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#Oracle #CryptoLingo So we are getting to dig in a little deeper w/in Crypto this week. We talked about the basics of blockchain and mining in the first week. The second week was important basics such as #SmartContract and #Staking . If you missed out click on the #CryptoLingo to browse all previous ones. The Breakdown: - "Oracles are third-party information service providers that send external real-world data to a blockchain protocol." - Cryptopedia - Oracles seek to address the issue that external data is segregated "off-chain" for security and thus intermediaries such as an Oracle is necessary to act as interface between real world data and the blockchain ("on-chain"), as well as amongst the other blockchains - "Oracles give blockchain network protocol’s significantly more power because they are able to exponentially secure, verify, and strengthen the validity of data that a blockchain network receives and makes use of ". - Cryptopedia How do I find an Oracle? - Consider starting by looking into Chainlink (LINK), Band Protocol (BAND), Augur (REP), and MakerDao (DAI) as example crypto projects that function as a Oracle - Can look for in-bound or out-bound oracles that specifically bring information to the blockchain or out of the blockchain. - Can find software (data from digital sources) or hardware (data from sensors) oracles What should I know about Oracles before investing? - Smart contracts are one of the most exciting aspect of blockchain technology and future applications; however, they are only as good as the quality of data that they can input/output - When evaluating an Oracle project it is important to not only assess the quality of the information, but the speed, scalability, cross-chain compatibility and data flexibility. - Is there a parcitular Oracle crypto project you are invested in? Drop it in the comments and your reason for why and any info you are willing to share What are the downsides of Oracles for investing? - While Oracles are important to the success of smart contracts and future applications, an oracle can also act as a single failure point - A centralized oracle is controlled by a single entity and if this is the sole provider of information for a smart contract can defeat the purpose of decentralized blockchains and leave the blockchain susceptible to manipulation - Decentralized oracles are an attempt to mitigate this risk of a single point of failure or control by leveraging many different data sources to enhance security and fairness Resources: Investopedia and Cryptopedia / Video: P.S.: What Oracle project(s) are you investing in? I'm trying out ChainLink #CryptoFinance #EarlyAdopters #GrowthNotGreed
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