Ever wonder how #blockchain communicates with the real world?
Say hello to Blockchain Oracles!
Let's break it down so even a 5-year-old can get it. Ready? Here we go! π
𧡠1/10
Say hello to Blockchain Oracles!
Let's break it down so even a 5-year-old can get it. Ready? Here we go! π
𧡠1/10
Think of Oracles as messengers.
They get info from the outside world and bring it to the blockchain. Like a mailman delivers your mail, but for data.
Without Oracles, blockchains are like islands with no way to know what's happening elsewhere. π΄π«
2/10
They get info from the outside world and bring it to the blockchain. Like a mailman delivers your mail, but for data.
Without Oracles, blockchains are like islands with no way to know what's happening elsewhere. π΄π«
2/10
Now let's imagine you & your friend bet on which team will win the football match.
You both put your money in a digital piggy bank (SmartContract) on the blockchain.
The piggy bank will give the money to whoever guessed the winner. But how does it know who won? ππ°
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You both put your money in a digital piggy bank (SmartContract) on the blockchain.
The piggy bank will give the money to whoever guessed the winner. But how does it know who won? ππ°
3/10
Here comes the Oracle!
It can watch the match in the real world and then tell the piggy bank who won. It's like your smart friend who knows all the football scores.
Without Oracle, your digital piggy bank won't know who to give the money to! ππΊπ£οΈ
4/10
It can watch the match in the real world and then tell the piggy bank who won. It's like your smart friend who knows all the football scores.
Without Oracle, your digital piggy bank won't know who to give the money to! ππΊπ£οΈ
4/10
Oracles can be many things!
They can be software or hardware. They can send info into blockchain or take info out.
They can be run by one person/company (centralized) or many (decentralized). π₯οΈπ¨βπ»
5/10
They can be software or hardware. They can send info into blockchain or take info out.
They can be run by one person/company (centralized) or many (decentralized). π₯οΈπ¨βπ»
5/10
Imagine if your smart friend suddenly forgets football scores or starts lying.
That's the #OracleProblem. If the Oracle is wrong or lies, then your digital piggy bank might give the money to the wrong person! π±ππΈ
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That's the #OracleProblem. If the Oracle is wrong or lies, then your digital piggy bank might give the money to the wrong person! π±ππΈ
6/10
Some Oracles can be tricked.
Imagine if a naughty boy lied to your smart friend about the football scores.
This is called a 'man-in-the-middle' attack. It's like passing a secret note in class and someone changing the message! πππ¬
7/10
Imagine if a naughty boy lied to your smart friend about the football scores.
This is called a 'man-in-the-middle' attack. It's like passing a secret note in class and someone changing the message! πππ¬
7/10
But don't worry, people are working on ways to make sure Oracles tell the truth!
One way is to ask many Oracles about the football score. If most of them agree, then it's probably the right score.
This is called a decentralized Oracle.π€π―
8/10
One way is to ask many Oracles about the football score. If most of them agree, then it's probably the right score.
This is called a decentralized Oracle.π€π―
8/10
Decentralized Oracles are like asking all your friends, not just the smart one, about the football score.
More friends, more chances to get the right answer! It's not perfect but it's a lot better than just asking one person.
9/10
More friends, more chances to get the right answer! It's not perfect but it's a lot better than just asking one person.
9/10
So that's how Blockchain Oracles work!
They're like super-smart friends who help blockchain understand the real world.
Without them, blockchains would be a bit lost. With them, the possibilities are endless! ππ
10/10
They're like super-smart friends who help blockchain understand the real world.
Without them, blockchains would be a bit lost. With them, the possibilities are endless! ππ
10/10
Remember to like, retweet, and follow for more easy #blockchain and #crypto explanations! ππππ
For Alphas You Should Followπ
@0xBispo
@andrewtalksdefi
@DefiPlayGirl
@KINGLOTENNA
@TweetByGerald
@Misseymary_
@managerocjp1
@kendrickNoble7
@SamuelXeus
@BlokInfluencer
For Alphas You Should Followπ
@0xBispo
@andrewtalksdefi
@DefiPlayGirl
@KINGLOTENNA
@TweetByGerald
@Misseymary_
@managerocjp1
@kendrickNoble7
@SamuelXeus
@BlokInfluencer
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