INTRODUCTION
Before I proceed to the main question it will be nice we know what blockchain Oracle is all about in a greather Dept.
Blockchain technology is very solid regarding the way it handled transactions, but in rescent times we noticed that it can be compromised up to some extent, blockchain Oracle ever since it's inception there has been a genuine imput intense of the security of a blockchain and it's digital infrastructure. Block interactions pretty has to do with the information it has within it's disposal.
Oracle in my own accessment is the real time solution regarding blockchain inoperability, we have two simple way courtesy system designs, and they include Deterministic, and consensus, they both have key roles they play on a block-chain, they assists in providing a data feeds that is synchronized, remember data on the block-chain can't be stolen it is been operated in an open source, and messages are been synchronized meaning it can't be changed.
Oracle's has its categories and they come in two phases, software and hardware oracle's
Software Oracle; laid down informations here is practically coming from an online source like the commonly known website, back-end API's, or any other smart contracts there are different types of information that is involved here but it has to come from a source, it can be from sporting events data or any other form/source.
Hardware oracle's; this Oracle is very much impor because of what it makes use of, it makes use of what we call the IoT, it's a device used in tracking process and by so doing real-world data can be sent as a result of smart contract.
History and Description. Does it have any token or cryptocurrency associated? Explain
Nice question I will explain in a greather dept, I will go for AUGUR, having to know what blockchain Oracle is all about, Augur is a decentralized Oracle, and it also serves as a platform where forcasting of market prices are been done too. Outcome of any event done here is practically objective not subjective because it in one way or the other leverages on the totality of crowd wisdom in order to speculate results.
As we all know prediction in the volatile market is super speculative, here various user's are given the mandate to buy shares and at the same time sell too.
NATURE OF PEOPLE WHO MAKES USE OF ARGUE
The reporter's; their reports lies on the total outcome regarding the field at Which they have chosen, they make a comprehensive report that isn't wrong because they wouldn't want to loose their tokens by no means. If they report anything wrongly they stands the chance of loosing almost 20% of their token, this Decentralized exchange has a token and it is called Augur token.The value of AUGUR you obtain is proportional to the quality of your reporting per say.
Market Cap 314.151M
Circulating Supply=11.00M
Max Supply
Volume=97,914,912
Volume in 24hrs=97.91M
The wagerers; these sets of people place a bet regarding the future of the market, what they think will come out regarding what has been reported officially by the reporter's, knowi fully well that the reporter's won't play pranks regarding the authenticity of their reporting capability.
Market Creator's; this set of people finds a way to make out informations regarding the market for the various reporter's, by so doing the reporter's will report and at the same time earn from reporting.
HISTORY OF AUGUR
This platform was officially founded in the year 2014, back then I was still in secondary school shall, they consists of 13 different individual's but they where led by two prominent person's namely jack Peterson, and Joey Krug, this two individuals have already gained massive experience on block technology before Augur, came to the frame, the both have already created side-coin, a Bitcoin fork.
Augur first public alpha was officially launched in 2015, just of rescently a decentralized trading exchange called coinbase, named Augur among their blockchain project, another version of AUGUR which most times people refer then as the better version was officially released in 2016.
Augur is on the Etherium network, and the biggest rival here is the Gnosis, GNO, it also operates on the Etherium network too it seems to be Augur all time rivals, more like the opposite. The difference that exist in the both is little I will say is their economic models nothing more, Augur makes use of a model based prior to their trading capability, while Gnosis charges their own fee depending on how many shares that is available.
Functionalities and real-life applications.
In real life if you are an Augur holder, you stand a better advantage because it gives the mandate to stake a bet with it with the likelihood that an event is going to happen, you can also use it to buy shares in different companies and firms, that is if the company accepts cryptocurrencies as their payment options, many countries this days accepts that.
The viscosity that exists between prices and demands are dependent, shapes up how prices react and how it's been adjusted. This is similar to the Normal betting we carry out on daily basics be it live betting or vitual betting, bet is bet. One thing you should understand is that the outcome of AUGUR is not dependent on any central authority or central government.
Anyone who makes use of AUGUR has the mandate to verify its fellow user's this makes it difficult for fraudster's to gain access to catering away tokens belongings to various individual's.
Pros and Cons
This has to deal with the good and bad aspect here and I will highlight then in good terms.
| PROS | CONS |
|---|---|
| Project cost is very much accessible, with low fees, in tense of predictions there is total accuracy | Augur interface lacks a complete form of intuitiveness, most person's doubt the platform since it's associated with gambling. |
| The idea that is associated to argue is super exciting as it contains fun, there is interaction, argues innovations are super smooth | always taged Ill intense of the innovations, ideas, and all the rest, in these case it attracts distractor. |
| From the inception of argue project there has always been transparency, everything done here is pretty objective, and crowd leverage here | since users are given the mandate to buy shares and sell at the Same time, predictions seems to be super speculative. |
Future developments and new projects
In future as time goes on I think augur will be on the reconning lists of decentralized token considering the market capitalization and the volume it has attained at this particular time of asking. I believe that new project will advance remember this is a fast changing world. I could remember when Bitcoin token came to fruition it was very little but as time went on, the market capitalization started booming, the volume everything went sky rocketed. I predict that will be absolutely what will happen to this native token.
As I speak with you now this token has market excess worth about $105, as we speak it's not a Crypto with excess weight but it has developed becoming very important to the market today, over the years so few legal obligations has been experienced from reliable source people suggest that it might be shut down by government sometimes in future, I'm looking at the United States doing this.
Various states has officially laid down some
rules, and regulations, regarding things or token associated to gambling in order to avoid fraudlent activities, it depends on the substandard nature of some volatile markets maybe they have been included in some sites, this token seems to be a testing idea., Die to the nature of people making use of this token I think in future it will be secured totally.
CONCLUSION
- Just as we have known blockchain is very rigid, and it's very difficult for hackers to gain access to it, in blockchain we have the nodes, miners, and the blocks. All the above men things helps in keeping the blockchain solid and free from hacker's. Now we have what is called blockchain Oracle it's a good solution regarding blockchain inoperability, it was officially founded in the year 2014.
Augur first public alpha was officially launched in 2015, and as I speak to you now it's has been included in a Decentralized Exchanged called coin-base, they named in among their top project just of rescent.
Blockchain Oracle is very much important and we need it because, if you watch very well you will understand that smart contract has been designated in order to execute what I call ireversable operations that are carried out on the blockchain, that is the reason why various informations included into a smart contracts are always trust worthy and reliable too as well. Thank you very much professor @Allbert you really explained well your lecture is good.
Hello, @kingcent Thank you for participating in Steemit Crypto Academy season 3 week 7.
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