Oracle —— Helps blockchain interact with reality

The Blockchain world, the one trapped in the mid-air


The biggest core innovation of blockchain is to solve the trust problem in a decentralized way, without the need to trust and rely on third-party institutions for value transfer. Among them, smart contracts play an important role. It is a set of contracts defined in digital form to help contract participants execute the agreement to complete tasks, saving time and tedious steps.

However, it is precisely because of the consensus mechanism of the blockchain that the internal blockchain is a deterministic environment. It does not allow uncertain things or factors. Smart contracts must be consistent results no matter when and where they run. The virtual machine (VM) cannot allow the smart contract to have a network call (network call), otherwise the result is uncertain. That is to say, the smart contract cannot perform I/O (Input/Output), so it cannot actively obtain external data. However, the data itself is complex and diverse. The blockchain which claims to rebuild the trust system of the real world, is trapped in mid-air because it cannot trust external data and has been unable to land. The tool that connects smart contracts with external systems and promotes the real implementation of blockchain technology application scenarios is theoracle.

Oracle——Captor of external data

The oracle is like an information transmitter, which can automatically transmit external credible data to the blockchain and write it into the smart contract, so that the contract can automatically execute the result according to the preset rules, and complete the blockchain technology to the real Services for business scenarios. Compared with traditional industries, oracle + blockchain can make business more efficient, streamlined, and service more accurate


Current Oracle market

There are not many projects currently explored in the field of Orcle, and the oracle solutions vary slightly from each project.


Oraclize: for Ethereum

Relying on Amazon AWS services and TLSNotary technology, Oraclize is a provably honest oracle service, but it is centralized and can only be used on the Ethereum network at present, and the gas fee is high.


Chainlink:First decentralized Oracle Solution on Ethereum

Through the smart contract on the chain and the data node under the chain, the request and feed of data are carried out through the reward and punishment mechanism and the aggregation model. However, there are also some shortcomings, such as high cost of chain aggregation, poor scalability, and easy centralization of reputation-based systems.


PLUGChain: provides efficient oracle services for multiple public chains

PLUGchain is a high-performance public chain committed to solving the interaction of information and data. It not only realize the safe, smooth and efficient communication for blochchain with the real world, but also realize communication for Polkadot, BSC, Heco and other public chain smart contracts.

The decentralized oracle network is the core function of PLUGchain. Based on innovative cross-chain interaction design, PLUGchain can not only effectively solve the information interaction between many independent blockchain networks with Cosmos, but also provide modular underlying components through BSC, Heco ecological scenarios, which can effectively support the global business-level application network.

Oracle —— Helps blockchain interact with reality

More information about oracle will be show on: