A quick explanation of what they are

Seemingly a hot topic, but it's still sort of on niche blockchain oracles this year. You may have heard of them or not yet, as they focus on the cryptocurrency space. However, what is a blockchain oracle?

In the simplest terms, a blockchain is just a database. However, there are important areas that make it completely different from a database. First, blockchains are global public ledgers that anyone from anywhere in the world can join or write and add to it. It stores information when linked together, forming an immutable chain of information (transactions), hence the name, the block chain. Blockchains are decentralized and open source, and blockchains are irreversible with proof of work.

What is a blockchain oracle?
Now that you know what a blockchain is, let's take a look at a prophecy. In the classical sense of the word, a prophecy is someone or something that can provide insight or information about the future. This is often used in predictions. But in today's modern information technology, oracles are called machine learning technology that can receive data and feed it to consumers who will later use it; prediction markets are a great example use case for an oracle. So what is a blockchain oracle? It combines both public immutable blockchain data and modern oracle information and makes it available to other blockchains.

Blockchains are currently out of sync
One of the problems with blockchains is that they don't synchronize with each other. Each blockchain is a silo in its own network. For example, the Bitcoin blockchain is with the Ethereum blockchain, etc. He cannot speak. This is where a blockchain oracle will come. If each blockchain integrates a blockchain oracle into their protocols, they will be able to "talk" to each other and share real-time data such as price flows and other information. block chain.