This refers to the practice of employing external data feeds, known as oracles, to provide real-world information to smart contracts. These oracles act as bridges, supplying data such as prices, weather conditions, or event outcomes that are necessary for the execution of decentralized applications. Their reliable integration is vital for off-chain data interaction.
Context
Oracle Usage is a central theme in the development and security of decentralized finance (DeFi) and other smart contract-dependent applications. Current news often focuses on the security of oracle mechanisms, the potential for data manipulation, and the emergence of decentralized oracle networks. Discussions address the critical need for accurate and tamper-proof data feeds to ensure the proper functioning and trustworthiness of DApps interacting with off-chain information.
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