Oracles are services that enable the decentralized Web3 ecosystem to access historical systems, existing data sources, and cutting-edge computations. Advanced decentralized apps that respond to real-world events and collaborate with conventional systems can be supported by hybrid smart contracts, which are made possible by decentralized oracle networks (DONs). These contracts integrate on-chain code and off-chain infrastructure.
Oracles are widely used in blockchain ecosystems to enable blockchains to interact with real-world information.
It’s not easy to achieve decentralization and ensure the correctness of data in oracles when building one from scratch, so developers looking to leverage one can consider a variety of existing solutions such as Chainlink.