Why Blockchain Oracles Are Crucial For DeFi

Despite noted failures of blockchain oracles across the decentralized space, they play a crucial role in smart contracts’ wide and varied use.

With centralized finance, trust lies in both the companies and banks. A customer deposits money and trusts that it will be there. As security for the trust, various societal laws enforce the bank’s obligation to make sure that the funds make it to the account.

But where does that trust go in the decentralized financial world? Decentralized oracle networks.

00:00 Intro 01:16 Smart Contracts 02:58 The Oracle 04:19 Oracle Options 05:49 Oracle Fails 07:25 The Future of the Oracle

🚀 🚀 Make your first deposit and get a $25 USDT welcome bonus! https://go.beincrypto.com/buy-cryptocurrency

📊 Join our global trading community on Telegram. Get access to a free trading course, trading signals, and receive help from professional cryptocurrency traders. ✈️ JOIN NOW!: https://t.me/BeInCryptoCommunity

TWITTER: https://twitter.com/beincrypto FACEBOOK: https://www.facebook.com/beincrypto INSTAGRAM: https://instagram.com/beincrypto/ TIKTOK: https://tiktok.com/@beincrypto

Disclaimer: Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose. ... https://www.youtube.com/watch?v=U57CMsMX5SU