An oracle enables permissionless blockchains like Ethereum to access data from the outside world feeding Smart Contracts which can then execute specific actions within supported digital applications (dApps).
Without oracles, blockchain applications would be limited to local data and the huge growth we’ve seen in areas like DEFI wouldn’t be possible.
In this article, we’ll explain:
- What is a blockchain oracle?
- What are the different types of oracles?
- The problem that oracles face
- Common oracle use cases
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