What exactly is Oracle?
Put it simply, Oracle is a service that provides smart contracts with data from the real world. Oracles are operated by third parties that are economically incentivized to ensure reliable services.
If there is an agreement between participants, that is realized via a smart contract, then execution of the contract relies on the events that happen in the real world. Oracle is the bridge between the real world and the execution of the smart contract.
So this is kinda like SPorts Radar or Genius Sports Data, as in they verify points, dribbles, yards, feet, timing, etc for the sports industry. This will be the Middle Man Verifyer for ADA Cardano
As a wave of projects launch on ADA, Charli3 will help you connect to their information accurately.
Do people LOVE Cardano ADA though?
Are they staying up todate or is project fizzling out?
The Team, they legit? They even CMO bro?
So Head dude AND CMO have background of teaching others in the space to launch/market/make deals. THIS is something most crypto plays lack
Smart contracts technology has enhanced the abilities of blockchain networks and added programmability features. A trusted link between the digital world and the physical could be another such enhancement. Oracles can do that for us.
What is a decentralized oracle?
A decentralized oracle or decentralized oracle network is a group of independent blockchain oracles that provide data to a blockchain. Every independent node or oracle in the decentralized oracle network independently retrieves data from an off-chain source and brings it on-chain. The data is then aggregated so the system can come to a deterministic value of truth for that data point. Decentralized oracles solve the oracle problem.
The oracle problem definition
The oracle problem is these two pieces combined:
- Blockchains alone can’t access outside data.
- Using centralized oracles nullifies the advantage of smart contracts — and are major security risks.