DEV Community

Cover image for The oracle problem
Bijan
Bijan

Posted on Originally published at linkedin.com

The oracle problem

Just faced the oracle problem in blockchain, and got different definitions. Which one do you think is true?

  • "If oracles allow corrupt data to be imported on-chain, auto-executing smart contracts can have disastrous affects" - from Ethereum stack exchange

  • "The Oracle Problem is the challenge of securely and reliably bringing external data onto a blockchain, where smart contracts cannot independently verify that data and must rely on some mechanism to establish its trustworthiness." - AI

  • "Blockchain doesn't understand real-world data, and you can't give the data to it from a centralized point cause the purpose of blockchain is decentralization. So we use oracles like Chainlink made out of multiple nodes, so they confirm the data validity and pass to the blockchain. Decentralized, valid, accurate and reliable." - What I learned

What do you think?

Top comments (0)