What is the Role of Oracles in Web3? Marina Protocol Airdrop Answers Today 26 July 2024
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Updated Jul 26, 2024
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Marina Protocol is an educational platform designed for people who are new to blockchain and Web3 technologies. It offers easy-to-understand tutorials and advanced tools to help users learn about activities like mining, staking, and transferring cryptocurrency. The platform provides a "Learn & Earn" experience, where users can complete tasks to earn rewards while learning about Web3. Additionally, Marina Protocol helps Web3 projects present their work to users and keep them engaged.
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What is the Role of Oracles in Web3?
Today's Marina Protocol Airdrop quiz has this question. They were also given four options. We have to pick the right answer.
Question: What is the Role of Oracles in Web3?
Four Options are as follows:-
- Predicting the future
- Providing external data to smart contracts
- Managing wallets
- Encrypting data
So, do you have any idea about the answer? We are here to help you!
Question Explanation
In Web3, oracles are like messengers that help blockchain programs (also known as smart contracts) connect with real-world data. Since blockchains can't directly access outside information, oracles fetch data from the real world, such as weather updates or stock prices, and provide it to these programs.
Here’s a simple way to think about it: imagine a smart contract as a computer program that lives in a secure, isolated environment. It can't see or interact with what's happening outside. Oracles act like bridges, bringing in the information needed to make smart contracts work properly. For example, if a smart contract needs to know the price of a stock to make a trade, an oracle can provide that information.
They ask us to find the role of Oracles in Web3.
Answer Prediction
Option |
Answer Prediction |
| Predicting the future | Oracles do not predict the future |
| Providing external data to smart contracts | Oracles act as intermediaries that fetch data from outside the blockchain and deliver it to smart contracts on the blockchain |
| Managing wallets | Oracles do not manage wallets |
| Encrypting data | Encrypting data involves securing information through cryptographic methods.
While oracles might use encryption to ensure the secure transmission of data, their primary role is to fetch and provide data |
Marina Protocol Airdrop Answers Today 26 July 2024
The answer for today's Marina Protocol Airdrop is Providing external data to smart contracts
Answer Explanation
Oracles are essential for connecting blockchain applications with real-world data which is why "Providing external data to smart contracts" is the correct answer. Oracles are crucial in the Web3 ecosystem because they act as intermediaries that bring real-world information to smart contracts.
Smart contracts on a blockchain operate within a closed environment and cannot access real-time data from the outside world on their own. Oracles bridge this gap by retrieving external information—such as weather updates, stock prices, or flight details—and delivering it to smart contracts. This enables smart contracts to make informed decisions and execute actions based on up-to-date, real-world data.
