Oracles: Difference between revisions
From Chainlink Community Wiki
No edit summary |
No edit summary |
||
| Line 13: | Line 13: | ||
</td></tr></table> | </td></tr></table> | ||
}} | }} | ||
---- | |||
These oracles take on several key functions in regards to interacting with data including: listening, extracting, formatting, validating, computing, and broadcasting. | |||
Rather than going into each of these functions in depth, it’s easier to just separate the job of an oracle into off-chain vs on-chain tasks. The on-chain component centers around receiving requests from smart contracts on the blockchain, then broadcasting different types of data to the external system (DON).<ref name='Alex Valaitis'>https://web3pills.substack.com/p/a-deep-dive-on-chainlink?r=853y5&s=w&utm_campaign=post&utm_medium=web</ref> | |||
---- | ---- | ||
“A blockchain oracle is a secure piece of middleware that facilitates communication between blockchains and any off-chain system, including data providers, web APIs, enterprise backends, cloud providers, IoT devices, e-signatures, payment systems, other blockchains, and more.”<ref>https://chain.link/education/blockchain-oracles</ref>--[[User:Reggie|Reggie]] ([[User talk:Reggie|talk]]) 05:17, 29 July 2022 (UTC) | “A blockchain oracle is a secure piece of middleware that facilitates communication between blockchains and any off-chain system, including data providers, web APIs, enterprise backends, cloud providers, IoT devices, e-signatures, payment systems, other blockchains, and more.”<ref>https://chain.link/education/blockchain-oracles</ref>--[[User:Reggie|Reggie]] ([[User talk:Reggie|talk]]) 05:17, 29 July 2022 (UTC) | ||
Revision as of 05:20, 29 July 2022
Oracle and DON Discussion Page
 |
Welcome to the talk page for discussing improvements to the Oracle and DON article. Talk pages (also known as discussion pages) are Wiki administration pages where editors/contributors discuss improvements that can be made to an article. NOTE: Discussion pages are not a forum for general discussion of the article's subject. When you post a message on a talk page, you should always sign and date your comment so that other editors can follow the thread of the conversation. To do this, either type four tildes (~) at the end of your comment or just click the signature button on the row of buttons above the edit box. |
These oracles take on several key functions in regards to interacting with data including: listening, extracting, formatting, validating, computing, and broadcasting.
Rather than going into each of these functions in depth, it’s easier to just separate the job of an oracle into off-chain vs on-chain tasks. The on-chain component centers around receiving requests from smart contracts on the blockchain, then broadcasting different types of data to the external system (DON).[1]
“A blockchain oracle is a secure piece of middleware that facilitates communication between blockchains and any off-chain system, including data providers, web APIs, enterprise backends, cloud providers, IoT devices, e-signatures, payment systems, other blockchains, and more.”[2]--Reggie (talk) 05:17, 29 July 2022 (UTC)
Oracles are entities that form consensus regarding external data and events using decentralized off-chain computation. [3]--Reggie (talk) 03:23, 20 July 2022 (UTC)
Components of a Decentralized Oracle Network (DON)
Data Feeds are an example of a decentralized oracle network, and include the following components:
- A consumer contract - A Consumer contract is any contract that uses Chainlink Data Feeds to consume aggregated data.
- A proxy contract - Proxy contracts are on-chain proxies that point to the aggregator for a particular data feed. Using proxies enables the underlying aggregator to be upgraded without any service interruption to consuming contracts.
- An aggregator contract - An aggregator is the contract that receives periodic data updates from the oracle network. Aggregators store aggregated data on-chain so that consumers can retrieve it and and act upon it within the same transaction.
Aggregators receive updates from the oracle network only when the Deviation Threshold or Heartbeat Threshold triggers an update during an aggregation round. The first condition that is met triggers an update to the data.
Source: https://docs.chain.link/docs/architecture-decentralized-model/
Each node in the network is validating some piece of data or computation external to the blockchain.--Reggie (talk) 07:57, 21 June 2022 (UTC)