The Biggest Problems Being Addressed By Blockchain Oracles


Published 9m ago via cryptocanucks.com

The Biggest Problems Being Addressed By Blockchain Oracles
Crypto Canucks via cryptocanucks.com

So, instead of diving into the various Oracle solutions, let’s look at the most significant problems Blockchains face concerning the retrieval of data and how decentralized oracles like KrawlCat can be a solution to these roadblocks. If an oracle doesn’t rely on consensus from multiple participants, then bad actors pose several vulnerabilities to the blockchain including people making fake websites, purposely misrepresenting the data, or malicious entities engaging in bribery to get these actors to misrepresent their findings.

If you are providing inaccurate data to the blockchain, then it doesn’t matter whether your network nodes are bad actors or not, because the data was already incorrect before it went on-chain. However, the one commonality across all successful projects is to eliminate the chance of bad actors compromising the network, while maximizing the variety of data that blockchain projects have access to in order to eliminate the chance of using inaccurate information.

Read in Full
CoinMarkets is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties.