Oracles

🌐 Overview

Oracles play a critical role in bridging the gap between blockchain and the external world, enabling smart contracts on Hemi to access trustworthy off-chain data necessary for various use cases.

The most common applications of oracles include:

Providing up-to-date token prices for different pairs, which is essential for DeFi protocols and financial products.
Enabling dynamic NFTs that can change their properties based on real-world events, adding a layer of interactivity and uniqueness.

⎑ Push vs Pull

Oracles operate using two primary models:

Push Model: In this traditional approach, the oracle regularly pushes data to an on-chain contract, which dApps can access as needed.
Pull Model: This newer model involves oracles signing data and keeping it on an external network. When dApps need updated data, users pull the signed data and submit it on-chain with their transaction.