Modefi
  • Introduction
  • Oracle Solutions Suite
    • Decentralized Aggregated Oracle
    • On-Demand Oracle
      • On-Demand Oracle - Technical Manual v0.1
        • The On-Demand Oracle System
        • Types of Users
          • Data Request Creators
            • Requesting Data
            • Setting Times
            • Cancelling Data Requests
            • Disputing Results
          • Validators
            • Account Management
            • Staking (and Unstaking)
            • Providing/Endorsing Data
            • Disputing Results
            • Receiving Payment
          • ODO Custodian
        • Algorithms
          • Computing Request Costs
          • Depositing and Withdrawing Coins
          • Staking to Endorse Data
          • User and Staking Slot Tiers
          • Timing/Lateness
          • Bumping
          • Withdrawing
          • Endorsing
          • Payment
          • Slashing
          • Reputation
          • Staking Bonuses
          • Disputes and Resolutions
          • Coin Credits
          • Account Transfer
      • On-Demand Oracle - High-Level Overview
    • Oracle Marketplace
  • Defi Dashboard
    • What is the Modefi DeFi Dashboard?
  • Token
    • Tokenomics
      • Token Distribution
      • Token Stats
      • Token Emission Schedule
    • Token Sale
    • Token Utility
  • General Information
    • History of Oracle Based Hacks / Exploits
      • Synthetix $1 Billion Exploit
      • Trader Exploits bZx Oracle for $330,000 Profit
      • $100 M Liquidated on Compound Following Oracle Exploit
  • Blockchain Basics
    • What is a Smart Contract?
    • What is an Oracle?
  • FAQ
    • Staking on Fantom
    • Staking on Binance Smart Chain
  • How-to's
  • Smart Contract Addresses
  • Links and Socials
  • Media Kit
  • Disclaimer
  • Terms and Conditions
  • Privacy Policy
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  1. Blockchain Basics

What is an Oracle?

Oracles provide the connection between real world data and the blockchain. They turn external data into a format that smart contracts can understand, while validating that the information is valid and correct. Through the use of oracles, smart contracts can be triggered by external events, and pass through important data.

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Last updated 4 years ago