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Oracles

What does Oracles mean in crypto terms?

In the context of blockchain and smart contracts, Oracles are third-party services or middleware that feed smart contracts with external information. Smart contracts are self-executing contracts with the terms directly written into code and operate on a blockchain. However, they cannot access real-world data or interact with external systems on their own. Oracles act as a bridge between blockchains and the outside world, providing the necessary data to trigger smart contract execution. Oracles can provide various types of data, including price information, weather updates, and outcome of events. The accuracy and trustworthiness of Oracles are critical, as incorrect or manipulated data can lead to undesired outcomes.

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