An oracle is a service that provides off‐chain data to smart contracts on a blockchain.
Because oracles can access information that lives outside of the blockchain, they expand the range of contracts that can be built on‐chain. Without them, smart contracts would be restricted to using only the information available on the blockchain itself.
There are a variety of design options for oracles including software or hardware, inbound or outbound, and centralized or decentralized. Some oracles are designed specifically for a smart contract. Each design option has its benefits and drawbacks but a significant concern with all oracles is security. The Oracle Problem refers to the fact that if an oracle is compromised so too is the smart contract that uses it.
→ View more terminology.
Bison Trails is a blockchain infrastructure platform-as-a-service (PaaS) company based in New York City. We built a platform for anyone who wants to participate in 23 new chains effortlessly.
We also make it easy for anyone building Web 3.0 applications to connect to blockchain data from 33 protocols with Query & Transact (QT). Our goal is for the entire blockchain ecosystem to flourish by providing robust infrastructure for the pioneers of tomorrow.
In January, 2021, we announced Bison Trails joined Coinbase to accelerate our mission to provide easy-to-use blockchain infrastructure, now as a standalone product line. The Bison Trails platform will continue to support our customers. With Coinbase’s backing, we will enhance our infrastructure platform and make it even easier to participate in decentralized networks and build applications that connect to blockchain data.