Bird Docs
Search…
Bird Docs
Bird.Money
The Bird Ecosystem
Getting Started
Cross-Chain
Deep Dive: Lending
Deep Dive: Oracle
What Problems Oracles Have?
On-Chain Oracle Protocols
Off-Chain Oracle Analytics
Deep Dive: Rating
Contracts and Code
Audits
Asset Contracts
Borrowed Asset Contracts
Other Contracts
BIRD Github
Tokenomics
Bird.Money Tokens
Reduce Gas Fees with CHI
Project Info
Roadmap
Team Profile
Community & Social Media
Document Papers
Powered By GitBook
Deep Dive: Oracle
Our oracle helps others communicate with our nest and with other nests, on and off the blockchain.

What is an Oracle?

An Oracle is a conceptual solution that takes off-chain information from the real-world and submits an immutable copy of this information into blocks, making it open for future use of smart contracts.
Oracles provide a solution to the transparency issue many cryptocurrency projects face. By taking off chain information and supplying the data in an immutable way, smart contracts can pull data from the oracle from blocks that contain the information. The information transmitted from the oracle can include things that can’t be tracked or monitored by the blockchain. This includes user payment information, changing/updating government policies, real world events (such as economical crises, pandemics, etc.), and even user account history.
By providing a completely transparent layer of transparency, trust is gained from lenders and borrowers in a way unseen in the cryptocurrency industry. For example, Instead of blindly lending someone Ethereum without any sort of history or proof of previous fulfillment of lending requirements, a lender can look into the users past ability to repay what is owed on what was borrowed. This allows the lender to have a sense of confidence or lack-there-of in the user depending on their information. Other factors can also influence this confidence. But it would not be possible without the added oracle layer.
​
Previous
What is APY?
Next
What Problems Oracles Have?
Last modified 1yr ago
Copy link