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blockchains-security-toolkit/oracles
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Dr. Mia von Steinkirch 86d2d80757
🥕 chainlink
2022-10-16 12:04:46 -07:00
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README.md 🥕 chainlink 2022-10-16 12:04:46 -07:00

README.md

🍣 oracles


tl;dr

  • Oracles provide a trustless way of getting extrinsic (off-chain) information.
  • They provide the some key functions such as collect data from an off-chain source, transfer the data on-chain with a signed message, and make the data available by putting it in a smart contract’s storage.
  • price oracles are any tool showing an asset's price but in context of defi

chainlink

A decentralized oracle network consisting of three key smart contracts:

  • a reputation contract: keep track of data providers' performance.
  • an order-matching contract: selects bids from oracles using the reputation contract.
  • an aggregation contract—and an off-chain registry of data providers.

One of the main challenges with such a decentralized approach is the formulation of the aggregation function. ChainLink proposes calculating a weighted response, allowing a validity score to be reported for each oracle response.