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How an Improved Oracle Infrastructure Makes Blockchain Viable By CoinQuora

by Mike Robinson

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How an Improved Oracle Infrastructure Makes Blockchain Viable
  • QED connects multiple blockchains, smart contracts platforms, and off-chain data sources.
  • QED protocol is an oracle aggregater that improves trust and the quality smart contracts.

It is important to find a consensus on the blockchain issue. Because other nodes have the ability to detect unreliable information, it is impossible for transaction data and extrinsic info to be combined. Information from the real world is therefore subject to third party verification, whose reliability can be questioned by all nodes. Oracles can retrieve data from the past and store it. The current Oracle problem refers to security, authenticity and trust conflicts between third-party oracles as well as trustless smart contracts execution.

Even if the token represents blockchain ownership, Oracles can’t provide an unambiguous verification that the asset is transferred to the new owner. Real-world ownership does not necessarily follow from smart contract possession. The Smart contract must rely on an external verification source for events that occur in real life. This could be an Oracle or a third party.

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