INTRODUCTION

Smart contracts are the driving engine of blockchain applications, enabling decentralized, trustless execution of agreements (self executing instructions). However, they suffer from a fundamental limitation: they cannot access real-world data independently. This is where blockchain oracles come into play.

What are Oracles?

Oracles serve as bridges which connect blockchains and off-chain data sources, enabling smart contracts to interact with real-world information such as financial markets, weather conditions, sports results, and more events .

Blockchain Oracles

A blockchain oracle is a middleware that retrieves, verifies, and delivers external data (off-chain data) to a blockchain network i.e crossFiChain. Since blockchains are deterministic and cannot interact with data outside their ecosystem directly , oracles serve as data pipelines/bridge that supply verified information to smart contracts.

Example Use Case: Imagine a decentralized betting platform that automatically select a winner if they guess a certain random number during a certain betting round. The smart contract needs access to real-time betting data. Since blockchains cannot fetch this data directly, an oracle is required to pull and verify the information before feeding it to the smart contract.

Types of Oracle

1. Inbound Oracles: These oracles get external data from APIs, IoT devices, or web sources and deliver it to smart contracts.

2. Outbound Oracles: These oracles send blockchain data to external systems, triggering actions outside the blockchain and interacting with real world assets.

3. Software Oracles: These connect with online sources like market APIs and external services.

4. Hardware Oracles: These retrieve real-world data from physical sensors and IoT devices and send them to smart contracts.

5. Consensus-Based Oracles: These oracles combine data from multiple sources to ensure accuracy and reliability.

DIA Oracle on crossFi

Dia oracle have partnered with crossfichain to provide off-chain data into crossfichain ecosystem where you can interact with Real world events such as:

1. Oracle as a source of price feed

   1. Enables DeFi applications to access real-time asset prices from multiple exchanges.

   2. Ensures accurate and tamper-proof pricing data for financial transactions.

2. Oracle as a source of Randomness

   1. Provides decentralized applications with verifiable random number generation (VRF).

   2. Enhances fairness in gaming, lotteries, and random selection processes.

With DIA Oracles on CrossFiChain, developers can build powerful and reliable blockchain applications that seamlessly interact with real-world data, unlocking new possibilities for decentralized finance (DeFi), gaming, supply chain tracking, and more.

DIA ORACLES

CROSSFI