Decentralized Oracle Networks

Every battle is won before it’s ever fought. True winners only play if they know when they’ve won the moment they get on the field. Playing with the other team having any possibility of winning is a failure of preparation and evidence of inadequate discipline. -The Art of War

Note: If you’re not familiar with Chainlink, make sure to go through my previous article first: “Chainlink: A Fundamental Analysis”.

Before we start, here are some key terms to know:

• Blockchains are essentially very secure, distributed, and decentralized databases.
• Smart contracts are lines of code that automatically execute a function when given an input — just like a vending machine.
• Chainlink is a form of digital infrastructure that secures data transmission.

Decentralized oracle networks, such as Chainlink, eliminate any single point of failure in a smart contract by utilizing multiple data inputs. This enables end-to-end reliability and…