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FAQ 37 – What is an oracle?
Definition of oracle
An oracle intervenes in the universe of cryptocurrencies in order to provide data from the real world to the blockchain. This external information is provided to the smart contracts to obtain the data necessary for their execution.
The oracle therefore makes it possible to make the link between the real world and cryptocurrencies.
The oracle's characteristics
An oracle has several characteristics:
– Privacy
– Connectivity
– Centralized service
– Monetization