Blockchain Oracles Explained! (Smart Contracts NEED This)
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- Опубліковано 21 жов 2024
- If you're looking for a place to have blockchain oracles explained simply, this is the video for you. Oracles are, in essence, hardware and/or software services that provide external data to smart contracts on the blockchain. In a future video, I will break down the way that Chainlink, one of the most popular oracle platforms does this on the Ethereum blockchain.
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Oracles are, in my mind, an essential tool in the dapp developers toolkit when creating valuable, user-friendly decentralized applications. What do YOU think? :)
After searching in many videos about this concept, you could explain it with very clear examples. You add a lot of value to the community. Thank you so much!
Glad it was helpful! That is my primary goal
thanks for watching
you really hashed that out. so great to see how people like you try to simplify such complicated,technical terms and just trying to convert the meaning so good so that people like me can understand. well done
Finally an actually well informed and competent guy talks about crypto simply :)
Thank you! Great and rare quality content on the matter!
Preety nice introduction to SC oracles. Liked the info about Hardware Oracles and also about the Data Market and potential centralization of the data market. Thanks again for the lovely video.
I'm your newest biggest fan. OMG what a video. Thank you, I'm going to start my own company and help my people. Thank you.
Very clear explanation and proper examples. Thanks mate!
looked for so many explanations, somehow this was the easiest to understand, thanks! subbed!
This information is very well explained.
Thanks. !
You have a new subscriber 👍🏾
Hi Hashishi, Thanks for the great explanation. Concise yet complete!!
great overview! can't believe more of your subscribers aren't looking into this.
Very well explained! Subscribing !!
Great video on Oracles ..Bring awareness to Special consideration on Smart-contract design ...so they can be truly smart
Thanks a bunch! Agreed, this is a critical component to be aware of in the space
Appreciate your support!
At What point does the LINK token become too expensive for companies to utilize it? thanks
here u have ur subscription, good man.
Thanks for this clear explanation!
Very good explanation! Thanks
Great video, well explained - subbed
You killed this explanation
Thank you Fern! This is insider info ;) but I'm creating a new series of beginner explanations for crypto topics
stay tuned
Good video! So oracles' main jobs are
1. Gather N amounts of API's (wether public or private, if private this assumes that the oracle has made a deal with a private business)
2. Determine the right decision
3. Send that to the corresponding blockchain with its corresponding format
Am I right? At first I thought they were just API's aggregators. Would it be valid to call them that way?
This is a great explanation. The terms now make total sense...Before they were in my vocabulary, but I imagined "smart contracts " and "oracles" to be more than what they actually were...Good job : )
Woohoo! mission accomplished. Glad it was helpful for ya, and also stoked that you're continually someone supporting the channel. I really really appreciate that, thank you
hey hashoshi, nice to see you find time to post videos again!
Thanks my friend! I’ve been posting (fairly) consistently but it’s been a challenge for sure
@@Hashoshi4 I don't even expect consistency to be honest. I prefer a video/month with useful information (like this one was), than having 3 or 4 videos/week from which 70%+ are fillers. To be honest, because of you, now I understand why some people are so excited about chainlink.
5o5kY well first of all thanks for your support and kind words! I am also stoked to hear that this video helped clarify why ChainLink has some hype behind it
I do think ChainLink has something significant brewing
@@Hashoshi4 I hope so... We are clearly missing some things in this space and that's why I think this "alts will die" rhetoric is completely wrong, even toxic at some degree... We need new projects because, out of nowhere, we (as mostly, a non technical community) realize and partially understand that there are problems that we could have never thought before.
Also, this is why I appreciate you people (developers); You keep building things and pushing boundaries, finding problems and trying to fix them.
Much appreciation for you, Hashoshi, for bridging this knowledge gap on youtube!
@@Hashoshi4 At What point does the LINK token become too expensive for companies to utilize it?
BEST EXPLANATION :) THANK YOU :)
Can you explain NFTs?
Amazing video ! I understand Oracles better thanks to you now.
But I have a question, how can we « connect » an oracle to a smartcontract to get external datas ? How does it work technically ? (If you know where can I find this kind of information, I’ll really appreciate it 😁)
Anyway, thank you for this video, you have a new subscriber !
Wow this was a great advertising for chainlink at the time.
Cool t-shirt! And great explanation! Thanks
Great explanation !
Thank you!
Great video. Always enjoy your content. I learned quite a bit. Thank you!
Thanks for watching and supporting the channel! Glad you’re getting value out of it 😊
Thanks man! great video. Really hope you can do one explaining chainlink one day. I'd love to hear your unbiased technical opinion on the project
Thank YOU! Appreciate the support. I have darn near finished up research on a Chainlink vid and hope to push it out soon :) stay tuned
@@Hashoshi4 At What point does the LINK token become too expensive for companies to utilize it?
