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Author Topic: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps  (Read 4338 times)

Offline Judith_Lance

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The decentralized applications (dApps) that spread like endless tentacles through the defi landscape allow anyone in the world to permissionlessly lend, borrow, save, trade, and more using digital assets – all they need is an internet connection and a compatible Web3 wallet. The days when one had to make an appointment with a bank manager to open an account or apply for a loan seem to belong to antiquity.

Much of the credit for defi’s meteoric rise goes to the Ethereum blockchain and its smart contracts, self-executing agreements that eliminate the need for a third party. If Ethereum represents the building where the transaction occurs, smart contracts are the name above the door: no smart contracts, no defi. For this reason, they are often described as the backbone of the industry. Yet, there’s a second and perhaps equally important piece of the infrastructure puzzle that makes defi possible: oracles.

Why Blockchain Needs Oracles?

Whether it’s lending markets, decentralized insurance products, liquidity aggregators, derivatives protocols, algorithmic stablecoins or something else, the vast majority of defi apps rely heavily on oracles, middleware entities that connect smart contracts to resources outside of their native blockchains. Without oracles, blockchains are like computers without internet access – valuable but largely impotent on the connected and interoperable front.

Often referred to as hybrid smart contracts, the combination of blockchains (immutable on-chain code) and oracles (secure off-chain data) creates a powerful synergy that sets the stage for advanced blockchain applications. Oracles enable formerly enclosed networks to consume reliable external information and interact with legacy systems, resulting in smart contracts that can react to real-world events and integrate with established business processes.

Source: https://www.forbes.com/sites/lawrencewintermeyer/2021/10/14/cryptohacks-oraclesthe-invisible-backbone-of-defi-and-applied-blockchain-apps/?sh=3ad4f620182d

[Source added]
« Last Edit: October 27, 2021, 05:38:40 PM by dragononcrypto »

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Offline mike_edrick

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #1 on: October 31, 2021, 11:21:04 AM »
That's the best definition of Oracles i've ever seen. Great job mate. As a fan of Oracles i highly recommend investors to check out about SupraOracles,that thing is coming extremely strong imo.

Offline Alessandro_Narroni

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #2 on: October 31, 2021, 12:20:37 PM »
Oracles are necessary protocols for entire block-chain. I believe once they got more popular,the real world integrating blockchain more and more. SupraOracles is one of the most promising oracle protocol in current conditions. They are announcing new partnerships almost everyday,good enough to follow.

Offline Cursedbear

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #3 on: November 09, 2021, 02:45:59 PM »
Oracles are necessary protocols for entire block-chain. I believe once they got more popular,the real world integrating blockchain more and more. SupraOracles is one of the most promising oracle protocol in current conditions. They are announcing new partnerships almost everyday,good enough to follow.
And actually SupraOracles working actively,check their medium news,always new partnerships and always being better and better. So i believe if Oracles completely integrate their system into blockchain,Supra will be the flagship.

Offline Nenad_Prevkic

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #4 on: November 09, 2021, 03:26:42 PM »
Well SupraOracles recently announced new partnership with dxFeed, an institutional-grade data and service provider. dxFeed will be providing SupraOracles with data from traditional financial markets, including equities, fixed income, futures, and options. ORacles are coming really strong and in near future will be rule the blockchain imo

Offline Julio_Mattenzi

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #5 on: November 09, 2021, 07:09:42 PM »
Oracles could change blockchain and I see SupraOracles team is working hard for getting what they deserve,once they fully complete to take right steps,they probably have big impact on entire market,oracles protocols are necessary for blockchain.. 

Offline Mathias_Ordanno

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #6 on: November 09, 2021, 07:59:30 PM »
I like the idea behind Oracles but i wondered why people always talking about SupraOracles and DAMN. I shocked when i check their team and medium profiles.SupraOracles working actively with great partners and i believe they are going to launch very HYPED. Hardworking team is always getting what they deserve ,congratz.

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #6 on: November 09, 2021, 07:59:30 PM »


Offline ryan_cohen

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #7 on: November 14, 2021, 08:58:10 PM »
Actually it seems like Supra team is working hard. I follow their medium accounts and in 2 weeks Supra announced 10 different partnerships. Oracles are going to be more popular for sure but,if Supra continue to integrate themselves that fast it will blast away imo. Great opportunity for hop-in now and chase serious profits.

Offline Feraye_deniz

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #8 on: November 15, 2021, 02:42:14 PM »
Actually i like SupraOracles partnership strategy,they already made big deals like MasterCard Start Path - Polkalokr(escrow) - Forward Market etc. Before their own launch Supra team is working for the made great expansion for their project so popularity isnt be a problem while launching. Its really good strategy imo

Offline foxinthebox

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #9 on: November 18, 2021, 11:33:39 PM »
I don't believe investors really understand the Oracles actually but that was a great article with basic definition about Oracles. For Supra i have only one word,HARDWORK. They are always working with great partners and it will probably help for popularity. I believe if the developer team of Supra continue like this,that project is possible moonish candidate.

Offline Ghostrider

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #10 on: November 18, 2021, 11:47:14 PM »
I don't believe investors really understand the Oracles actually but that was a great article with basic definition about Oracles. For Supra i have only one word,HARDWORK. They are always working with great partners and it will probably help for popularity. I believe if the developer team of Supra continue like this,that project is possible moonish candidate.
Ur right,actually Oracle is 3rd party software's that creating a bridge between real world and blockchain. I believe they are really necessary for integrating our world into blockchain with every side. Supra Oracles being flagship imo,i did tons of research about them and dev.team and it seems SOLID. Im impatient to see their launch,good luck with that kinda elite project.

Offline Lehner_1977

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #11 on: November 19, 2021, 12:51:35 AM »
I don't believe investors really understand the Oracles actually but that was a great article with basic definition about Oracles. For Supra i have only one word,HARDWORK. They are always working with great partners and it will probably help for popularity. I believe if the developer team of Supra continue like this,that project is possible moonish candidate.
Ur right,actually Oracle is 3rd party software's that creating a bridge between real world and blockchain. I believe they are really necessary for integrating our world into blockchain with every side. Supra Oracles being flagship imo,i did tons of research about them and dev.team and it seems SOLID. Im impatient to see their launch,good luck with that kinda elite project.
I didnt realize the oracles are that necessary before but you guys explain it very clear for me. Thank you really and I check Supra's the team is making partnership almost everyday,if im not wrong in a week they made almost more than 10. That's a serious numbers of partners. So i believe there won't be popularity issue for SupraOracles,im really wondering how big that project is..

Offline Summer202

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #12 on: December 03, 2021, 04:36:55 PM »
I heard SupraOracles going to expand for NFT's according to their twitter,anybody notice that before? I believe Supra is going to be huge.

Offline Cursedbear

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #13 on: December 03, 2021, 05:08:45 PM »
I heard SupraOracles going to expand for NFT's according to their twitter,anybody notice that before? I believe Supra is going to be huge.
Mate,SupraOracles working actively and expanding their project day by day. I don't know how its going to integrate in NFT's but I believe there's something about fast & reliable price feed data.

Offline Julia1989

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Re: Oracles: The Invisible Backbone Of DeFi And Applied Blockchain Apps
« Reply #14 on: December 03, 2021, 05:16:18 PM »
It's always a joy to see oracles are coming hot.I believe if SupraOracles wants to be successful they just need to take the right steps like before. They are integrating their protocol into gaming/nft/deFi so IMO there's always a good chance to invest in them as early as possible.Im currently looking for their future launch :)

 

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