What are bitcoin oracles?

Bitcoin oracles are external sensors that activate a smart contract on the blockchain, and are currently experimental for the Bitcoin blockchain. The research is still in its fledgling state, but the results are already impressive.

What is an oracle in crypto?

In short a crypto oracle carries data. Either from the real world to the blockchain and vice versa, between blockchains or completely off-chain. So a blockchain does not just offer services based only within its own ecosystem. As a result oracles increase the amount of services offered on blockchain via smart contracts.

What is bitcoin and how does it work?

What is Bitcoin? Bitcoin is the first and most widely recognized cryptocurrency. It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodically updated public transaction ledger called a 'blockchain.'

Is MIT the first to create a bitcoin Oracle?

While MIT may be the first developers to create an oracle successfully, the original concept of Bitcoin oracles was first proposed by Lightning Network developer Thaddeus Dryja last year during one of his Discrete Log Contracts regarding Bitcoin scalability and the lightning Network’s potential.