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/1 Oracle problem and model of solving this issue by @BandProtocol
Regarding blockchain and smart contracts, the oracle problem involves the trustworthiness and reliability of oracles
$BAND #bandprotocol #bandvrf #bandjedi
Regarding blockchain and smart contracts, the oracle problem involves the trustworthiness and reliability of oracles
$BAND #bandprotocol #bandvrf #bandjedi
/2 The blockchain oracle problem refers to the inherent inability of blockchains to access external data.
/3 The blockchain oracle problem is one of the most crucial barriers to overcome if smart contracts on networks like Ethereum are to achieve mass adoption across a wide variety of markets and use cases
/4 The Oracle Problem: Centralized Oracles
The oracle problem, the preservation of privacy, security, and fairness — and avoiding over-centralization that could damage the relationship between smart contracts and blockchains — then becomes the key challenge that oracles face.
The oracle problem, the preservation of privacy, security, and fairness — and avoiding over-centralization that could damage the relationship between smart contracts and blockchains — then becomes the key challenge that oracles face.
/5 Decentralized Oracles
Decentralized oracles try to achieve trustlessness and deterministic results that rely on cause- and-effect rather than on individual relationships
Decentralized oracles try to achieve trustlessness and deterministic results that rely on cause- and-effect rather than on individual relationships
/6 Cross-chain oracles
Cross-chain oracles bridge data across various blockchains, thereby enabling interoperability between blockchains. These could be agnostic (blockchain-independent) protocols like the Band Protocol, which allow for data and value transfers across blockchain
Cross-chain oracles bridge data across various blockchains, thereby enabling interoperability between blockchains. These could be agnostic (blockchain-independent) protocols like the Band Protocol, which allow for data and value transfers across blockchain
/7 Band Protocol provides a decentralized oracle based service that is secure from a crypto-economics perspective, accessible and easy to integrate for developers.
/8 Their solution is open source, audited and managed by a wide range of professional node operators to ensure that the oracle services they provide are secure and reliable enough for decentralized applications.
/9 Oracles can also be used as interoperability solutions, since oracles like Chainlink and Band Protocol serve multiple blockchains.
/10 Centralized oracles themselves can become just as compromised and susceptible to manipulation as any other third party.
/11 For this reason, many blockchain projects — including Chainlink (LINK), Band Protocol (BAND), Augur (REP), and MakerDAO (builders of DAI) — are developing (or have developed) decentralized oracles
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