Forward from: Bittrex Global Official
Oracles are key to unlocking the full potential of smart contracts.
They act as bridges, connecting blockchain networks to real-world data like prices, weather and more.
Let's dive deeper👇
Smart contracts need off-chain info to execute properly.
But they can't access it themselves.
Oracles solve this by fetching and verifying data, then relaying it back to the blockchain like @Chainlink.
However, oracles must be trusted, creating a potential point of failure.
Decentralized oracles and reputation systems can help mitigate this risk, ensuring reliable data input for smart contracts.
They act as bridges, connecting blockchain networks to real-world data like prices, weather and more.
Let's dive deeper👇
Smart contracts need off-chain info to execute properly.
But they can't access it themselves.
Oracles solve this by fetching and verifying data, then relaying it back to the blockchain like @Chainlink.
However, oracles must be trusted, creating a potential point of failure.
Decentralized oracles and reputation systems can help mitigate this risk, ensuring reliable data input for smart contracts.