#Did_You_Know

What is Oracle technology in the world of crypto? 🤔

📋 Smart contracts on the blockchain are powerful, but they face a vulnerability ❌

🚫 They cannot access external world data on their own!

This is where Oracle technology comes in! 🗝️

An oracle is the bridge that connects the blockchain to the real world, providing smart contracts with external information.

💡 A simple example:

Imagine a smart contract programmed to reward you if the price of Bitcoin exceeds $100,000.

But how does the contract know the current price? 🤷‍♂️

This is where the hero Oracle intervenes and relays the data from trusted external sources like Binance or CoinMarketCap.

🔍 Uses of Oracles:

✅ Fetching currency and stock prices.

✅ Providing match results for betting contracts.

✅ Inputting weather data or news.

✅ Any information outside the blockchain that smart contracts need.

🏆 Prominent Oracle projects in crypto:

1️⃣ Chainlink ($LINK )

2️⃣ Band Protocol ($BAND )

3️⃣ $API3

💬 In summary:

Without oracles, the blockchain remains isolated from reality.

With oracles, smart contracts become smarter and more interactive with the world! 🚀

CMX Academy 🎓