What is an Oracle Network? ( in 60 seconds)

Oracle networks provide real world data to a blockchain through middleware. In the movie “The Matrix”, the oracle was the bridge between the humans and the simulated machine world. Similarly, oracle networks like Chainlink, Band, and Tellor, all work as the connection between smart contracts (blockchains) and real world data.

People will be able to execute smart contracts with real world external data by using the oracle as a bridge of the information. Most oracle networks work with multiple data providers and require tokens to be staked to prevent fraudulent data into the blockchain.

Chainlink oracle use cases