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$PYTH: The Oracle of the Future That Is Capturing Attention in DeFi
Introduction:
In the blockchain ecosystem, trust in external information is vital for smart contracts to function correctly. This is where oracles come in: services that allow smart contracts to access real-world data, such as asset prices, sports outcomes, or weather conditions. While Chainlink has been the leader for several years, a new player has emerged with strength: Pyth Network ($PYTH ).
What is Pyth Network?
Pyth is a decentralized oracle designed to provide real-time financial data directly from sources (such as centralized exchanges and trading platforms). Its approach eliminates intermediaries, improving the speed, accuracy, and security of the data received by smart contracts.
In the blockchain ecosystem, trust in external information is vital for smart contracts to function correctly. This is where oracles come in: services that allow smart contracts to access real-world data, such as asset prices, sports outcomes, or weather conditions. While Chainlink has been the leader for several years, a new player has emerged with strength: Pyth Network ($PYTH ).
What is Pyth Network?
Pyth is a decentralized oracle designed to provide real-time financial data directly from sources (such as centralized exchanges and trading platforms). Its approach eliminates intermediaries, improving the speed, accuracy, and security of the data received by smart contracts.
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What are oracles? What is their importance?
You may have heard of the "Oracles of
,
,
..." but... what are they really?
To understand it, you first need to know that blockchains cannot access information from the real world by themselves. This is where oracles come in, acting as bridges between the blockchain and the outside world.
What are oracles for and what importance do they have?Oracles, as I mentioned earlier, transmit real-world information to the blockchain, allowing smart contracts to make decisions based on external data, such as: cryptocurrency prices, weather conditions, results...
,
,
..." but... what are they really?
To understand it, you first need to know that blockchains cannot access information from the real world by themselves. This is where oracles come in, acting as bridges between the blockchain and the outside world.
What are oracles for and what importance do they have?Oracles, as I mentioned earlier, transmit real-world information to the blockchain, allowing smart contracts to make decisions based on external data, such as: cryptocurrency prices, weather conditions, results...
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