Crypto Terms: Letter O

What are Oracles?

Meaning:

Oracles - entities that connect blockchains to external systems, allowing smart contracts to execute depending on real-world inputs and outputs.

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Let's find out Oracles meaning, definition in crypto, what are Oracles, and all other detailed facts.

Oracles are entities that provide blockchains with the opportunity to engage with off-chain information. Even though several contracts and decentralized systems are able to connect to a single oracle, a type of contract-specific oracle was created to work as a single smart contract.

There are various types of oracles according to their usage. The main ones are the following:

Human Oracles. People with different subject knowledge who are able to verify, validate, as well as fetch data for utilization by blockchain-based agreements.
Software Oracles. These are the most commonly used oracles that retrieve online data from other programs and web APIs, such as market prices, airline status, and weather information.
Hardware Oracles. Such oracles provide real-world data for smart contracts by integrating with physical systems and technology. Hardware oracles can interface with RFID sensors used in a variety of industries.
Outbound Oracles. Such oracles send data from smart contracts to external systems, allowing smart contracts to interact with non-blockchain sources.
Inbound Oracles. External data is sent to smart contracts or software oracles via inbound oracles. These oracles can be specified as a set of "if" rules, for example, "place a buy order if an asset reaches a specific price".
Consensus Oracles. Such oracles are a type of decentralized oracles that collect huge volumes of data from a small number of other oracles and use certain procedures to assess the validity and correctness of the data.

Besides, note that oracles that depend on a single data supplier are referred to as centralized, whereas those that interfere with various sources are referred to as decentralized. However, in an essence, a blockchain oracle is a third-party data source that requires external permission to function successfully, which implies that it's typically a centralized entity's tool. As a result, most oracles sacrifice the smart contracts' decentralized features.

The majority of crypto enthusiasts would refer to Band Protocol (BAND) as well as Chainlink (LINK) as classic instances of decentralized oracle networks.

Besides, it's important to note that oracles are not data sources. Instead, they gather, query, and verify information from many sources before delivering it to smart contracts.

In addition, the transmitted information can be anything from payments, price feeds, temperature from a sensor, scores from a basketball game, and so on. Most of the time, oracles are assigned depending on where they draw their information from, their sources, the flow of data, and whether they are decentralized or centralized.

The Oracle Problem

Smart contracts perform different duties depending on the data provided by centralized oracles, implying that oracles have enormous influence over smart contracts. The Oracle Problem is a conflict of trust that centralized third-party oracles introduce into trustless smart contracts and blockchain systems.

Even though decentralized oracles, such as consensus oracles, may appear to be a viable option, there are still numerous obstacles to overcome, as decentralized oracle networks are difficult to create in a secure, functional, and trustless manner.

