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Oracles played a crucial role in ancient Greece and Rome. They were the supernatural link between the gods and humans. If you’ve heard of blockchain oracles, the concept isn’t far from the above description — minus the deity drama!
Smart contracts, with their immutable storage and ability to verify transactions, are at the core of blockchain technology. However, their scalability has been limited by access to real-time data and accurate price feeds from off-chain sources.
That’s where oracles such as Chainlink and Band Protocol come in — to connect real-world data to blockchains. While Chainlink may have gotten a head start in this niche, Band Protocol has risen as its worthy competitor.
Let’s explore the Band Protocol ecosystem and its role in the decentralized economy.