What is Oracle?
An “oracle” dispatches data from the outside, like temperature readings or votes received by a political party to a blockchain. The smart contract present on the blockchain could leverage the data to decide whether to dispense money and the receiving party.
- An oracle essentially helps Ethereum smart contracts perform tasks sequentially in an automatic manner. Smart contracts execute the terms of the relationship after the conditions are met.
- They provide a way for the decentralized web3 ecosystem to access the existing data sources and advance computations.
Some of the Oracle database editions in order of priority are:
- Enterprise Edition: This edition is the most robust and secure. It offers all features, superior performance, and security.
- Standard Edition: This edition provides base functionality to the users and does not require Enterprise Edition’s robust package.
- Express Edition (XE): It’s a lightweight, free, and limited Windows, and Linux Edition.
- Oracle Lite: This edition is specially designed for mobile devices.
- Personal Edition: This edition is comparable to Enterprise Edition, but it doesn’t provide the Oracle Real Application Clusters Feature.
Blockchain Oracle: Types, Uses and How it Works
The term “blockchain oracles” might seem familiar if you’ve been keeping up with the development of the infrastructure supporting smart contracts and blockchains. The blockchain industry is developing in its data-rich setting. Any data from the external world can’t just “communicate” to a blockchain; it has to be entered by hand. However, this is labour-intensive and prone to bias or mistakes. Oracles allow blockchains to interact in real-time with not only other digital information but also with regular, everyday things like smart devices.