Understanding Oracles
We have come to the last few chapters in this book, where we will get into some of the advanced topics that are essential to work in the Web3 ecosystem. We covered some of these advanced topics at a high level in earlier chapters. In this chapter, we’ll understand what an oracle is.
Oracles open the door for the decentralized Web3 world to connect with traditional data sources, older systems, and complex calculations. In this chapter, you will learn about Oracles, types of blockchain Oracles, the Oracle problem, and how to become an Oracle if you are a data provider or a node operator. You will also learn about quick start guides through which you can run an Oracle node in 20 minutes.
In this chapter, we’re going to cover the following main topics:
- Understanding oracles
- Understanding the Oracle problem in Web3
- Understanding Chainlink as an Oracle
- Running a Chainlink node
