The necessary tool for the implementation of NGK blockchain-Oracle
The British magazine, The Economist defined blockchain as “Blockchain is a machine of trust.”
The biggest innovation of blockchain is that the decentralized feature has solves the trust problem where any asset or item no longer needs a third party. Among them, smart contracts play a very important role. With the agreement that it executes to complete the task, the contract participants not only save time, but also simplify tedious steps.
However, a major drawback of smart contracts is that it is difficult to interact with external data. For example, real-time price data like stock prices, market forecasts and other data.
At this time, if the blockchain wants to be implemented, it needs a tool which is an oracle.
So, what is an oracle?
The oracle is a one-way digital agent which able to find and verify real-world data, and submit the information to the smart contract in an encrypted manner. It can be simply understood that the oracle is equivalent to a third-party data agent in the blockchain world.
As the NGK blockchain uses blockchain as the underlying architecture, if it is to be implemented, then, it must have the deployment of oracles on the network.
For example, suppose that the “data source” in the real world and the “data interface” in the NGK blockchain are two different countries, and they use different languages, then the oracle is equivalent to the translator among them. Through the oracle, smart contracts have no obstacles when communicating with off-chain data.
The oracle deployed an Oracles smart contract on the NGK network. If you need its data access service, you only need to introduce the contract into your own smart contract, and then make related calls according to the method described in the API document.
In the actual use of smart contracts, an oracle is required to verify the data. Due to the blockchain is a consensus-based system, the smart contract that it runs should also be a deterministic program. In order to conform to the consensus mechanism, the oracle uses the verification of data, so that the final data feedback to the smart contract is also “deterministic”.
In addition, smart contracts can be used to shape any type of agreement or relationship with clear conditions and results. The smart oracle makes the implementation of smart contracts simple, flexible and powerful.
So, what are the application scenarios of NGK oracle?
Currently, the application scenarios of NGK’s oracle include bridging value networks, agents, cryptocurrency wallet control, digital asset auctions, financial derivatives, debt and equity, smart property, and voting.
About the future development of NGK oracle
Compared with some centralized oracles on the market, NGK’s oracles are decentralized, so it will be more secure and reliable in architecture and it wins the trust of more users.
