Blockchain Oracles became very useful as the cryptocurrency market expanded to provide quality data to smart contracts and blockchain networks in the world. Indeed, they are a key part in the process of executing smart contracts in many cryptocurrencies and distributed LEDGER technology platforms.
What are Blockchain Oracles?
Despite their expansion, it is not so clear what a Blockchain Oracle is and how they operate. A Blockchain oracle is basically an information source that aims at providing quality data to networks that rely on smart contracts and their execution. With the data received, smart contracts analyse the information and behave according to it.
There are several types of Oracles and many companies are working with them and providing clear data to other networks. This makes smart contracts more accurate and useful, reaching a wide range of industries and helping firms improve the services they provide.
We can find software, hardware, inbound, consensus-based and outbound oracles. All of them will be useful for different smart contracts and will adapt to different circumstances. Moreover, some solutions would require data from inside blockchain networks to be replicated in other systems. Thus, this shows that information flows to and from blockchain networks.
RIF Gateways Solutions
As mentioned before, there are several companies providing information to blockchain networks. RIF Gateways is currently offering a large number of protocols that are designed to enable secure and tamper-proof interactions with the external world. This is one of the most innovative firms operating in the Oracle and blockchain markets.
The firm uses an interface layer that blockchain networks can use in order to access the oracle services provided. In this way, companies and organizations will get an implementation-agnostic protocol that would gather valuable data.
RIF Gateways provides a user-oriented and unified API that can reduce the complexity of the whole implementation process of blockchain oracles. The team behind RIF Gateways has designed it in order to build bridges among blockchains in the market. Moreover, they are also allowing data providers and consumers to get standardized data information.
During the second half of the current year, RIF Gateways is expected to released the Beta version of the Scheduler Service. Moreover, they will also be releasing libraries and APIs for blockchain networks to start using this information and data.
It is worth taking into account that RIF Gateways is developing three different services, including Data Services, Triggers Services and Scheduler Services.
The Data Services make reference for the consumption of external data from the blockchain. The Triggers Service is going to be useful for the external world to consume data from the blockchain. Finally, Scheduler Services are going to be useful tor requesting future execution of a blockchain transaction.
It is worth pointing out that RIF Gateways will continuously improve its services and work on new solutions to provide the best data to its clients. RIF Gateways
Conclusion
Oracles and blockchain networks are clearly expanding all over the world. The necessity of having clear and accurate data comes from companies and firms that need to execute several smart contracts that need to interact with off-chain information from devices, sensors, cars, etc.
RIF Gateways is one of the firms that is involved in the entire production of solutions for blockchain networks interested in gathering data from external sources. In addition to it, they are developing other services that would be certainly useful to clients that require data from blockchain networks. Finally, RIF is part of RSK’s tech-stack. RSK is a smart contract platform that enables coders to easily create, import and deploy smart contracts on top of Bitcoin.
