Oracle Bpm Download
Germain Ojeda
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The blockchain oracle problem is one of the most important barriers to overcome if smart contracts on networks like Ethereum are to achieve mass adoption across a wide variety of markets and use cases.
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. Oracles take on several key functions:
Carrying out the functions above requires that the oracle system operate both on and off the blockchain simultaneously. The on-chain component is for establishing a blockchain connection (to listen for requests), broadcasting data, sending proofs, extracting blockchain data, and potentially performing computation on the blockchain. The off-chain component is for processing requests, retrieving and formatting external data, sending blockchain data to external systems, and performing off-chain computation for greater scalability, privacy, security, and various other smart contract enhancements.
Another major concern is scalability. Every time a new data source needs to be added to the network or an existing data aggregation method must be adjusted, it requires massive social governance coordination to get every node in the network to agree and upgrade their software. The addition of governance overhead leads to increased friction, slower development of core blockchain features (such as PoS and sharding), and major limits on oracle innovation. Ultimately, the more complexity there is at the base layer of the blockchain, the more attack surface and risk to all applications that run on it. Even applications not using oracles or not involved with confrontational data requests will get caught in the crossfire and potentially get disrupted if the entire chain comes to a halt because of an oracle issue.
In order to bring determinism to the oracle layer, Chainlink has developed a network of decentralized oracle networks (DONs), with each DON involving a combination of multiple security techniques needed to service a particular use case.
These are just some of the many features offered by Chainlink that provide users with a whole set of guarantees to ensure a highly secure and reliable oracle mechanism. By building out these key features on Chainlink, smart contracts on any blockchain can now access off-chain data without sacrificing its core value of determinism, providing a solid foundation from which to build out the future of data-driven automation.
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