Understanding Oracles: The Backbone of Web3
Web3 is transforming the internet by making it decentralized and user-centric. Central to this transformation are oracles, which act as bridges between the blockchain and the real world. This guide will walk you through the basics of oracles, their importance in the Web3 ecosystem, different types of oracles, and how they work.
Ready to explore the world of oracles? Let’s dive in!
What Are Oracles?
Oracles are third-party services that provide smart contracts with external data. They serve as a bridge between blockchain networks and real-world data sources, allowing decentralized applications (dApps) to interact with external systems. Oracles can feed various types of data into the blockchain, such as price information, weather conditions, sports results, and much more.
