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RE: The mythconception of VC's and Blockchain

in #bitcoin5 years ago (edited)

processing, securing and validating the network and protocol belongs to the proof of work, the way nodes and miners give proof and get rewarded, proof of stake and other proofs converge toward the same aim, keeping the authority/consensus decentralized not owned by one party, so it can cheat or put its hand on the network. using Oracles is about reading external data e.g. on the internet, api etc.. and bringing it into the smart-contract on the blockchain e.g
ethereum / solidity, how could you trust this data / provider e.g. weather data or whatever it is, and proceed your logic after on..

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Ok, figured the proof of work thing was just a way to ask the question. Oracles are interesting though, haven't heard of them referred to that way, but they're an issue in a lot of things. In my secure computational methods class we discussed a similar thing with n of m shares encrypting/decrypting a message. Definitely need to have good verification methods, although some data should be easily verifiable (e.g. Multi-Part contract, should be easy to tell you received money on block chain before you complete your part of the contract)

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