Oracles
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Oracle and DON Discussion Page
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“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.”Cite error: Invalid <ref> tag; refs with no name must have content
Oracles are entities that form consensus regarding external data and events using decentralized off-chain computation. [1]--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)