Blockchain Oracle Data Feeding

[harshhjoshi]

Just wanted to know, as we all know the Blockchain Oracle is storing the data(s) and provide the data to digital world, also working vice versa so what are the main source of Oracle, who and from where the datas are feeding on Blockchain Oracle Cloud?

[alymurtazamemon]

@harshhjoshi Like oracles could be centralized as well as decentralized. If we talk about centralized oracles, then you can also become one, you just have to get the data with API from any data provider and send that to Smart Contracts, but this is very dangerous in a real life and it is considered an Attack (Oracle Attack) like a central authority can control your contract based on the data it is sending to your contract.

The other type is decentralized oracles like Chainlink, which pay to nodes that run on a decentralized network for providing the data, nodes initially stack some amount for security and guarantee that whenever you ask for data we will provide otherwise their stack can be compromised. And this way, Chainlink gathers the data from multiple nodes and based on it provides the best data to its decentralized smart contracts that further forward that to our contracts.

Hope it is clear now, you can also watch the intro part about oracle problems and what is chainlink from the video.