What is a blockchain Oracle?

Blockchain oracles are entities that connect blockchains to external systems, thereby enabling smart contracts to execute based upon inputs and outputs from the real world. Oracles provide a way for the decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations.

What are cross-chain oracles?

Cross-chain oracles enable interoperability for moving both data and assets between blockchains, such as using data on one blockchain to trigger an action on another or bridging assets cross-chain so they can be used outside the native blockchain they were issued on.

What are the limitations of blockchain?

While blockchains are very powerful, they have one notable limitation: They cannot communicate with data sources outside their own network. The secure, decentralized structure of a blockchain makes it isolated. As such, smart contracts can’t communicate with data sources such as servers, APIs, and feeds.

What is a blockchain network?

A blockchain network where the consensus process (mining process) is closely controlled by a preselected set of nodes or by a preselected number of stakeholders. The use of blockchain technology is expected to significantly increase over the next few years.