1. Introduction
The Oracle Problem
Blockchains can't interact with real world data and events
Oracles
Any device that interacts with off chain world to provide external data or computation to smart contracts
We need decentralized oracle network
Smart Contracts
An agreement, contract or set of instructions that is deployed on a decentralized blockchain.
A smart contract is
Cannot be altered (immutable)
Automatically executes
Everyone sees terms of agreement
Hybrid Smart Contracts
Combining off chain decentralized logic with off chain decentralized data and decentralized computation gives rise to hybrid smart contracts
Chainlink
It is a decentralized oracle network
Versions of Web
Web1
The permissionless open sourced web with static content
Web2
The permissioned web, with dynamic content. Where companies run your agreements on their servers
Web3
The permissionless web with dynamic content. Where decentralized censorship resistant networks run your agreement and code.
Basic Terminologies
DeFi
Stands for Decentralized Finance
DAOs
Stands for Decentralized Autonomous Organizations
NFTs
Stands for Non Fungible Tokens
Consensus
Mechanism used to agree on state of blockchain
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