In this newsletter, we'll discuss Oracles, the bridges that connect our world to Blockchain.
Dear readers,
We hope you are doing very well and are in good spirits. We began exploring how decentralized networks can be used to address the trust issue we discussed, first with our article on " Crypto and the Concept of Trust, " and then with our article on " Principles of Assurance ." We would be very happy if you listened to our podcast, which also focuses on the concept of trust.
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decentralized consensus and cryptography . We mentioned that integrating the opportunities we've gained from the crypto world into our lives and taking them to different levels would be beneficial. So how is this possible?
the Oracle -based networks it brings with it . To quickly recall what an Oracle is, we can summarize it as bridges that enable blockchain and smart contracts to interact with data outside the network . In a sense, oracles, which connect our world to blockchain, have greatly expanded the use of smart contracts. Applications on the blockchain, due to the structures established for security, are not connected to the traditional structures we are used to.
To give you an example using NFTs, for a work of art to exist as an NFT, it needs to be " minted ." This means that the details of the artwork are processed and incorporated into the blockchain . Although the artwork is a digital work, its details exist on the blockchain, and the authentication of the artwork, which exists both on the blockchain and on the decentralized web, is only possible through the blockchain. This means that NFTs actually exist in both the blockchain and our traditional world. Since the blockchain is different from our traditional structures, we cannot solve the problem solely with the blockchain. You can check out our related newsletter to learn more about NFTs .
act as a bridge between blockchain and off-network data ; smart contracts, which enable blockchain applications to function, both continue their existing tasks and allow off-network programs to perform certain tasks. Hybrid smart contracts, created in this way, allow code on the blockchain and off-network code to work together, enabling the created application to function.
For example, we are managing an application that will make decisions based on the results of a match. Our smart contract on the blockchain, with the help of oracles, will transfer match results that are not on the blockchain to the application on the blockchain , thus enabling the application to function. In short, it will enable two different structures to work together.
Now let's take a look at some of this week's developments. First, with the gradual end of the lockdown in China, it's predicted that cryptocurrency policies may change. There are many different opinions on this matter , but such a step could change a lot, considering the declines we've experienced.
raid on the offices of the cryptocurrency lending platform Nexo . The reason for this raid was allegations of large-scale financial fraud.
The raids didn't end with Nexo alone. In Serbia, 14 people were arrested for allegedly defrauding numerous individuals, and one person was arrested in Germany. In this scam targeting potential investors, the criminals would call people, persuade them to make small investments, and then use these small investments to encourage them to make larger investments, thus carrying out the fraudulent scheme.
Another development concerns a name we've become all too familiar with. Sam Bankman-Fried, the former CEO of FTX, is now under house arrest. After a few days of confinement with rats, he has returned to his family home, where he will serve his sentence in a remarkably comfortable manner .
previously given an interesting answer when asked whether he had been honest .
"I was as honest as my knowledge allowed me to be."
After that, she created a newsletter through Substack, which we also use today. Bankman-Fried, stating that she had much more to say, naturally included her comments on the FTX scandal in her first article .
we learned they'll be collaborating with Amazon Web Services to advance blockchain technology, and we were very pleased to hear that. According to Muhabbit, this partnership will make it easier for individuals to start and manage nodes on Avalanche.
That was this week's events; we hope you have a peaceful and wonderful day and that it inspires you on your other days.
If you'd like to connect us with people who might be interested and enjoy reading our content, you can use our link: merkezsizbulten.substack.com .
Once again, see you next week on a much happier Sunday morning.
Decentralized Bulletin
Originally published on Medium on January 17, 2023. English translation of “Blockchain ile Aramızdaki Köprü”.