Trusted Agent Blockchain Oracle Learning Guide

Trusted Agent Blockchain Oracle Learning Guide

Glossary

Term DefinitionsBlockchainA distributed ledger that is chronologically ordered and uses cryptography to ensure security. Smart ContractA piece of code stored on the blockchain that is automatically executed when pre-set conditions are met. Decentralized Application (DApp)An application built on the blockchain that does not rely on a centralized server. OracleA third-party service that connects the blockchain to the outside world and provides external data to smart contracts. Trusted OracleAn oracle with a good reputation and a reliable history, and users have a certain basis of trust in the accuracy of its data. Off-chain refers to operations and data that occur outside the blockchain network. On-chain refers to operations and data that occur within the blockchain network. Signatures use private keys to encrypt data to prove the source and integrity of the data. Transaction FeesFees paid to miners by users when they conduct transactions on the blockchain. Consensus RulesRules that all nodes in the blockchain network must follow to ensure network security and data consistency. Short Answer Questions

What is a blockchain oracle? Why do we need an oracle?

A blockchain oracle is a third-party service that connects the blockchain to the outside world and provides external data to smart contracts. Since the blockchain itself cannot directly access off-chain data, oracles are needed to pass real-world information to smart contracts to extend their functionality.

How does the trusted oracle in this patent work?

Trusted oracles observe off-chain events and generate oracle records containing event information and metadata. The oracle then signs the record with a private key and publishes it to the user. The user can choose to submit the signed record to a smart contract on the blockchain, triggering the contract execution.

What are the advantages of using signed oracle records compared to writing data directly to the blockchain?

Writing data directly to the blockchain incurs high transaction fees, especially when data needs to be updated frequently. With signed oracle records, oracles can publish large amounts of data at low cost, and users only pay transaction fees when they need to use the data, thereby improving efficiency and reducing costs.

How do users verify the authenticity of oracle records?

The oracle signs the record with a private key, and the user can verify the validity of the signature using the oracle's public key to confirm the authenticity and integrity of the record. Since the oracle's public key is public, anyone can verify it.

What types of off-chain events are mentioned in this patent?

The patent mentions a variety of off-chain events, such as: sports results, cryptocurrency trading prices, weather conditions, traffic conditions, account balances, etc.

What is an oracle record aggregator? What does it do?

An oracle record aggregator can collect oracle records from multiple sources and filter and process the data to generate a more accurate and reliable final result. For example, it can use data from multiple exchanges to calculate the average price of a cryptocurrency.

What are the working modes of oracle record distributors?

An oracle record distributor can adopt a push mode or a request-response mode. In push mode, the distributor publishes oracle records to all users at regular intervals. In request-response mode, the distributor only provides the corresponding records when the user makes a request.

What is the off-chain oracle record chronicle mentioned in this patent?

The off-chain oracle record chronicle is an off-chain database maintained by the oracle to store all signed oracle records. Users can access the database to query the history and verify the accuracy of the data published by the oracle on the chain.

How do users choose whether to trust an oracle?

Users can evaluate the reliability of oracles through a variety of factors, such as: the reputation of the oracle, historical records, data sources, verification mechanisms, security, etc.

What are the application scenarios of the technology mentioned in this patent?

This technology can be applied to various decentralized applications that require off-chain data, such as: prediction markets, decentralized finance, supply chain management, identity verification, etc.

Essay questions

Discuss in detail how trusted oracles solve the problem of interaction between blockchain and real-world data, and analyze their advantages and disadvantages.

Compare the differences between on-chain oracles and off-chain oracles, and explore their respective application scenarios.

Analyze how the use of signed oracle records can improve the efficiency and scalability of decentralized applications, and give examples.

Discuss how to evaluate the security of oracles, and propose some measures to enhance the security of oracles.

Look forward to the future development trend of trusted oracle technology and explore its impact on blockchain applications.