How an Improved Oracle Infrastructure Makes Blockchain Viable
- QED connects multiple blockchains, smart contracts platforms, and off-chain data sources.
- QED protocol builds an oracle aggregator that can improve trust and the quality of smart contracts.
The blockchain problem is to reach a consensus. Therefore, extrinsic information cannot be provided with transaction data, as other nodes can detect information from unreliable sources. Hence, information from the real world requires third-party verification whose reliability is unquestionable for all nodes. Oracles retrieve information from the past as well as storing data. But the current oracle problem is defined as security, authenticity, trust conflict between third party oracles, and the trustless smart contract execution.
Oracles cannot provide trustless verification that ownership of an asset has been transferred to the new owner even if the new individual has a token that represents ownership of blockchain. Smart contract possession does not always translate to real-world ownership. Therefore, Smart contracts need to rely on third-party verification for the events of the real world in the form of an oracle.
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Read more: https://coinquora.com/how-an-improved-oracle-infrastructure-makes-blockchain-viable/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