Elrond & Chainlink is gonna be awsome 🥂💎🙌🏻🚀😍
Try to use DRGN with dragonet, it is programmer friendly, since it allows several type of codes. Really reliable fees since it does not depends on token value or number of transactions.
Thank you thank you thank you! This is really helping me to understand 😊
You're so welcome!
hey man , great video, just gained a new sub
Congrats man, very clear.
great video, thank you for it
amazing! thank you
thank you for the video, but can you please explain, what is GOOD data vs. BAD data? I think this is really important because afaik you don't really have 100% verifiable and immutable data on 3rd party data storage.
Hi! Can you do a video about UMBRELLA NETWORK oracle?
Are data providers deing chosen by the programmer and so they are little nubrer of it or them are being chosen every time automatically when an oracle need data?
is there any oracle which find out wether a person is dead or alive?
Five Stars Explanation ;-) Thanks :-)
Glad you liked it! thanks!
Thank you, great explanation
You are welcome! thanks for watching!
At What point does the LINK token become too expensive for companies to utilize it?
Great video! If I had some questions I wanted to ask you how may I contact you?
I love that shirt
Thanks 😊
Pretty good explanation, nice examples. A precise feedback: the end could be more concise in my opinion.
Appreciate the feedback! I am always looking to improve my videos
"assuming you don't have a dairy allergy" lol
I want to learn to code and possibly get into development in blockchain tech. Can you offer any suggestions on what coding language to learn?
Start with C++ or Python... JavaScript is also great, though many "expert programmers" hate it.
@@Hashoshi4 Thanks, I did end up buying a C# on udemy and some other courses. I appreciate your time. Awesome explanation on the blockchain oracles. I did invest in some BRG.
Great insight how can I get in touch with you ?
Fun ideas, but as an ERP designer, I can't yet see how we would use any of this in our product anytime soon. But I'm always looking for new creative ideas.
what is erp design?
@@erikawwad7653 Someone that receives feedback from users, and incorporates the feedback into a deisng that a programmer can take and build into a solution. Maybe I should clear something up... using an oracle and a decentralized blockchain to validate contracts within the context of ERP is an interesting idea, maybe something that proves a transaction happened such as a sales order, invoice, shipment, and receive and putaway event at a customer warehouse, all have potential here, but I was going outside the context to opine that ERP modules on a relational database will never be decentralized due to how inefficient the mechanism is to performance (antishisis of the core benefit of an OLTP database which is the bedrock of business apps today, that being referential integrity).
You will be out of work if you don't embrace this.
What do you gain from making a smart contract? Is there abby money to be made by it, I hear a ton of people talking about them teaching how to build them but not one person telling what a smart contract does for the bee effort of who made it
It's the same as why people build software today: to make money from a client or product, and to make the world better with what you built. A smart contract isn't anything special... it's just code that lives on the blockchain, like a mini app. it allows programmable functionality on top of the blockchain transaction layer
So when I build a smart contract(s) for a client, I get paid to build out a product that works on the blockchain
@@Hashoshi4 At What point does the LINK token become too expensive for companies to utilize it? thanks
If only I would have seen this video in 2019......
Can u talk about qubic n iota?
So what blockchain project you looking at when it comes to oracle
Chainlink and Oraclize are two I’ve worked with personally and do a pretty good job 👍 thanks for watching btw!!
Like the content you provide
why not just not use at all a stupid hackable spy smart fridge?
Oracles are necessary when people try to do things that a blockchain isn't intended to do. You use them if you don't understand blockchain. You use them if you can't design smart contracts in a good way or you try to design smart contracts that are inappropriate for the blockchain. If you're thinking of creating a dapp that needs to sample the real world, you shouldn't be using it on the blockchain.
From your perspective, is DeFi not a good use of blockchain then? Do all these DeFi protocol devs not understand blockchain? Today, there is no purely on-chain mechanism for price feeds, and without that data there is no DeFi. Unless an entire financial market were facilitated completely on-chain, I cannot imagine a reasonable way to achieve this anyway. Open to your beliefs on that.
I agree that people use blockchain for nonsense all the time, but to say that anyone using oracles is misappropriating the entire family of technology is an overgeneralization from my perspective.
👍👍👍
This is a great video. totally answered my question and explained brilliantly. PS you are very handsome.
Awesome! Thank you! that's super kind haha
Proud 1984 orwellian dystopian baby boy
I was born 3 weeks ago with this beard - from all the GMO food I guess.....
@@Hashoshi4 your shirt lie.
Decentralized application development? WTF does that even mean? May I mambo dog face to the banana patch?
It means… building decentralized applications
Mind blowing. Build a smart contract, a front-end in React and put that bad boy on IPFS and bob’s your uncle mambo banana patch orlando tango
Thank you for this