The Endless Potential of Blockchain Oracles

Blockchain oracles continue to drive innovation in new and exciting ways. Oracles are third-party data monitoring protocols or hardware that provide blockchain networks access to external information. Oracles allow blockchains to be more responsive and agile to the conditions of their environment. As such, oracles are now one of the most exciting areas of blockchain development.  Before the invention of Oracles, the blockchain and the real-world were disconnected. Smart contracts were unable to monitor real-world data in a reliable manner.…

What are Oracles and Why Do Smart Contracts Need Them?

What is an Oracle? “An oracle is a person or agency considered to provide wise and insightful counsel or prophetic predictions or precognition of the future, inspired by the gods” - this is the literal definition of an oracle. When moving to the world of Software, the word keeps much of what they used to mean, with a few tweaks here and there. Leaving aside predictions and Godly figures, Oracles are, in a strict software sense, external data feeds used by…