True Decentralization Can be Achieved With Oracles
The term ‘oracle’ has become quite commonly used within crypto circles across the globe in recent years, and rightly so. This is because these novel offerings are designed to connect various blockchain projects with a wide array of off-chain data, thus allowing for the advent of many novel use cases. That said, most traditional oracles are faced with two core issues. Firstly, they require a centralized entity/intermediary to facilitate their access to external, real-time data — as a result of which third parties can potentially alter the data being supplied to it. Secondly, centralized....
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Oracles, according to Cryptopedia, are protocols for smart contracts in the blockchain industry to interact with external data. Smart contracts are essentially computer programs that run within a blockchain and automate a set of transactions when certain conditions are met. Thus, smart contracts contribute to the complete decentralization of the blockchain industry by allowing transactions to take place automatically and without the intervention of a third party. As appealing as the concept of blockchain as a self-contained, permissionless, and trustless system is, it would have no....
True decentralization will take time, U.S. presidential candidate Brock Pierce suggests, citing DeFi as a crucial stepping stone towards this end. U.S. presidential candidate Brock Pierce believes true decentralization, in its purest form, does not exist today, and is not practical in the near future. He told Celsius founder and CEO Alex Mashinsky in an hour-long #MOIP interview released earlier today that while DeFi, is headed towards decentralization, it shouldn’t attempt to be entirely decentralized right now.The crypto venture capitalist turned politician stated a hybrid approach....
William Mougayar is a Toronto-based angel investor and four-time entrepreneur who advises startups on strategy and marketing. Here, he discusses where the monetization is behind decentralized business models. If we are to strictly follow bitcoin's first principles of decentralization, then very little to no money should be made by the centers. Bitcoin, the system, is itself the quintessential decentralized and autonomous ecosystem today. And its center is poor, because it is non-existent as an entity. All of the revenues/profits are being made at the edges of the bitcoin network. So, if we....
In a world of “interests,” it is vital that no one has a monopoly on truth. Decentralized protocols have grown in popularity as viable alternatives to traditional centralized systems. People are recognizing the flaws of centralized authority and adopting open, decentralized, and trustless systems. However, for decentralized protocols to truly be open and transparent, there’s a need for an infrastructure that would help access offline real-time information in a trustless manner. There is no doubt that we live in a world where anyone can simply share false information and declare....
PRESS RELEASE. Using the iExec Oracle Factory, developers are able to create their own decentralized oracles with just the API’s URL and key. October 12th, Lyon, France, 2021 – iExec, a decentralized marketplace for computing assets, has announced the launch of the iExec Oracle Factory, a developer interface allowing anyone to create their own oracles, from scratch, in minutes, without any blockchain knowledge and directly from their browser. In order for decentralized applications to solve real world problems, they need to make use of real word data. Decentralized oracles....