Understanding oracles
Before we understand what an Oracle is, try to answer some of the questions presented here. Mark down your answers as Yes or No. Once you’ve completed this chapter, revisit your answers; everything will be clearer to you:
- Is an oracle a corporation?
- Is an oracle a database?
- Is an oracle a program?
- Is an oracle a source of information?
- Is Oracle a data provider?
- Is an oracle a node?
- Is an oracle an API?
- Is an oracle mandatory?
Oracle definition
A blockchain oracle is a third-party service that retrieves and verifies data from external sources and delivers it to a blockchain-based smart contract. Smart contracts are self-executing computer programs that run on a blockchain, but they are limited in that they can only access data that is stored on the blockchain. Oracles provide a way for smart contracts to access data from external data sources and execute it based on real-world conditions.
Oracles are programs...
