Kyros Kompass #2 — Blockchain Oracles
Kyros Kompass episode #2 is back with the topic of Blockchain Oracles.
Too tired to be browsing through hundreds of websites to know more about blockchain oracles? Kyros’s got you with a summary of the highlighted information.
What is a blockchain oracle?
Blockchain oracles are third-party services that provide smart contracts with external information. In simple words, these oracles will be transferring information from the outside world into the blockchain space.
Blockchains and smart contracts cannot access off-chain data (data that is outside of the network). However, it is possible to have integrated real-life information from the outside world through many contractual agreements.
This is where blockchain oracles come into play, as they provide a link between off-chain and on-chain data.
A blockchain oracle is not the data source itself, but rather the layer that queries, verifies, and authenticates external data sources and then relays that information.
The role of blockchain oracles
With its source of data and information, blockchain oracles are very useful in many fields, such as Insurance, Games, Prediction Market, … This information will provide projects and users with reliable information from the real-life world to proceed with decisions on the different blockchain services.
Blockchain oracles projects to watch for
ChainLink was one of the earliest oracles that have gained quite a reputation. However, as the market continues to grow, Kyros’s put eyes on some other potential players that will be strong competitors:
- API3
- Umbrella Network
- Nest Protocol
Kyros’s Opinion
It seems like the importance of oracles is growing with the development of new blockchain projects. From taking up only 0.09% in 2018, in 2021, oracles have reached up to 0.87% of the total crypto market’s market cap.
Thus, we expect to see this market thrive even more, and at some point become a new trend with many rising projects choosing to launch the same oracle functions.
About Kyros Ventures
Kyros Ventures is the investment branch of Coin68 Media, the leading cryptocurrency entity in Vietnam. Specializing in incubation and investment, Kyros Ventures is the gateway for international cryptocurrency projects to enter the Vietnamese market, helping them to achieve greater awareness and adoption thanks to its extensive network of partners and communities.
For further information, please visit: Kyros.ventures
