Greetings SoMee Family

Today I will be teaching about Block Chain Oracles.

1. Do you know what Blockchain Oracles are?

A blockchain oracle is a third party service that helps in connecting blockchains to the external outside world. It is like a bridge that let us feed the information in from the world and also to the real world. To access the data outside the on-chain/smart contracts, there was no intermediate for this but now with the help of blockchain oracle, blockchains, and smart contracts can access data of the real world.

Let's make it even more simple. For some contracts/agreements in blockchain, it is important to have relevant information from the outside world but there is no medium to link the outside world with blockchain. For this, blockchain oracles play an important role by connecting off-chain and on-chain data. If there are no blockchain oracles, then smart contracts will have limited usage that will be inside the network only.

Let's take the example of Alice and Bob who bet in a car race or any other race. The total of $100 is escrowed by a smart contract that includes $40 of Alice on Team A and $60 for Bob on Team B. But here the thing is how does a smart contract know when the game will be over, and to whom he needs to give money Alice or Bob? So here blockchain oracle is required that will match off-chain outcomes and will deliver it to the blockchain and then transfer the money to the winner.

2. What are the types of Oracles?

2a. Software and Hardware Oracles
2b. Centralized and Decentralized Oracles
2c. Inbound and Outbound Oracles

I will explain more about them later. if you would love to see a tutorial about any topic on crypto or trading, please drop a comment below.

Don't forget to like, share and comment.

#AweSME #SME #SoMee #someeofficial #crypto #upvotes #blockchain


Greetings SoMee Family Today I will be teaching about Block Chain Oracles. 1. Do you know what Blockchain Oracles are? A blockchain oracle is a third party service that helps in connecting blockchains to the external outside world. It is like a bridge that let us feed the information in from the world and also to the real world. To access the data outside the on-chain/smart contracts, there was no intermediate for this but now with the help of blockchain oracle, blockchains, and smart contracts can access data of the real world. Let's make it even more simple. For some contracts/agreements in blockchain, it is important to have relevant information from the outside world but there is no medium to link the outside world with blockchain. For this, blockchain oracles play an important role by connecting off-chain and on-chain data. If there are no blockchain oracles, then smart contracts will have limited usage that will be inside the network only. Let's take the example of Alice and Bob who bet in a car race or any other race. The total of $100 is escrowed by a smart contract that includes $40 of Alice on Team A and $60 for Bob on Team B. But here the thing is how does a smart contract know when the game will be over, and to whom he needs to give money Alice or Bob? So here blockchain oracle is required that will match off-chain outcomes and will deliver it to the blockchain and then transfer the money to the winner. 2. What are the types of Oracles? 2a. Software and Hardware Oracles 2b. Centralized and Decentralized Oracles 2c. Inbound and Outbound Oracles I will explain more about them later. if you would love to see a tutorial about any topic on crypto or trading, please drop a comment below. Don't forget to like, share and comment. #AweSME #SME #SoMee #someeofficial #crypto #upvotes #blockchain
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