Steemit Crypto Academy Contest / Season 8 Week 4 - Blockchain Oracles

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Hey Steemlovelies! 🌸💖 Are you ready to begin exploring the arena of blockchain oracles? This could appear overwhelming initially, but we recognize it. Let's talk first about what blockchain oracles are. 🤔 Blockchain oracles are like magical fairies 🧚‍♀️ that provide essential information to smart contracts on the blockchain. Smart contracts are like self-executing agreements with the terms of the agreement directly written into code. But sometimes, these smart contracts need a little extra help from the outside world. That's where oracles come in! They act as the bridge 🌉 between the blockchain and the real world, providing data that smart contracts need to function correctly.

Alright, my darlings! 💃✨ Let's dive into the questions two to four in a fresh, fabulous way. Are you ready? Let's go! 🚀

💎 What are the types of Oracles?

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It's a fact that variety is the seasoning of life, and oracles are no exception! There are various forms of oracles, but we'll cover the principal ones:

Software Oracles 💻: These cuties collect information from online sources, like websites or databases. They're perfect for grabbing data such as stock prices, flight schedules, or weather forecasts.

Hardware Oracles 📡: These lovely gizmos gather data from the physical world through sensors and devices. They're useful for monitoring things like temperature, humidity, or even GPS locations.

Consensus Oracles 🗳️: This group of darlings brings the power of the crowd! They rely on multiple independent sources to reach an agreement on a specific piece of data. It's like asking all your besties for their opinions on a new dress! 👗💕

💎 What do you think about decentralized Oracles?

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Decentralized oracles are like the blockchain's BFFs! 👭 They collect data from multiple sources, which helps to reduce the risk of incorrect or manipulated information. It's like having a whole squad 💃🕺 looking out for you instead of just one person. These decentralized oracles make the blockchain ecosystem more reliable, trustworthy, and secure. In our opinion, they're the real MVPs! 🏆💖

💎 Give us a use case of a decentralized Oracle

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Get ready, babes, because we're about to explore a fab example of a decentralized oracle in action! 🎉💅

Imagine you and your girlfriends are planning the ultimate vacation getaway 🌴☀️, but you want to make sure the weather will be absolutely perfect. You decide to create a smart contract for booking your dream trip, which will only execute if the weather conditions are just right. ✈️🌞

A decentralized oracle is the solution we need! 💪🌟 Instead of depending on one specific source, this ‘oracle’ retrieves information from numerous weather stations and forecasting services. This ensures that the info provided is dependable and exact. When the majority of these sources agree that your trip will be bright and beautiful, the smart contract is set into action and it's time for you to bask in a well-earned getaway! 🏖️🍹

This decentralized oracle ensures that the data used by the smart contract is more trustworthy, reducing the chances of booking your trip based on incorrect or manipulated data. With this level of assurance, you and your squad can focus on what truly matters: having an amazing time together! 👯‍♀️💕

I am inviting my first three followers on this platform @damithudaya @petface @afrizalbinalka