Notable Projects in Decentralized Oracles:

In the previous two posts, I discussed the decentralized oracles, their features, mechanisms, and some challenges as well. Today, I am going to share about some projects based on a decentralized Oracle system where real-time data sources are being collected to decide on the project.

Chainlink:

Chainlink is one of the most well-known decentralized oracle networks. It provides a decentralized network of nodes that retrieve, verify, and deliver real-world data to smart contracts. This is the most popular one in this Arena. It provides data to the smart contracts but before providing data to the smart contracts it collects and verifies it. After the retrieval and verification process, it is sent to a smart contract to execute some decisions automatically based on the real-time data of the Natural sources. Chainlink's architecture is highly modular, allowing customization for various use cases.

Band Protocol:

Band Protocol is another decentralized Oracle platform that focuses on providing real-world data for DeFi and dApps. It offers a community-governed data oracle network that supports multiple blockchains.

DIA (Decentralized Information Asset):

DIA is a Swiss-based project that aims to provide transparent and reliable financial market data for DeFi applications. It operates as a decentralized oracle platform powered by a community of token holders.

Tellor:

Tellor is a decentralized oracle network that focuses on providing secure and reliable price feeds for DeFi applications. It relies on a network of miners to compete to provide accurate data.

Augur:

Augur is a decentralized prediction market platform that uses oracles to settle bets based on real-world events. It allows users to create prediction markets for any event and relies on decentralized reporting and oracles for outcome resolution.

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The above 5 are the most known decentralized Oracle platform and the days are changing with their change. It is seen a lot of platforms are joining because of smart contract’s unique features which make them automatic and less costly by reducing time as well. So, these nice features of wonderful smart contracts, decentralization, and collecting data from the Real world will be really handy in the future and a lot of platforms are coming day by day to cope with this system for the betterment of the future World.

~ Regards,
VEIGO (Community Mod)

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