Our great sponsors
-
-
-
InfluxDB
Power Real-Time Data Analytics at Scale. Get real-time insights from all types of time series data with InfluxDB. Ingest, query, and analyze billions of data points in real-time with unbounded cardinality.
One starting point for this is oracles, which deliver external data (including financial asset prices, weather data, the outcome of sporting events and elections, and much more) to the blockchain, for dApps to use. A problem is that any centralized data feed would introduce a single point of failure. Projects like Razor Network address this by delivering data via a decentralized network of oracles.
As well as feeding real-world data to smart contracts, oracles can be used to monitor other blockchains and pass information about them between networks. Chainlink has made progress in this direction, with their Cross-Chain Interoperability Protocol (CCIP). This enables the creation of multi-chain apps. The protocol is maintained by a decentralized network of nodes. However, this is unlikely to be as secure as the chains between which messages are being sent.