limit orders<\/strong><\/a> – orders that use prices set by the trader. If an order uses the current market prices<\/strong> for the trade, it is considered to be a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-market-order-market-buy-market-sell/">market order<\/strong><\/a>.<\/p>\nThe highest bid prices and the lowest ask prices are written on top of the order book. The difference between the highest bid and the lowest ask is known as the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-bid-ask-spread/">bid-ask spread<\/strong><\/strong><\/a>, which is used to indicate the strength of supply and demand.<\/p>","definition":"a physical or digital documentation used to track the buy-sell activity of an asset.","status":"published","meta_title":"What is Order Book? Definition & Meaning | Crypto Wiki","meta_description":"Order Book meaning: Order Book - a physical or digital documentation used to track the buy-sell activity of an asset.","meta_keywords":null}" :prev-section="{"id":579,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Smart_contract","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2023-12-07T20:01:09.000000Z","slug":"what-is-oracle-manipulation","title":"What is Oracle Manipulation?","section":"O","keyword":"Oracle Manipulation","content":"Oracle manipulation<\/strong> (also known as price manipulation) is a typical occurrence in the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-defi/">DeFi ecosystem when hackers alter the oracle <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contract<\/strong><\/a> which leads to theft, system failure, and so on.<\/p>\n<a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-oracles/">Oracles are third-party service providers that offer blockchains with real-world or external information such as statistics, price fees, weather information<\/strong>, and so on. Price fees, however, are by far the most exploited oracle data since they enable attackers to take over millions of funds from DeFi platforms.<\/p>\nAs an example, the offender in the Harvest Finance attack was able to infiltrate its pools via a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-flash-loan/">flash loan<\/strong><\/a> <\/strong>using a type of oracle manipulation. Essentially, the hacker used a transaction to lower the value of USDC inside the Curve pool. The offender then entered the Harvest pool at the deflated price<\/strong>, returned USDC to its original price, reversed his transaction, and departed the pool at a much higher price.<\/p>\nOverall, there are two distinct ways an oracle could collect price data. One is to effortlessly drain price information via <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-api/">APIs from <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-centralized-exchange-cex/">centralized exchanges<\/strong><\/a>. Another way is for oracles to do calculations independently by consulting <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-exchange-dex/">decentralized exchanges <\/strong><\/a><a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralized-exchange-dex/">(DEXs). Nonetheless, both techniques have some benefits and drawbacks<\/strong>, as well as ways and methods to be hacked or manipulated.<\/p>\nAccording to DeFi networks, they have lost over $33 million as a result of oracle manipulations in 2020 alone.<\/p>","definition":"is a mechanism commonly seen in the DeFi ecosystem when the oracle smart contract is manipulated by hackers.","status":"published","meta_title":"What is Oracle Manipulation? Definition & Meaning | Crypto Wiki","meta_description":"Oracle Manipulation meaning: Oracle Manipulation - is a mechanism commonly seen in the DeFi ecosystem when the oracle smart contract is manipulated by hackers.","meta_keywords":null}" :model="{"id":581,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Blockchain_oracle","level":"medium","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2024-01-09T13:46:46.000000Z","slug":"what-are-oracles","title":"What are Oracles?","section":"O","keyword":"Oracles","content":"Oracles<\/strong> are entities that provide blockchains with the opportunity to engage with off-chain information. Even though several contracts and decentralized systems are able to connect to a single oracle, a type of contract-specific oracle was created to work as a single smart contract<\/strong>.<\/p>\nThere are various types of oracles according to their usage. The main ones are the following:<\/p>\n<ul>\n<li>Human Oracles. <\/strong>People with different subject knowledge who are able to verify, validate, as well as fetch data for utilization by blockchain-based agreements.<\/li>\n<li>Software Oracles. <\/strong>These are the most commonly used oracles that retrieve online data from other programs and web <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-api/">APIs, such as market prices, airline status, and weather information.<\/li>\n<li>Hardware Oracles. <\/strong>Such oracles provide real-world data for smart contracts by integrating with physical systems and technology. Hardware oracles can interface with <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-radio-frequency-identification-rfid/">RFID sensors<\/strong><\/a> used in a variety of industries.<\/li>\n<li>Outbound Oracles.<\/strong> Such oracles send data from smart contracts to external systems, allowing smart contracts to interact with non-blockchain sources.<\/li>\n<li>Inbound Oracles. <\/strong>External data is sent to smart contracts or software oracles via inbound oracles. These oracles can be specified as a set of \"if\"<\/em> rules, for example, \"place a buy order if an asset reaches a specific price\".<\/em><\/li>\n<li>Consensus Oracles. <\/strong>Such oracles are a type of decentralized oracles that collect huge volumes of data from a small number of other oracles and use certain procedures to assess the validity and correctness of the data.<\/li>\n<\/ul>\nBesides, note that oracles that depend on a single data supplier are referred to as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-centralized/">centralized, whereas those that interfere with various sources are referred to as <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-decentralization/">decentralized. However, in an essence, a blockchain oracle is a third-party data source<\/strong> that requires external permission to function successfully, which implies that it's typically a centralized entity's tool. As a result, most oracles sacrifice the smart contracts' decentralized features.<\/p>\nThe majority of crypto enthusiasts would refer to Band Protocol (BAND) as well as Chainlink (LINK) as classic instances of decentralized oracle networks.<\/p>\nBesides, it's important to note that oracles are not data sources. <\/strong>Instead, they gather, query, and verify information from many sources before delivering it to smart contracts.<\/p>\nIn addition, the transmitted information can be anything from payments, price feeds, temperature from a sensor, scores from a basketball game, and so on. Most of the time, oracles are assigned depending on where they draw their information from, their sources, the flow of data, and whether they are decentralized or centralized.<\/p>\n<h2>The Oracle Problem <\/strong><\/h2>\nSmart contracts perform different duties depending on the data provided by centralized oracles, implying that oracles have enormous influence over smart contracts. <\/strong>The Oracle Problem is a conflict of trust that centralized third-party oracles introduce into trustless smart contracts and blockchain systems.<\/p>\nEven though decentralized oracles, such as consensus oracles, may appear to be a viable option, there are still numerous obstacles to overcome, as decentralized oracle networks are difficult to create in a secure, functional, and trustless manner.<\/strong><\/p>","definition":"entities that connect blockchains to external systems, allowing smart contracts to execute depending on real-world inputs and outputs.","status":"published","meta_title":"What are Oracles? Definition & Meaning | Crypto Wiki","meta_description":"Oracles meaning: Oracles - are entities that connect blockchains to external systems, allowing smart contracts to execute depending on real-world inputs and outputs.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\nWith close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\nAaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\nAaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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Mining?","status":"published","modified_content":null},{"chapter_id":9,"order":3,"slug":"what-is-staking-crypto","title":"An Advanced Look into What is Staking Crypto","status":"published","modified_content":null},{"chapter_id":9,"order":4,"slug":"what-is-proof-of-stake-vs-proof-of-work","title":"Proof-of-Work VS Proof-of-Stake: The Differences That Matter","status":"published","modified_content":null},{"chapter_id":9,"order":5,"slug":"what-is-crypto-mining-rig","title":"Crypto Mining Rig: What It is and How to Build One?","status":"published","modified_content":null}]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/crypto-101-glossary.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}]" current-chapter="O" current-section="what-are-oracles">

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