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Oracles Functionality on the Horizon Ecosystem

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Oracles Functionality on the Horizon Ecosystem

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  1. Oracles’ Functionality on the Horizon Ecosystem HorizonProtocol.com

  2. Without blockchain Oracles, smart contracts would have extremely restricted applications as they would not have access to information from outside their networks. Horizon Protocol, therefore, functions within a blockchain Oracle framework as well. HorizonProtocol.com

  3. Why do we need Oracles? Since smart contracts and blockchains are sealed systems (with stringent processes for uniting external information sources), Oracles offer a method of safely implementing off-chain information to a blockchain network’s on-chain ecosystem. HorizonProtocol.com

  4. Chainlink Protocol • Chainlink is a decentralized Oracle network that offers real-world information to smart contracts on the blockchain. LINK tokens are the digital asset token employed to render payment for services on this network. • This process, in hand with additional protected hardware, reduces the dependency issues if utilizing a single centralized authority. (Source: Chainlink price feeds) HorizonProtocol.com

  5. Band Protocol Band Protocol is another mainstream Oracle that Horizon Protocol is using for its platform. In a world where information is valuable, blockchain Oracles such as Band play a critical role by offering verifiable information to smart contracts and decentralized apps. • Other decentralized applications (dApps) and smart contracts need a range of real-world information inputs. Band Protocol presents one method to take that outside data securely and safely to the on-chain ecosystem. • HorizonProtocol.com

  6. (Source: Band Protocol price feeds) Phoenix Oracle Horizon Protocol receives data from established Oracles such as Chainlink Protocol and Band Protocol as well as proprietary nformation from Phoenix Oracle. Phoenix Oracle will become an increasingly significant functional part of Horizon Protocol where the inclusion of node operators will contribute significant value. Oracles are required for a range of organization applications that need off-chain real-time data feeds along with Horizon Protocol itself. HorizonProtocol.com

  7. Key Takeaways Since Horizon Protocol is a DeFi platform that expedites the on-chain exchanging of synthetic assets that reflect the real economy, it becomes vital to have solid price feeds from Oracles backing them up. The different Oracle providers Horizon Protocol use enforces the security and safety of the price feeds. The variety of Oracles also represent the range of synthetic assets that Horizon Protocol gives users. • • • HorizonProtocol.com

  8. A DEFI PLATFORM FACILITATING THE CREATION OF ON-CHAIN SYNTHETIC ASSETS REPRESENTING THE REAL ECONOMY HorizonProtocol.com github.com/Horizon-Protocol twitter.com/HorizonProtocol t.me/HorizonProtocol HorizonProtocol.medium.com reddit.com/r/HorizonProtocol

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