Quick Review: Oracles in Blockchain Technology

so this week we learned about decentralized storages in oracus decentralized storage takes away Reliance on centralized service thereby helping users to store their data in a Distributive [Music] manner Arles are um uh trusted um data sources that provide external data to the smart contract on the blockchain what they do is that they bring um op chain data which is the real world data to onchain right so we can just view them as Messengers right Messengers that help bring offchain data onchain data story takes lot of spaces and thereby cost much on the blockchain and this is why we have other platforms that gives ability for users to be able to store their datas off chain now this is where Oracle comes in to give um blockchain that leverage to be able to get access to real time datas such as s news weather conditions and ET this data from our c is also taken from multiple data points so that it is not compromised or biased why do we need them you know that data on the blockchain are very limited right very limited so we need some data sources from um the real world like the weather forecast the stock exchange the sports result and the like so we need those data to compute some calculations onchain so that's why why we need other we can get the data and also um um perform the what we need the functions that we need on our smart contract so there are different types ofac we have the centralized Oracle and decentralized Oracle the most common Oracle is chain link they are used to access offchain data make offchain data accessible to the blockchain Oracle comes in to act as a bridge between this offchain um um um companies and the onchain and blockchain itself decentralized storages are like a replacement for databases in web 2 now in web 3 so we have different decentralized storages like ipfs int AWA that are used to store data on the blockchain and they are r on loads so that there's no single point of failure to compromise the data a decentralized stor act as a bridge between the blockchain and the external World it enable Smart contract to interact with of chains data like AP eyes and other external systems they are just simply storing your datas off chain um on ipf not that is just storing your data um avoid storing your data on centralized servers and we know that um blockchain to store your images on blockchain is very very expensive so this is why ipf provide the platform for users to be able to store their their datas of chain [Music]