The Oracle problem: Difference between revisions
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Revision as of 10:53, 15 April 2022
To understand the Oracle problem first we need to understand some blockchain basics.
REVIEW
To fully comprehend the importance of Chainlink, it’s critical to first understand the underlying value of blockchains and smart contracts. Generally, a blockchain is a decentralized network of computers that performs computation and stores data in a shared ledger. A blockchain differs from traditional, centralized computer systems in that:
- No single person or group controls it.
- Everyone in the world has equal access to send it commands.
- The applications running on it and the data stored in it cannot be tampered with or deleted.
- All transactions processed over time are recorded in a continuously growing ledger.
- Transactions are paid for via a native cryptocurrency.
Blockchains achieve these properties by having thousands of computers run the same software, process the same transactions, store the same data, and consistently cross-check one another to reach consensus as a network about what is valid. All these network operations are backed by monetary incentives that reinforce honest behavior and consensus. [1] REVIEW
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