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Oracle

Beginner

An oracle is a service that connects blockchains to real-world data, enabling smart contracts. Since blockchains cannot access off-chain data by default, oracles act as bridges, feeding information like asset prices, weather data, or sports scores. For example, a decentralised finance (DeFi) application might use an oracle to check asset prices before executing a trade. Oracles can be centralised or decentralised, with decentralised oracles (like Chainlink) offering higher reliability, security, and resistance to manipulation.

Related Words

OpenSea

Beginner

OpenSea is a leading NFT marketplace where users can buy, sell, and create digital collectibles. It operates primarily on Ethereum and supports everything from digital art to virtual game items.

On-chain Governance

Intermediate

On-chain governance allows token holders to vote on blockchain protocol changes directly through smart contracts, ensuring transparency, decentralisation, and community control over development.

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