Oracles provide a way for the decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations. Decentralized oracle networks (DONs) enable the creation of hybrid smart contracts, where onchain code and offchain infrastructure are combined to support advanced decentralized applications (dApps) that react to real-world events and interoperate with traditional systems.
Solving the oracle problem is of the utmost importance because the vast majority of smart contract use cases like DeFi require knowledge of real-world data and events happening offchain. Thus, crypto oracles expand the types of digital agreements that blockchains can support by offering a universal gateway to offchain resources while still upholding the valuable security properties of blockchains. Major industries benefit from combining oracles and smart contracts including asset prices for finance, weather information for insurance, randomness for gaming, IoT sensors for supply chain, ID verification for government, and much more.
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Because the data delivered by oracles to blockchains directly determines the outcomes of smart contracts, it is critically important that the oracle mechanism is correct if the agreement is to execute exactly as expected.
Blockchain oracle mechanisms using a centralized entity to deliver data to a smart contract introduce a single point of failure, defeating the entire purpose of a decentralized blockchain application. If the single oracle goes offline, then the smart contract will not have access to the data required for execution or will execute improperly based on stale data.
Truly overcoming the crypto oracle problem necessitates decentralized oracles to prevent data manipulation, inaccuracy, and downtime. A Decentralized Oracle Network, or DON for short, combines multiple independent oracle node operators and multiple reliable data sources to establish end-to-end decentralization.
Given the extensive range of offchain resources, blockchain oracles come in many shapes and sizes. Not only do hybrid smart contracts need various types of external data and computation, but they require various mechanisms for delivery and different levels of security. Generally, each type of crypto oracle involves some combination of fetching, validating, computing upon, and delivering data to a destination.
Another type of oracle are cross-chain oracles that can read and write information between different blockchains. Cross-chain oracles enable interoperability for moving both data and assets between blockchains, such as using data on one blockchain to trigger an action on another or bridging assets cross-chain so they can be used outside the native blockchain they were issued on.
Smart contract developers use oracles to build more advanced decentralized applications across a wider range of blockchain use cases. While there are a potentially infinite number of possibilities, below are the use cases with the most current adoption.
Insurance smart contracts use input oracles to verify the occurrence of insurable events during claims processing, opening up access to physical sensors, web APIs, satellite imagery, and legal data. Output oracles can also provide insurance smart contracts with a way to make payouts on claims using other blockchains or traditional payment networks.
Cross-chain oracles offer enterprises a secure blockchain middleware that allows them to connect their backend systems to any blockchain network. In doing so, enterprise systems can read/write to any blockchain and perform complex logic on how to deploy assets and data across chains and with counterparties using the same oracle network. The result is institutions being able to quickly join blockchains in high demand by their counterparties and swiftly create support for smart contract services wanted by their users without having to spend time and development resources integrating with each individual blockchain.
Oracles extend the capabilities of blockchain networks by providing access to all the external resources required to harness useful and advanced hybrid smart contract use cases beyond simple tokenization. Similar to how the Internet brought forth a significant change in the way information is exchanged, oracle-powered hybrid smart contracts are redefining the way society exchanges value and enforces contractual agreements.
The Chainalysis oracle is a smart contract that validates if a cryptocurrency wallet address has been included in a sanctions designation. The smart contract is maintained by Chainalysis on a variety of popular blockchains and will be regularly updated to reflect the latest sanctions designations listed on economic/trade embargo lists from organizations including the US, EU, or UN. The smart contract is available for anyone to use and does not require a customer relationship with Chainalysis.
These tools will provide any cryptocurrency business, protocol, organization, or developer a programmatic way to quickly check whether or not an address is on the sanctions list before allowing it to connect with their service through an API or through an on-chain oracle.
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