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What does TRB Oracle mean? (What are the oracles?)

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TRB Oracle, also known as a blockchain oracle, is a decentralized, smart contra

What does TRB Oracle mean? (What are the oracles?)

TRB Oracle, also known as a blockchain oracle, is a decentralized, smart contract-based distributed data oracle system. It is able to access and verify real-world information, including the prices of any digital assets, by obtaining off-chain calculations. This allows for the transparency of prices, including cryptocurrencies, to be publicly viewed.

Currently, there are many tokens in the market that support the ERC20 standard. TRB (TrueOracle), developed by Terraform Labs, is a decentralized protocol that provides off-chain query services and allows node operators to perform transactions.

What are the oracles

In the blockchain field, oracles are the most commonly used decentralized solutions. Through smart contracts, they directly access off-chain data and real-world information, enabling the transfer of asset prices and credit data. One popular application is the DeFi protocol, which utilizes the features of oracles to incorporate various cryptocurrency prices, trading volumes, and other factors into the blockchain.

Currently, popular oracles in the market include Chainlink (LINK), Aave Protocol (LEND), SushiSwap (SUSHI), etc., all of which are developed on the Ethereum network. These applications primarily utilize ChainLink for calculations and provide reference suggestions for token prices through feeding.

There are various types of oracles, with the following main characteristics:

1. Verifiability: Chainlink is a network supported by the Ethereum blockchain and specifically designed to provide secure and reliable feeding services.

2. Non-interactive: ChainLink ensures price accuracy in a trustless manner.

3. Open-source: Creating a block or transaction for a specific event will result in a unique and valid feeding, and the block contains all operations that have taken place between participants, enabling them to obtain results off-chain.

Generally, oracles automatically generate a series of external data sources, such as real data from the outside world, information from the internet, and cases of accessing external data, making data more transparent and easily readable, bringing security and convenience to backend systems.

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