Oracles
| Oracles are entities that connect blockchains to external systems, allowing smart contracts to execute depending on real-world inputs and outputs. By doing so, oracles provide the data that is necessary for smart contracts to function as intended. Oracles are an essential part of the blockchain ecosystem, as they are responsible for bringing real-world data into the blockchain. This data is then used by smart contracts to execute their code. Without oracles, smart contracts would not be able to function, as they would not have any way of getting the data they need. There are many different types of oracles, each of which has its own strengths and weaknesses. Some oracles are more reliable than others, and some are more expensive to use. It is important to choose the right oracle for the task at hand, as using the wrong oracle can lead to problems. Oracles are a vital part of the blockchain ecosystem, and they are here to stay. |
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