Oracle is an agent that finds, checks and transfers credible and accurate data to smart contracts.
Smart contracts contain a value and unlock it only if certain conditions are met. When a specific value
is reached, a smart contract changes its status and executes software-defined algorithms, automatically
triggering an event on the blockchain. The main task of oracles is to provide smart contracts with values
from the outside world to in a safe way. Smart contracts cannot access data outside their network.
Oracle is a data channel provided by a third-party service for smart contracts on blockchain. Oracles
deliver external data and run a smart contract when pre-defined conditions are performed. Such conditions
can be any kind of information, from weather data to completed payments, price fluctuations, etc.
Oracles are part of multi-signature agreements where, for example, the original trustees sign a future
release agreement only if certain conditions are met. Before any funds are released, an oracle must sign
a smart contract. One of the most famous oracles is Oraclize.it.
Our sub-Oracle on the Ethereum blockchain receives data directly from Oraclize.it and distributes it at
a price much lower than the original one. Thus, we made access to information easier and cheaper!