Oracles

Quick take - Oracles

Oracles are the entities that connect blockchains to real-world data and existing systems, and provide critical infrastructure for establishing a unified, interoperable Web3 ecosystem.

In depth

ORACLES The core purpose of oracles is to derive truth about the validity of off-chain data, events, or computation and then relay the results on-chain.

“A blockchain oracle is secure 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.” - (Source: What is the Blockchain Oracle Problem? (https://blog.chain.link/what-is-the-blockchain-oracle-problem/))

Oracles maintain a critical role in crypto infrastructure as a means of connecting smart contracts to off-chain data

Oracles are the entities that connect blockchains to real-world data and existing systems, and provide critical infrastructure for establishing a unified, interoperable Web3 ecosystem.

Chainlink oracle networks not only feed financial market data on-chain to power DeFi applications, but they also provide a wide range of secure off-chain computations such as verifiable randomness and decentralized execution to enable dynamic NFTs and highly automated dApps. Moreover, with the development of the Cross-Chain Interoperability Protocol (CCIP), oracle networks will help enable the fast-growing ecosystem of different blockchains and layer-2 scaling solutions to securely communicate with one another.

Timeline

Chainlink Oracle Resources

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Timeline

Date	Media	Author	Title

Educational

Date	Media	Author	Title
N/A	Official Docs	Chainlink	What Is a Blockchain Oracle?
Mar 22	Article	Chainlink	The Ultimate Guide to Blockchain Oracle Security
21 Oct 21	Video	Chainlink	What Is a Blockchain Oracle? Brief explainer video.
06 Jun 21	Article	HackerNoon	The Strengths and Weaknesses of DeFi Price Oracles
27 Nov 20	Article	Smart Content	Chainlink: Low-Level Infrastructure for Inter-Oracle Competition
06 Mar 20	Article	Chainlink	The Future of Oracles: Fireside Discussion with Ari Juels, IC3 Co-Director and Distinguished Cornell Computer Science Professor
06 Mar 20	Video	Chainlink	Fireside Chat with Ari Juels and Sergey Nazarov - Connected Smart Contracts San Francisco