Decentralized Oracles
Decentralized oracles are systems that provide external data to blockchain networks in a secure and reliable manner. Unlike traditional oracles, which are controlled by a single entity, decentralized oracles use multiple independent sources to verify and deliver information. This reduces the risk of manipulation and enhances the trustworthiness of the data being fed into smart contracts.
These oracles play a crucial role in enabling smart contracts to interact with real-world events, such as financial market prices or weather conditions. By ensuring that the data is accurate and tamper-proof, decentralized oracles help maintain the integrity of decentralized applications and the broader blockchain ecosystem.