Oracles - Drivers of Real World Value in Crypto

Real World Data Drives On-Chain Impact

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A challenge that developers face, especially if they are something for the “real world” is integrating off-chain data in their dApps or protocols.

Developers from all over the world are building solutions for a multitude of use cases, some of which will impact our daily lives.

Blockchain technology is very exciting and smart contracts are a revolutionary technology. 

For dApps or smart contracts that require real world data, it is pivotal for the data to be deterministic and accurate or else the user experience will suffer 

To reach a level of accurateness that enables real world applications to function with precision, many projects are turning to oracles to provide real-time data on-chain.

Similarly to “The Oracle” in the Matrix, oracles in the blockchain provide insights that allow developers to accomplish their goals. 

Logo of Chainlink. I do not own this photo.

Chainlink is the OG Oracle in Web3

Recognizing that there was broad potential for smart contracts, Chainlink was founded in 2017. 

As a first mover in the oracle space, Chainlink has become the standard in the blockchain ecosystem. 

Chainlink has secured partnerships with some of the biggest brands in crypto like Aave and Synthetix. Outside of web3 native companies, Chainlink has a partnership with the NBA.