Oracles

Oracles

Oracles are third-party information providers that send real-world remote data to a blockchain protocol (often to a smart contract or numerous smart contracts). Oracles significantly increase the power of the blockchain network protocols as they are able to secure, verify and reinforce the validity of data that a blockchain network receives and uses. Currently, one of the main uses of blockchain-based oracles is to provide price and data feeds necessary for the reliable execution of smart contracts used by financial mechanisms in the DeFi sector.

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Cryptopedia: Oracles