Realtime decentralized Oracle Network
DotOracle is a real-time decentralized Oracle and Cross-chain liquidity network for EVM, non-EVM (Casper, Near, Aptos), and L2 blockchains.
Blockchains and smart contracts cannot access data from outside of their network. In order to know what to do, a smart contract often needs access to information from the outside world that is relevant to the contractual agreement, in the form of electronic data, also referred to as oracles. These oracles are services that send and verify real world occurrences and submit this information to smart contracts, triggering state changes on the blockchain.
Oracles feed the smart contract with external information that can trigger predefined actions of the smart contract. This external data stems either from software (big-data applications) or hardware (Internet-of-Things). Such a condition could be any data, like weather temperature, successful payment, or price fluctuations. However, it is important to note that a smart contract does not wait for the data from an outside source to flow into the system. The contract has to be invoked, which means that one has to spend network resources for calling data from the outside world.
Oracle network provides trusted, tamper-proof external information to smart contracts, allowing those smart contracts to access external (off-chain) data to execute blockchain applications. The most popular oracle is currently cryptocurrency price feed, that provides price data of cryptocurrencies to DeFi applications.
Even though a few decentralized oracles have been implemented and running, there are still a few problems: