Karthik MS

Image Source: Freepik Oracles, prophets, seers, and sibyls are entities that relay information between the mythical realm to the real world. Similarly, blockchain oracles play a vital role in relaying real-time data from the real world to the blockchain realm.  In this article, we’ll introduce you to the fundamentals of blockchain oracles, why they matter, and other crucial information. Let’s begin. Blockchain oracles explained A blockchain oracle is a piece of software that is used to connect a blockchain with the outside world. In other words, it allows data to be transferred between the blockchain and external systems, which is important to allow the blockchain to interact with real-world data and events.  Third-party service providers usually provide blockchain oracles, but a handful of open-source options are also available. Oracles can be used for various purposes, such as price discovery, event verification, smart contract execution, etc. The foremost aspect to know abo...

In a nutshell, mining difficulty is a random number that determines how hard the cryptographers or computers must work to create a new block. Now let’s break this down. As the number of aspiring miners, cryptographers, and computers increases, the difficulty of mining new blocks decreases, ergo it is necessary to increase this difficulty so that these entities take longer to mine each block. Adjusted every 2016th block, the difficulty is increased or decreased to ensure fairness in mining between man & machine, and to mitigate fraudulent mining of blocks. Mining 2016 blocks must take around 2 weeks on an average and if more blocks are created in this time period, the system automatically increases the difficulty, and if fewer blocks are created in the 2 weeks, the difficulty is decreased. The latter doesn’t occur as often, as more people and powerful computers are introduced to mine new blocks eventually. Another nuance that determines mining difficulty is the time taken to mine a ...

A short and definitive answer is ‘yes’ but as the basic knowledge about cryptocurrency still evades people, and the colluded origin of Bitcoin is tainting the importance of Blockchain technology, it is an understatement to a say that the Indian government should holistically embrace Cryptocurrency and Blockchain technology.  A potentially revolutionary prospect, experts aver that blockchain to generation Z is what the internet was to generation X in the mid-1990s. They are not shy to go on record to state that it could rebuild & redefine the global economy as well as annihilate corruption. To understand the importance of this technology, we ought to delve deep into understanding the groundbreaking backbone that fuels this profound idea. Through the course of this article, I shall do my best to explain what has happened, what’s happening and what must happen, to make our country at par with the super developed nations. Underlying Technology & Safety:  Sa...