Oracle Network protocol aggregate and connect real-world data and APIs to smart contracts
It takes three lines of code to integrate with the Oracle network protocol to get reliable, untrusted data in a smart contract.
1.
Why is blockchain needed
oracle data ?
Blockchain specialize in immutable storage, deterministic, verifiable computing. However, they do not have access to trusted real-world information that is available outside their networks. The Oracle Network protocol enhances the capabilities of smart contracts, allowing them to access reliable data without any central point of failure
2.
Usage Oracle Network Protocol
Provide trusted data DeFi
Decentralized financial applications need to provide prices in the process of token exchange and loan collateralization. With the built-in Oracle Network Protocol price prediction system, developers can have absolute confidence in Defi because the prices they give are stable and reliable
3.
More usecase will be developed non Defi-related topic
Oracle Network protocol flexible Oracle design allows developers to work with any kind of data, including real-world events, sports, weather, decentralized banking, random numbers and many more
Developers can use WebAssembly to create custom Oracle to connect smart contracts to traditional Web APIs in minutes
4.
Here Multiple blockchain usage
Oracle Network protocol
Oracle Network protocol is designed to be compatible with most smart contract and blockchain development frameworks
It does the tedious work of extracting data from external sources, aggregating it, and packaging it into an easy-to-use format, and effectively verifying it across multiple blockchains
Using the built-in oracle price feed you can easily get UGET encryption, stock and commodity price data from multiple exchanges
Connect to trusted data sources through Web APIs and use them to enhance your smart contracts