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Prophecy machine of "popular science" blockchain

Time : 15/08/2021 Author : 7hzwms Click : + -
        Oracle is a mechanism and protocol to obtain data outside the blockchain, including data from other blockchains and traditional Internet. We know that various applications on the blockchain will generate a lot of data, including capital flow data, user personal information and user use DAPP information. Oracle is an application on blockchain, which obtains data from other blockchains and traditional Internet, thus establishing a data bridge between blockchains and between blockchains and the Internet. The work of Oracle enables DAPP developers of blockchain to call more kinds, larger scale, more diversified and deeper data resources.
 
        For example, DAPP developers can call wechat official account traffic data and content information through the Oracle machine, so as to show DAPP users the content they are interested in. For example, an online lending tool a can obtain the lending data of other blockchains and Internet finance, and dynamically adjust the interest rate of lending tool a according to the interest rate fluctuations of other loan products. For example, a decentralized exchange B on the chain can obtain the data of a foreign exchange online and actually adjust the exchange rate in decentralized exchange B. on the one hand, it can reflect the price of digital currency in real time, dynamically and truly. On the other hand, it can also make the transaction price of legal currency better reflect the change of exchange rate and reduce the loss of users in exchange rate fluctuations.
 
        Oracle, by building a bridge between blockchain and the outside world, puts DAPP in a big data environment. The real beneficiaries are blockchain users. As shown in the figure above, there are four kinds of smart contracts on this blockchain. Among them, user contract is the smart contract used by users to develop DAPP, and it is the demander of data. The three blue contracts are the smart contracts deployed by chainlink on the blockchain, including reputation contracts, order matching contracts and aggregation contracts. Step 1: requirement submission: when chainlink is working and the user contract has data requirements, it sends a data request to chainlink.
 
        For example, if you make a request, you need to call the transaction data of bitcoin, and you need the data of the last 24 hours. Step 4: data query and submission: the data node of chainlink will query the data after receiving the request. Then submit the query results to the aggregation contract. The aggregation contract aggregates the data and submits the final query results to the user contract. Completed the user's data query request. Under the chain, chainlink is not centralized, but a distributed structure, composed of many nodes, which are responsible for obtaining all kinds of data required by users. In the chainlink node, the core node is responsible for communicating with the blockchain, accepting the data requests on the chain and returning the query structure.
 
        The core node divides each data task into small subtasks and assigns them to nodes for data query. Chainlink's nodes can independently collect the off chain requests and return them to the user contract. Chainlink is a decentralized prophecy. Node operators can add software extensions by themselves and provide off chain data services through external adapter user contracts. Threshold signature is an off chain working mechanism of chainlink. In the working mechanism on the chain, the node responsible for querying the data returns the data to the aggregation contract, which aggregates the data, counts and aggregates the query results, and then returns them to the user contract.
 
        When the chainlink node submits data to the aggregation contract, it needs to consume handling charges many times, which leads to high user costs. In the threshold signature mechanism, a chainlink node replaces the aggregation contract, accepts the query data of other nodes under the chain, aggregates it, and then returns the aggregated data results to the chain at one time, consuming only one handling fee. Transferring multiple data transmissions on the chain to the chain can improve the efficiency of chainlink Oracle and save costs for users. Although on the chain, the threshold signature is still distributed. A certain proportion of chainlink nodes participating in the query need to sign before a valid signature can be generated and the data query can be completed.
 
        Therefore, threshold signature ensures the decentralization and authenticity of query data through the signature mechanism.
 
        
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