Cryptocurrency Oracles

Does Hive Need Oracles?

By R23 | Supportive Crypto Community | 28 Apr 2022



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One type of cryptocurrency that I have become very interested in investing in has been oracles. There are really only a few tokens at this point that are flourishing in the oracle field, with the two I am interested in being Chainlink and Band Protocol.

What Are Oracles?

Oracles make up approximately 1.3% of the cryptocurrency market.

Here is the definition of oracles from the Chainlink website:

Blockchain oracles are entities that connect blockchains to external systems, thereby enabling smart contracts to execute based upon inputs and outputs from the real world.

So essentially they provide feeds of real world data such as weather, statistics, price feeds, news updates, etc. onto smart contracts to allow them to expand their functionality.

Some really interesting projects that could run alongside an Oracle protocol would be things like VeChain that use their network to track the status of aspects of the supply chain. Oracle data is incredibly useful as long as it is verifiably accurate because it allows the smart contract to become even smarter and react to real world results and data.

Should Hive Implement Oracles Into Smart Contracts?

I would absolutely love to see this functionality on Hive. Although we function as a decentralized network, certain "centralized" services such as Tribaldex offer the structure shell and server maintenance for many communities on Hive including @dunksocial. Since that is the case, we could see something in the future such as the option of adding oracle functionality to the contracts that they offer.

This implementation would enable users to create more in depth smart contracts building off of Hive communities. The possibilities in this case would be endless as off-chain data would mesh with on-chain operations and allow for innovation.

Now I'm sure it isn't as simple as flicking a switch and it is most definitely beyond my capabilities... But this could be something huge for Hive. It does feel at times that we are a bit ostracized or separated from the rest of the cryptocurrency ecosystem, and by implementing data from other chains or off-chain, we would make a push towards mass onboarding that we are seeming to lack still.

What Do You Think?

Would you want to see Hive smart contracts implement some oracle functionality through Chainlink or Band Protocol services? What would you want to see pop up in the Hive ecosystem if that is the case.

I could personally see fantasy sports becoming quite popular on Hive if we could use oracle data to import real time results!

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Who I am:
My name is Rob and I am a prospective law student with interests in cryptocurrency and blockchain. I have enjoyed my time thus far engaging with Web 3.0 and am looking to continue learning more and sharing what I learn through my experience

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A new cryptocurrency investor looking to learn as much as possible about smart contracts and coding!

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