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RE: Steemit Crypto Academy Contest / S8W4 - Blockchain Oracles

in SteemitCryptoAcademy2 years ago

I found your explanation of blockchain oracles and their importance in connecting off-chain and on-chain data quite informative. The example you gave of Alice and Bob betting in a race and the need for a blockchain oracle to determine the winner was a great way to simplify the concept for those who might be new to blockchain.

I also appreciate that you touched on the different types of oracles, including software and hardware oracles, centralized and decentralized oracles, inbound and outbound oracles, human oracles, computation oracles, and contract-specific oracles. This gives a well-rounded understanding of the different ways oracles can be used.

Your point about the failure of centralized oracle mechanisms due to high risk and being open to hacking and scamming is a valid one. I agree that decentralized oracles are the way to go, as they rely on multiple sources of information and are less prone to fraud or errors.

Great job on explaining blockchain oracles and their importance in the world of blockchain technology. I look forward to reading more from you in the future!

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Thank you brother for your precious comment. I like how you read my complete article and share your view on what I mentioned in the article. I wish you also best of luck for the contest :)

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