\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
<\/p>\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n<\/p>\n
IOTA (MIOTA) has announced the launch of its First Party Oracles. The project claims its First Party Oracles are designed to bring optimally trusted data straight from the point where they are created, to smart contracts on IOTA\u2019s Tangle network in a tamper-proof manner, according to a blog post on February 8, 2021.<\/strong><\/p>\n While smart contracts on distributed ledger technology (DLT) networks, as well as decentralized applications (dApps), rely on Oracles for data needed to perform their duties accordingly, getting accurate data from these Oracles at all times, remains a real issue.<\/span><\/p>\n For those who are unaware, in the world of blockchain technology, Oracles are simply solutions designed to bridge the gap between the digital and real-world, by sending data in near real-time, from the latter to the former in a decentralized, secure, and permissionless way.\u00a0<\/span><\/p>\n In recent times, the passing of inaccurate or manipulated data from Oracles to smart contracts has cost users of these platforms <\/span>millions of dollars<\/span>. However, in a bid to eliminate this serious bottleneck, IOTA is introducing what it calls “First Party Oracles.”<\/span><\/p>\n As stated in its blog <\/span>post<\/span>, IOTA\u2019s First Party Oracles are designed to use only data generated and submitted to the IOTA Tangle by the data issuer itself. In other words, IOTA\u2019s First Party Oracles do not collect data from external sources or data submitted on a DLT network by a third party.<\/span><\/p>\n The team claims the IOTA First Party Oracles get accurate tamperproof data directly from dedicated internet of things (IoT) sensors.\u00a0<\/span><\/p>\n IOTA wrote:<\/span><\/p>\n \u201cFirst Party Oracles can be used to feed smart contracts with data directly, without having to bother about an intermediary to retrieve, process, host or maintain data. Unlike some other solutions on the market, the IOTA Foundation never interacts with data supplied by data providers.\u201d<\/strong><\/p>\n<\/blockquote>\nIOTA (MIOTA) Curbing Data Manipulation<\/strong><\/h2>\n
Enter IOTA Oracles\u00a0<\/strong><\/h2>\n
\n