Before Ethereum. The Origin and Evolution of Blockchain Oracles
Before the advent of alternative blockchains such as Ethereum, the future of decentralization was all in the hands of Bitcoin. Together with Nakamoto itself, early developers were trying to leverage Bitcoin’s potential to decentralize traditionally centralized applications. However, becau...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
IEEE
2023-01-01
|
| Series: | IEEE Access |
| Subjects: | |
| Online Access: | https://ieeexplore.ieee.org/document/10131932/ |
| _version_ | 1797812912246489088 |
|---|---|
| author | Giulio Caldarelli |
| author_facet | Giulio Caldarelli |
| author_sort | Giulio Caldarelli |
| collection | DOAJ |
| description | Before the advent of alternative blockchains such as Ethereum, the future of decentralization was all in the hands of Bitcoin. Together with Nakamoto itself, early developers were trying to leverage Bitcoin’s potential to decentralize traditionally centralized applications. However, because Bitcoin was a decentralized machine, the available non-trustless oracles were considered unsuitable. Therefore, strategies had to be elaborated to solve the so-called “oracle problem” in the newborn scenario. By interviewing early developers and crawling early forums and repositories, this paper aims to retrace and reconstruct the chain of events and contributions that gave birth to oracles on Bitcoin. The evolution of early protocols, along with the difficulties encountered in their development, are also outlined. Analyzing technical and social barriers to building oracles on Bitcoin, the transition to Ethereum will also be discussed. |
| first_indexed | 2024-03-13T07:45:25Z |
| format | Article |
| id | doaj.art-f9a720b74b7f4134a6d11a7c04c745ba |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-03-13T07:45:25Z |
| publishDate | 2023-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-f9a720b74b7f4134a6d11a7c04c745ba2023-06-02T23:00:33ZengIEEEIEEE Access2169-35362023-01-0111508995091710.1109/ACCESS.2023.327910610131932Before Ethereum. The Origin and Evolution of Blockchain OraclesGiulio Caldarelli0https://orcid.org/0000-0002-8922-7871Department of Management, University of Turin, Turin, ItalyBefore the advent of alternative blockchains such as Ethereum, the future of decentralization was all in the hands of Bitcoin. Together with Nakamoto itself, early developers were trying to leverage Bitcoin’s potential to decentralize traditionally centralized applications. However, because Bitcoin was a decentralized machine, the available non-trustless oracles were considered unsuitable. Therefore, strategies had to be elaborated to solve the so-called “oracle problem” in the newborn scenario. By interviewing early developers and crawling early forums and repositories, this paper aims to retrace and reconstruct the chain of events and contributions that gave birth to oracles on Bitcoin. The evolution of early protocols, along with the difficulties encountered in their development, are also outlined. Analyzing technical and social barriers to building oracles on Bitcoin, the transition to Ethereum will also be discussed.https://ieeexplore.ieee.org/document/10131932/Bitcoinblockchaincontractsoraclesextrinsic datamulti-signature |
| spellingShingle | Giulio Caldarelli Before Ethereum. The Origin and Evolution of Blockchain Oracles IEEE Access Bitcoin blockchain contracts oracles extrinsic data multi-signature |
| title | Before Ethereum. The Origin and Evolution of Blockchain Oracles |
| title_full | Before Ethereum. The Origin and Evolution of Blockchain Oracles |
| title_fullStr | Before Ethereum. The Origin and Evolution of Blockchain Oracles |
| title_full_unstemmed | Before Ethereum. The Origin and Evolution of Blockchain Oracles |
| title_short | Before Ethereum. The Origin and Evolution of Blockchain Oracles |
| title_sort | before ethereum the origin and evolution of blockchain oracles |
| topic | Bitcoin blockchain contracts oracles extrinsic data multi-signature |
| url | https://ieeexplore.ieee.org/document/10131932/ |
| work_keys_str_mv | AT giuliocaldarelli beforeethereumtheoriginandevolutionofblockchainoracles |