Read the blockchain Oracle: why is it so important

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read blockchain oracle important

Blockchain Predicting machine It is an important part of blockchain technology , It is the key to redefine how the blockchain meets the needs of users .

You may want to know what the blockchain Oracle is and why it is important . Maoqiu technology introduces the core component of blockchain Oracle in detail in this paper , Different types of blockchain Oracle are listed , It also explains why blockchain Oracle is so important to blockchain technology users .

What is a blockchain Oracle ?

 data The blockchain Oracle combines the deterministic blockchain with the offline blockchain data ( Data outside the network ) A connected device or entity . Blockchain Oracle is essentially for Intelligent contract Third party services that provide external information .

The blockchain Oracle is a bridge between the blockchain and the outside world . They enable smart contracts on the blockchain to access data outside the chain . The blockchain Oracle can be considered as a blockchain layer , be used for Inquire about 、 Verification and validation External data source of blockchain . Usually , Trusted API The process will be executed , So as to make the blockchain more closely connected with events in the real world .

Because blockchain applications require methods for contract agreements and other key information , Therefore, relevant information from the outside world is usually necessary to implement relevant agreements , This is where the blockchain Oracle works .

Now you know what blockchain Oracle is , You wonder why blockchain Oracle is so important .

Why blockchain Oracle is so important ?

 data Smart contracts are computer programs or transaction protocols used to execute blockchain rules and protocols , Smart contracts execute the instructions required to run blockchain based applications , Allow interaction between users and blockchains .

The Oracle broadens The operation scope of smart contract . Blockchain Oracle technology inputs real-world data into smart contracts , Some Oracle machines can not only pass information to smart contracts , It can also be sent back to an external source .

As more data is used , Smart contracts can be used for a wider range of use cases . If there is no blockchain Oracle , The use of smart contracts will be very limited , Because they can only access data within their network , These data are usually limited to one area ( For example, financial transactions on the cryptocurrency exchange ).

Seamless data transmission Very important to this process , Especially now we are in the era of big data prevalence , Without external data .

What is the Oracle problem ?

 data The challenge of designing blockchain Oracle lies in , If the Oracle is broken , Smart contracts that rely on it may also be broken by default , This is the problem of the Oracle . The blockchain Oracle problem focuses on the trust problem .

This trust includes reliable data transmission from the data source to the Oracle 、 Doubts about reliable code execution in the oracle and reliable data transmission from the oracle to the blockchain .

The main problem is that people don't trust these external sources of information from the beginning , Whether it comes directly from a website or a sensor .

Because the Oracle is a third-party service , It is not part of the blockchain consensus mechanism , Therefore, they are not bound by the underlying security mechanism provided by the public infrastructure . This makes it difficult to verify the data collected by the Oracle . Besides , According to the type of blockchain Oracle , The possibility of failure and deliberate tampering will increase .

The need to define Oracle types stems from the importance of organizing Oracle to help facilitate blockchain solution developers to quickly browse potential options , The types of Oracle machines are different in function and purpose .

Type of blockchain oracle

Blockchain Oracle can be divided into different types according to the following factors :

  • Source: Source of data , Is it hardware or software ?
  • Information direction : Data outbound or inbound ?
  • trust : Data comes from decentralized or centralized solutions ?

The existing Oracle types include :

  • Software Oracle
  • Hardware Oracle
  • Inbound Oracle
  • Outbound Oracle
  • Consensus based Oracle

Software Oracle processing comes from Information data of online resources , Such as temperature 、 The price of goods and goods 、 Flight or train delays, etc . The software Oracle extracts the required information and pushes it to the smart contract .

Smart contracts that require information from the physical world rely on hardware Oracle . for example , The car crossed the obstacle , Motion sensors must detect vehicles and send data to sensors in the smart contract or supply chain industry .

The inbound Oracle provides data from the outside world . They use external resources to transfer data to smart contracts . The inbound Oracle also allows data about real-world events to be called to the blockchain . They can be used for automatic transactions .

Outbound Oracle provides intelligent contract with the ability to send data to the outside world . One A real-world example is the smart lock in the physical world , It receives funds deposited at the address . The smart contract sends information about this event to the mechanism for unlocking the smart lock through the outbound oracle .

Consensus based Oracle obtains data from human consensus and prediction market . Using consensus mechanism for these types of Oracle is a big step towards decentralized Oracle . This technology relies on using proprietary methods to aggregate data from multiple Oracle machines , To determine its authenticity and accuracy . This is because using only one source of information may be risky and unreliable .

Blockchain Oracle in practice

Through the lens of the existing blockchain Oracle project team , We can better understand how the blockchain Oracle works in practice . Hairball technology in this paper UMA、Chainlink and Band Take three Oracle machines as an example .

  • UMA

UMA Blockchain protocol is an Ethereum based protocol , It enables people to create synthetic assets on the blockchain .UMA Our mission statement is to make financial risks available to anyone in the world . In order to effectively trade synthetic assets using the latest data ,UMA Rely on its blockchain Oracle .

UMA The Oracle system consists of optimistic Oracle and data verification mechanism .UMA The smart contract in the protocol requests price information from the optimistic Oracle .

Before the price offered by the Oracle is confirmed , They may be controversial . Can be directed to DVM Send a request to resolve a dispute over pricing information . If there is a dispute , Suggest UMA Token holders vote to report asset prices using a specific timestamp .

  • Chainlink

Chainlink It is one of the pioneers in the field of blockchain oracle , Ethereum based protocols use a decentralized Oracle network to connect smart contracts with data . One of its most popular products is its price aggregation service , The service uses nodes to provide off chain data to blockchain smart contracts .

Used by multiple independent Oracle operators Chainlink Update price information . Users of price feed data contribute to their quality through their funds , Oracle operators in the network will receive funds for publishing price data .

Chainlink The selection of nodes in the Oracle is based on the reputation and previous performance of the nodes , This helps maintain high data quality , While maintaining the security of smart contracts .

  • Band

Band Protocol Is a run in Cosmos Oracle network on blockchain . It is used by decentralized financial applications . In addition to providing services for decentralized financial applications ,Band Also committed to sports 、 The weather 、 New progress has been made in E-sports data and random number generation .

Band It is popular for its cross chain Oracle solution , The solution is based on Web Of API Extract data from . Band Use trusted data from multiple independent parties , These parties interact using the entrusted equity certificate consensus .

Agreement token holders share Band Management shares of , And be responsible for ensuring good data quality . So ,BAND The token is entrusted to a trusted verifier , The verifier on the network plans the date in exchange for part of the fee reward .

New solutions and challenges of blockchain oracle

Blockchain Oracle is a very reliable mechanism , Can facilitate communication between smart contracts .

In order to keep the sustainable impact of blockchain in practical applications and various industries , They need to be accurately connected with real-world data .

Now? , Blockchain Oracle has made significant progress , In the future, the connection between blockchain and external data feed will represent a major leap forward in this technology .

Blockchain Oracle is still a reliable platform in the blockchain ecosystem 、 One of the key building blocks for implementing a way to trust and encourage growth .

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