Oracle Machine: A bridge connecting on-chain smart contracts with the real world

robot
Abstract generation in progress

Introduction to Blockchain Oracle Machine Technology

The Oracle Machine is a key infrastructure in the Blockchain ecosystem, providing external data for smart contracts. As a bridge connecting on-chain smart contracts and the off-chain real world, the Oracle Machine plays an indispensable role in Blockchain applications.

Smart contracts on blockchain networks like Ethereum cannot directly access off-chain data. For example, if an Ethereum smart contract requires the trading volume of crude oil for a certain day, it needs to use an Oracle Machine to achieve this. The specific process is as follows: the contract writes the data request into the event log, an off-chain process listens for that event and retrieves the required data, and then submits the data to the smart contract through a transaction.

Oracle Machine Detailed Series: Chainlink (Part 1)

The largest Oracle Machine project by market share is Chainlink. It provides real-world data to the Blockchain in a secure and reliable manner through decentralization. Chainlink has built an economically incentivized ecosystem around its native token LINK.

Oracle Machine Detailed Series: Chainlink (Part 1)

The workflow of the Chainlink Oracle Machine is as follows:

  1. Users pay with LINK tokens and initiate data requests.
  2. The Oracle Machine contract receives requests and emits events
  3. Off-chain nodes listen for events and obtain the required data
  4. The node submits data to the Oracle Machine contract.
  5. The Oracle Machine contract passes data to the user contract.

Oracle Machine Detailed Series: Chainlink (Part 1)

In order to adapt to the business scenarios of Oracle Machine, Chainlink proposed the ERC677 standard, which adds the transferAndCall method on the basis of ERC20, combining payment and service requests into one.

For developers, in addition to custom data sources, they can also directly use the price Oracle Machine provided by Chainlink. Each trading pair has a separate Price Feed, which allows for easy access to the latest price data through a simple interface. This greatly simplifies the process of obtaining asset prices.

Oracle Machine Detailed Series: Chainlink (Part 1)

Overall, Oracle Machine technology provides the key capability for Blockchain smart contracts to access external data, making it an important infrastructure for building complex DApps. With the development of technology, the application scenarios of Oracle Machines will become more widespread.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 10
  • Share
Comment
0/400
LayerZeroHerovip
· 07-12 02:40
link this architecture is incredibly bull, balancing both security and efficiency.
View OriginalReply0
RadioShackKnightvip
· 07-11 22:14
Good projects should be accumulated slowly.
View OriginalReply0
PrivateKeyParanoiavip
· 07-11 10:17
LINK bullfrog, quick enter a position!
View OriginalReply0
MissingSatsvip
· 07-11 10:06
link is stable
View OriginalReply0
MechanicalMartelvip
· 07-10 17:40
Oracle Machine? A must-have for Chain Dogs!
View OriginalReply0
ImpermanentSagevip
· 07-10 17:40
link the protagonist of the next bull run
View OriginalReply0
GweiWatchervip
· 07-10 17:39
LINK is going to da moon!
View OriginalReply0
AllTalkLongTradervip
· 07-10 17:36
Chain Dog still has to look at the Oracle~
View OriginalReply0
PaperHandsCriminalvip
· 07-10 17:30
I'm numb... trading relies entirely on the Oracle Machine's predictions, lost a lot.
View OriginalReply0
SchrodingerGasvip
· 07-10 17:21
The reliability of data has not yet reached a game equilibrium at the interactive level.
View OriginalReply0
View More
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)