to aid in cryptocurrency investment. They track the prices of cryptocurrencies and can buy or sell them based on these fluctuations, making it easier to keep an investment portfolio up to date.
📄️ What are types of Oracles?
Oracles, designed to facilitate interaction between blockchains and external data, come in various forms, including but not limited to the following types:
📄️ Common Oracle Comparisons: MakerDao, Chainlink, and Uniswap
Oracle Reliability Issues
📄️ What are the applications of Oracles?
Oracles serve as a bridge connecting the real world off-chain with DeFi projects, supply chain management, gaming, insurance, and more on the market. Here are some examples of data instances where oracles might interact with DApps:
📄️ Current Challenges with Oracles
Current Challenges with Oracles