Technology is soaring in the present times and one of the important innovations in the world of technology is Blockchain technology. Smart contracts are a recent development which has entered in order to revolutionise lives. There are still certain hurdles in the process. Smart contracts are in need of something which is reliable and which can help them to connect with the world in a better way. The blockchain is facing issues because of the “Oracle Problem” because of which they are not able to enter everyday lives.
Smart contracts are concisely computer programmes which are stored inside blockchains. These contracts are the main source of the crypto tokens and they help in the movement. Oracles are those real-time data feeds which are known for providing real-time information to smart contracts which include information like currency rates, flight details, etc. Smart contracts are of great use to people because it helps in interaction with the real world and develops trust at a high level. It helps in providing information instantly and you can act quickly.
The main problem which is blocking the way is the oracle services which defeat all the purposes of using smart contracts in blockchain technology in the first place. The Oracle points may be tampered at times because of which the targets fail and makes shut down almost impossible. To give protection to cryptocurrencies and blockchain technology, Town Crier has been developed to protect programs from attacks and keeping information confidential. They help to create a platform to secure reliable information from the real world. Town Crier helps to gather information regarding any answers from websites. Town Crier is trustworthy to some extent but, even it lacks the basic reliability and creates issues. The part of Chainlink comes into the limelight at this point in time.
Chainlink is one kind of application which does not rely on information from a single source but it collects data from multiple networks of oracles. They help smart contracts to gather useful information which is true and correct from many websites. There are many nodes in Chainlinks and customers pay for different links and nodes can make money because of the submission. Combination of Chainlink with Town Crier is able to create a centralised and secured system of the network.
By solving the oracle problem, Smart contracts will be able to function in a better way. Chainlink and Town Crier are two attempts to give a demonstration of Oracle network. Smart contracts work under certain rules and regulations and one of the major fields in which they can be used is gambling. Gambling needs transparency and blockchain can help one to create a secure network. Smart contracts are powerful and at the same time, they are very efficient because of which they are helping market intermediaries to create a better share in the market.
Just by removing oracle hurdle, people can enter into a whole new world of blockchain technology and many works can be done with sincerity and integrity.