Steemit Crypto Accadmy Contest "Season 8 Week 4" Blockchain Oracles
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What Are Blockchain Oracles? |
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Two persons david and marsh placed a bet that who will be the winner of the football match between france and saudi arab and david believes that france will won the match and marsh believes that saudi arab won the match.The agree to the term of bet and locked thier fund in the smart contract and after the match the smart contract transfer fund to the winner of the bet.After the match the france won and david is the winner but smart contract has no information from outside that who is the winner then the blockchain oracles arrived and they give information to the smart contract that france won the match and transfer fund to david because he is a winner.
Types Of Blockchain Oracles |
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Hardware oracles is a second type of blockchain oracles and these oracles deals with the physical world and provide information to smart contracts and blockchain and the information related to sensors and electronic things and some others.These oracles designed to convert the information of real world into digital numbers that the smart contracts can easy to read.Some smart contracts needs information from physical world and the information about the electronic and sensor things so these oracles insure to give information to smart contracts from the physical world and that's the second type of blockchain oracles.
Inbound oracles are designed to access or get information from the outside and then give this information to smart contracts and in other hands the outbound oracles designed to transfer information from smart contracts to the whole world.Both of these types of oracles perform different work and both are opposite between each others as the inbound collect the information for smart contracts from the outside and the outbound collect the information for whole world from the smart contracts.
Centerlized and decentralized oracles are like same centerlized and decentralized blockchain as the centerlized oracles are the oracles that are handle by the single entity as like the private blockchain are handle by the single entity and anyone from the public can't took part in these and the centerlized oracles has so much risk and decentralized oracles are the oracles that are handle by the entity using different types of sources and information and these are the centerlized and decentralized oracles of blockchain.
Contract specific oracles are the type of oracles that are used in single smart contract.As if we want a information for single smart contract then these oracles arrived and these contract specific oracles used in single smart contract.If any single smart contract want to get the information from the real world then these oracles used thier sources and collect information from the world and then verify it and give this information to the smart contracts and that's the contract specific oracles.
Some peoples with alot of experience and knowledge about specific field can serve as a oracles and the human oracles refers to the individuals that they collect the information and then verify and authentic the information and then transfer information to the smart contracts.As we all know many peoples knows about whole world and if any smart contract if the smart contract require some information from the world then some individuals collect information and give this information to smart contracts and these are the human oracles.
All About Decentralized Oracles! |
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Decentralized oracles is a bridge between the smart contracts and the real world.Decentralized oracles are the type of blockchain oracles and these oracles are handle by single entity but this single entity use different sources to handle them and thier is less chances of risk in decentralized oracles.These decenterlizied oracles collect information from outside and they collect only verified and authenticat information and then give this information to the smart contracts.These decentralized oracles must have to be permission less and have to be full trust able from the single entity and also these oracles are designed to overcome the centerlized oracles.Decentralized oracles are also designed to collect the perfect information by using different sources for the smart contracts.These oracles provide different services and involve many participations in a network for giving information to the smart contracts.
Use Case Of Decentralized Oracles! |
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The second use case of decentralized oracles is in the defi.These decentralized oracles give the information to the smart contracts about the market price and about some others financial data that have to be used id defi smart contracts.These decentralized oracles used to calculate the capacity of the users in the market and then give this all information to smart contracts of defi.Defi smart contracts has to required the market price and the user capacity and also some other financial data for any process so these oracles provide the all this information to the defi smart contracts.
The most important use case of decentralized oracles is to create an NFTs.These decentralized oracles used to create an NFTs.They can be used to rarity the NFTs when they are randomly issued.As well all know some NFTs issued randomly and they have to become in proper shape so these oracles used to create and NFTs.These oracles collect the information and then verify and authenticat information and then transfer information to the smart contracts for creating NFTs.
Decentralized oracles are used in the insurance like to collect information about the insurance and also these oracles used to get information about the time period and the value and some others about the insurance.Because if anyone want to did any insurance firstly this person has not any completely information about insurance so these oracles help them to get the information about insurance and these are the main use case of decentralized oracles.
