Oracles
By Cryptomcmillan1 | Updated on May 24, 2020
In the context of crypto, oracles refers to services which verify real-world and provide data to blockchains/smart contracts. Oracles are needed for decentralized programmes to function trustlessly as using data from a centralized source would cause a programme to have a weak spot that can be easily manipulated.
Related Terms
Second-Layer Solutions
Secondary network or framework built atop an existing blockchain to address transaction speed and scalability issues.
Derivatives
A financial instrument which derives its value from the performance of an underlying asset or index (eg. gold, crude oil)
Block Confirmation
Refers to the number of confirmation a particular block has. Each block ahead of the referenced block adds one block confirmation to it.
Application-Specific Integrated Circuit (ASIC)
Refers to specialized computers that are made to do a very specific task (eg. calculate hashes for Bitcoin's Proof-of-Work)
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