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Best Blockchain Oracles Projects - Free Startup Kits

Best Blockchain Oracles Projects - One of the biggest problems when it comes to blockchains being used as a real-world tool is the Oracle's Problem.

Best Blockchain Oracles Projects

First NameEmail AddressSo…smart-contracts and they’re transparent because they’re written on blockchains if something happens. “A” happens… so different choices can happen or different things can take place based on the logic of the smart-contract. “Oracles” are needed for smart-contracts to get external data. So let’s say you have a blockchain that stores all the temperature information with houses all around Canada and the temperatures information with houses and let’s say if all the houses in Ottawa have an average of 40 degrees Celsius or more, then I’ll make “Path A” happen so for me to get the data from the houses in Ottawa, you need an oracle to connect to an external service.Imagine you have a web service (server) that sends information to an oracle on a smart-contract which then causes certain outcomes to happen. A potential problem with taking this information from only one source/computer is that it goes against what the smart-contracts and blockchain technology were meant to solve in the first place.So let’s say all of these 100,000 computers make a drastic decision based on what one computer says about the temperature in Ottawa.If that one computer is corrupted or has somebody with malicious intent sending this information in via an oracle…then it could have drastic effects on the hundreds of thousands of computers that are connected to the network. So that’s called centralization and many blockchain projects are looking to solve the issue of centralization happening through oracles and oracles inserting data into blockchainsSo one example of a product that’s looking to solve the oracles problem is ChainLink. What projects like ChainLink are trying to do is financially reward those who report on accurate data and those who help spread the information amongst many different computers another project is called Augur which is is basically the same thing but for prediction markets (predicting the future and thoughts on market sentiment).So that’s a quick look at how some projects are trying to improve upon smart-contracts and how they’re trying to solve the Oracle’s problem because if the Oracle’s Problem is solved, then smart-contracts can continue to use external services such as application programming interfaces (or APIs for short) to get real-world data and actually, apply that logic in their blockchains in a clear and transparent manner where you don’t depend on one person for something that can drastically change the outcome of a blockchain network.Best Blockchain Oracles Projects – ChainLink

Natu Myers

Natu Myers is an entrepreneur, software engineer, and investor who delivers multilayered value to thousands through the mediums of software, business, and sport. He is a fitness Instagram influencer, and professional cryptocurrency reporter/data scientist for Unifii. You can his free ebook, Football Coding & Startups here. After graduating from computer science at Queen's University, Natu participated in the university's startup incubator program, was awarded at a TechCrunch programming competition in San Francisco, and built large-scale software applications at various companies and startups. He founded www.freestartupkits.com. Alongside his discoveries in revenue-generating domains of interest, such as blockchain technology. His fascination with cryptocurrency led to er knowledge sharing and leading international research groups with high-tier investors to valuate crypto ets.

Natu Myers

Best Blockchain Oracles Projects

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