what are oracles in web3 

What are Oracles and usage in web3 world.
Oracles are third-party services that connect blockchains to external systems, such as data sources, legacy systems, or other blockchains. Oracles enable smart contracts to access and use information from the real world, such as prices, weather, events, etc.
Oracles collect information from various sources, such as websites, APIs, sensors, or other oracles. Depending on the type and architecture of the oracle, the information can be requested by the smart contract (request-response) or pushed by the oracle (publish-subscribe).
Oracles ensure the information is reliable by using various methods, such as:
🎯 Source verification: Oracles can verify the authenticity and quality of the sources they use to collect information. For example, they can check the reputation, credentials, or certification of the sources.
🎯 Data aggregation: Oracles can aggregate information from multiple sources to reduce the risk of manipulation or error. For example, they can use weighted averages, median values, or outlier detection to filter and combine data.
🎯Consensus mechanisms: Oracles can use consensus mechanisms to reach agreement on the information they deliver to the smart contract. For example, they can use proof-of-work, proof-of-stake, proof-of-reputation, or proof-of-authority to validate and incentivize honest behavior.
🎯 Decentralization: Oracles can decentralize their network to increase security and trustlessness. For example, they can use multiple nodes to collect and verify information from different sources and locations.
In my next post will share how oracles are used in web3 ecosystem.
Meanwhile share your thoughts on oracles.