Understanding Blockchain Oracles

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Video Content:
Intro 00:00
Why do we need Oracles 01:01
Types of Blockchain Oracles 02:52
Oracle Evaluation Criteria 04:20
Intro to Chainlink 05:56
LINK Token 08:06
Chainlink Ecosystem / Chainlink architecture 08:58
Chainlink Products Groups / Chainlink Use Cases 11:03
Intro to Band Protocol 13:27
Band Token 15:06
Is DeFi going to replace traditional finance 16:00
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Is Decentralized Finance going to replace traditional finance?

Let’s try to answer this questions with some facts

1. Most of world’s data is still off-chain i.e not on blockchain

2. It is comparatively expensive and energy intensive to store large amount of data on blockchain compared off-chain databases

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3. Blockchains are still dealing with scaling problems

So, it is quite understandable that the for the DeFi ecosystem to grow Dapps have to depend on off-chain data sources and other off-chain resources.

Now, this is where Oracles come into play.

Oracles act as bridges between blockchains and traditional internet.

So, let us talk about Oracles and few players in the space.