Conclusion |
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In this post i have shared about the blockchain oracles and the types of blockchain oracles and some important use case of decentralized oracles.As i mentioned all the things that these oracles is a perfect bridge between smart contracts and the real world.These oracles has some specific work and types and also have some specific use case.I searched and learn so many things about blockchain oracles and i hope it will ab accurate.I would like to invite @steemdoctor1 and @malikusman1 and @franyeligonzalez to took part in this amazing contest.
Thanks For Visiting My Post |
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Walikum Asalam brother, I hope you are fine. Just came across your post and found it interesting full of knowledge.
You have describe what is blockchain oracle and how it works. You have also shared your opinion on it with a proper example that is of David and Marsh placing bet on football match.
You have also shared types of blockchain oracles that is really informative to read. Then you shared your view on decentralized oracles and 4 use cases of it.
Overall, you have presented quality content with us after doing good research. I suggest one thing that is to improve layout and spacing and your article will be super perfect. It will help you get highest score in the contest.
In last, I wish you success in this and all other contests. Thank You :)
Dear brother @chasad75 thanks alot for reading my blog and thank you for appreciating me and giving me some instructions for better blog and i will definitely apply that and again thanks for your valuable comment ✨⭐
Keep it up brother :)
We support quality posts anywhere and any tags.
Curated by : @steemdoctor1
Hey there @azmat545, great post about blockchain oracles! It was really interesting to read about all types of oracles and understand their purpose in the blockchain ecosystem. You explained everything perfectly and I especially appreciate you breaking down decentralized oracles. After reading your post, I have grown an appreciation for blockchain oracles and their contribution to the industry. Thanks for this informative post!
Dear @fabiha first of all thanks for reading my blog and thanks alot for appreciating me.It's pleasure for me to read that after reading my blog you got many information about blockchain oracles and thanks again for your valuable comment ✨
Your explanation of blockchain oracles is very clear and concise. I like how you emphasized that oracles act as a bridge between the blockchain and the outside world, providing access to external information for smart contracts. It's also interesting to note that different types of oracles exist, each with their own unique mechanism and purpose.
I appreciate that you provided an example to illustrate how blockchain oracles work in a real-world scenario like NFTs etc . It's easy to understand the importance of oracles when you see how they enable smart contracts to function properly and transfer funds to the correct party. Decentralised oracles in finace have reduced dependency on third parties.
Your explanation of the different types of oracles is very helpful. I like how you categorized them into software, hardware, inbound, outbound, centralized, decentralized, and contract-specific oracles. It's great to see that you understand how each type of oracle performs a specific function and how they differ from one another. In a way, every type pf oracle has something to offer .
Overall, your comment is very informative and well-organized. I enjoyed reading it and I'm sure others will find it helpful as well. Good luck with the contest!
Thanks alot dear @drqamu for reading my blog and thansk you soo much for appreciating me.Firstly i serached about all these things and then i make this blog in simple words that any user can understand this topic and i love to do search about blockchain and again thanks for your valuable comment ✨
Great post, @azmat545! You've provided a Comprehensive and insightful explanation of blockchain oracles and their significance in the World of cryptocurrencies. Your use of examples and diagrams really helped to clarify some of the more technical aspects of this topic . I appreciate the Effort you put into breaking down the different types of oracles and their various use cases . Keep up the good work & looking Forward to Reading more from you in the future !
Thanks alot dear brother @hamzayousafzai for reviewing my blog.Thanks for appreciating me about my all explanation in the blog.This valuable comment encourage me to do more proper work✨
A very beautiful participation you submit on steem Crypto academy ans it is really well detailed post about Blockchain oracles.
Through your post i have to chance to read about blockchain oracles and it is really informative post for me. Thank you so much for sharing this.
You describe very well about that topic and it's types. I am wishing you best of luck dear friend.
Dear brother @faran-nabeel thanks alot for reading my blog and I'm happy that you got some information from my blog and thanks again for your valuable comment ⭐
Your explanation about the very example you gave about the betting of a foot ball game is quite a good one and will be understandable to any individual who reads it. This is because data from outside the chain. That’s the teams they have selected and the amount of money they have staked or placed will be collected by the oracle and the taken into the chain for validation and processes. After which a smart contract is formed. So it the smart contract that will be able to finally execute the outcome of the bet. All the best ☺️
Thank you soo much dear @habdallah for your best wishes and giving your precious time to my blog and love to read your comment and thank again for valuable comment.
Thank you
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