Introduction To Oracle

Blockchain

A small Introduction To Blockchain

The current System Of Internet (the Web2 World) is Broken, why should all the power be in hands of few people who consider themselves more important than other people. This Thought inspired the idea of Decentralization networks known as Blockchain( The Web3 World).

In a Decentarlised System , The control is in the hands of Users ( or primarily K/a Nodes), not a single entity will have all the control.

But There Is A Problem…

In Blockchain everything works with Smart Contracts. Smart Contracts are programs made by developers so that blockchain becomes functional.

But If We Need To Replace Tradditional Agreements And Make Blockchain more acceptable For The Real World, Smart Contracts Need To Have An Acess Of Real World Data. These Problems Are Solved By Oracle’s

Oracle is a device or entity for connecting Blockchain with off-chain Data, connecting blockchain with real-world Data.

But We Cannot Have One Oracle Network or Source Of Data Because Obviously Decentralization. There Comes Decentralizes Oracle Network .

Here Are Some Of The Examples Of Oracle Networks:

Chainlink : Chainlink is one of the most well-known decentralized Oracle networks, providing secure and reliable data to smart contracts on various blockchain platforms

Band Protocol: Band Protocol offers decentralized data oracles and is compatible with multiple blockchains.

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