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Oracles have been a recent topic everywhere in the whole crypto space due to their particular use cases and the various services they provide for Blockchain-based platforms. But how did such widespread movement occur in between this space?As you might have read before, Blockchain Oracles were invented to facilitate the use of smart contracts and for that, they were supposed to connect the blockchain with the real world, injecting data into different blockchain platforms.But here, for best, we need to first understand what the word “Oracle” means and why we started using it for such services.<h2 id="header-0">The denomination</h2>Based on what has been mentioned in <a href="https://en.wikipedia.org/wiki/Oracle#:~:text&#61;An%20oracle%20is%20a%20person,is%20a%20form%20of%20divination." rel="noopener noreferrer nofollow">Wikipedia</a>, he word “Oracle” comes from the Latin verb ōrāre, which means &#34;to speak&#34; and properly refers to a priest or priestess who’s uttering a prediction. In extended use, the word “Oracle” may also refer to the site of the oracle, and to the oracular utterances themselves, called khrēsmē&#39;tresme&#39; (χρησμοί) in Greek. An Oracle is a person or agency considered to provide wise and insightful counsel or prophetic predictions, most notably including precognition of the future, inspired by deities.As further mentioned, Oracles were thought to be portals through which the gods spoke directly to people.Having this in mind, now it makes more sense to call the provider of data injection services for blockchains an Oracle, as they can act as a portal between the two worlds of blockchain and the real world.As previously mentioned, blockchain systems and decentralized applications (DApps) are limited to the boundaries set by the blockchains’ consensus algorithms which keeps them from accessing data from outside of their networks. Despite this fact, most smart contracts actually need real-time data that is relevant to the contractual agreement from outside the virtual universe they are programmed on. Here is where the blockchain-based Oracles come to save the day!An Oracle injects external data into a smart contract for the purpose of triggering some predefined actions. This data could be information such as weather temperature, successful payment, or price fluctuations.Before we keep up with Oracles, let’s just check out a brief summary about Smart Contracts.<h2 id="header-1">What are Smart Contracts?</h2>A smart contract is a blockchain-based program that executes and performs a defined range of operations when predetermined conditions are met. Smart Contracts are generally used to automate the execution of agreements in order to make all participants more certain of the outcome. And this is without involving any intermediaries or wasting any time. As a means to trigger the next action when conditions are met, smart contracts can also automate a workflow that reduces the time consumed and increases the efficiency of the procedure.On a blockchain, smart contracts function by implementing simple &#34;if/when...then...&#34; statements. Once predetermined conditions are met and verified, a network of computers executes the corresponding actions.As part of the process of completing each task, participants must determine how transactions and their data are represented on the blockchain, agree upon the &#34;if/when...then...&#34; rules governing those transactions, explore all possible exceptions, and outline a framework for resolving disputes.<h2 id="header-2">Security of smart contracts</h2>The strong security posture of smart contracts is one of the major reasons why organizations use them. A Smart Contract can act as a lawyer (with an agreement) between two parties involved in a transaction.Nevertheless, there have been many instances where smart contract-based platforms have been compromised due to poorly implemented smart contracts during SDLC, poor security measures, and vulnerability exploits.The security of smart contracts begins before writing the first line of code (during the planning, design, and development processes) and ends with protecting against cyberattacks and vulnerabilities such as reentrancy, front running, BNB send a rejection, integer overflow/underflow, DoS, Insufficient Gas Briefing, RCE, and many others mentioned in The Smart Contracts Weakness Classification Registry.The following points can help you protect smart contracts from cyber-attacks and vulnerabilities:· Using best practices followed by leading organizations, write a more secure smart contract code.· Conduct periodic security audits and penetration tests.· Make sure you follow a checklist for blockchain security.· Automate the security scanning of smart contracts.· Utilize trusted tools in blockchain design, development, auditing, and exploitation.Now that we know all about blockchain and smart contracts, we go back to oracles.<h2 id="header-3">Why do we need Bridge Oracle?</h2>In the DeFi Ethereum ecosystem, price oracles are a critical piece of infrastructure. For instance, a common application of Oracles is in lending protocols which can make use of overcollateralized loans.Anyhow, there are some potential oracle failures that might put billions of dollars deposited in DeFi smart contracts at risk. These risks are even raised while the ever-increasing number of DeFi projects almost always depend on a small set of price feeds provided by Oracles. Such fiascos in any one of these Oracles could result in a noxious domino effect across the entire DeFi. So, safely integrating with reliable and secure price oracles can be considered a fundamental criterion for the success of DeFi.The Bridge Oracle project here has been under development since 2019, planning to come out as one of the most public oracles ever made, which also provides the best solutions to secure smart contracts from all kinds of misbehaviors and malicious acts. Hence, the large and various range of Bridge’s smart contracts is provided with a strong security algorithm due to which no malicious actors would be able to get in between the process of transfers of data.Bridge Oracle also has provided a various range of services besides simply injecting data into smart contracts, using which DeFi platforms and decentralized applications are able to raise a better foundation and gather all decentralized communities altogether and widespread the whole technology all around the world.

What are Oracles and how did they become widespread in the recent markets?

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