This article was first published on æternity blog - Medium
The hæckathon will explore the advantages of having protocol embedded oracles
Blockchain as a technology stands on its own, disconnected from the real world in any meaningful way, unless there are Oracles bridging the gap. Oracles are mechanisms that send, receive and verify real (and digital) world occurrences and submit this information into smart contracts, triggering changes and thus allowing the blockchain to communicate with off-chain entities.
A voice from the sky coming straight into the blocks
Oracles open up decentralised apps to the world, allowing off-chain data to directly interact with the blockchain, and thus affect results of smart contracts. Any publicly available data can be integrated, such as election results, weather conditions, sporting event results and even commodity prices such as gold and oil. This opens up the field for major use cases such as financial applications, supply chain management, information markets, insurances, gaming, payment solutions, trade finance, health, the Internet of Things and many more.
The Akshwani Hæck, an initiative by the æternity blockchain and Superhero.com, is created to analyze exactly that aspect of Oracles. Gathering the brightest and best minds of the blockchain space, the Akshwani Hæck will look deeper into the future, beyond the obvious use cases and attempt to find benefits of blockchain, through the use of Oracles, that haven’t yet been explored.
In ancient India, the oracle was referred to as the Akashwhani, meaning a voice without a body, unseen, or a voice coming from the sky… and the challenge is to plug that voice into the blockchain to unveil the full potential of trust-less applications.
Whilst most modern smart contract platforms have to rely on separate projects to provide Oracles, a distinct advantage of the æternity blockchain is that it has embedded Oracles, as a function, since its launch. ...
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æternity blog - Medium