GLOSSARYBlockchain Oracle

Blockchain Oracle

Oracles are an essential part of every blockchain ecosystem, as they allow Web3 protocols to access legacy systems, existing data, and advanced computations. In addition, decentralised oracle networks (DONs) are essential because they allow for the creation of hybrid smart contracts, which offer blockchains the opportunity for on-chain and off-chain infrastructure that may aid them when supporting decentralised apps (dapps) that need to react to events in the real world and interoperate with traditional systems.

Blockchains face the issue that their smart contracts need to have the capabilities to interact with systems currently existing outside of the blockchain environment in which they reside. Oracles solve this limitation by allowing access to external data off-chain without affecting a blockchain’s security.

Key Takeaway

Oracles allow blockchains to connect to things externally, allowing smart contracts to interact and make decisions based on inputs and outputs from the real world.

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Circulating Supply

Circulating supply is the amount of a cryptocurrency currently on the market. The number can grow or shrink for various reasons.

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TradFi

Traditional finance, or TradFi, is a conventional approach to financial activities that relies on established institutions, such as banks, insurance companies, investment companies, and stock exchanges.

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Collection Value

Collection Value is the aggregated monetary value of all the NFTs in a collection.

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NFT Sales Volume Index (7D)

The NFT Sales Volume Index (7D) shows the price and number of editions of a non-fungible token (NFT) collection sold over a 7-day (7D) period.

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Crypto Asset

Crypto assets are transferable digital representations of value made possible by cryptography and blockchain technology.

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24H Volume

24H Volume shows the number of a cryptocurrency’s tokens traded over a 24-hour time frame.

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7D

7D, short for seven days, refers to price data that has been collected for a cryptocurrency over a 7-day period.

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Floor Price

Floor Price is equal to the lowest-priced NFT in a collection.

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Gas (ETH)

Gas is the cost of a transaction on the Ethereum network.

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