Let’s find out who oracles are and what they can do.
Blockchain oracles are services that connect blockchain smart contracts to real-world data. Since blockchains are typically closed systems, they rely on additional layers of infrastructure to acquire and ingest data. Most smart contracts need outside, real-world data to operate, such as the current price of cryptocurrency for an exchange contract, or the outcome of a certain real event for a betting platform.
Blockchain oracles can be either centralized or decentralized. Centralized oracles are controlled by a single entity and generally rely on a single data source for their information. In contrast, decentralized oracles use multiple, independent data sources that do not coordinate with each other. This can be ideal for smart contracts that need faster, more accurate data.
Current oracles suffer from a variety of challenges, including the speed, accuracy, security, and finality of the data they provide. Many blockchain developers believe current oracles are too slow, unreliable, and insecure to effectively do the job they were intended for.
SupraOracle will solve the speed problem and connect the world of blockchain and the real world.
At this stage, the project collects validators.
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