Oracle networks, exemplified by Chainlink, were designed to tackle the challenge of sourcing real-world price data for smart contracts. Despite their name, smart contracts necessitate real-world and digital price feeds to execute transactions ranging from futures contracts to flash loans. Absent this vital information, smart contracts lose their functionality, reduced to mere lines of code lacking practical utility in business and financial settings.

These networks deliver crucial real-world data to smart contracts, enabling them to operate as financial tools and business agreements. By leveraging a decentralized network of nodes for data processing and validation, these networks ensure data accuracy from diverse origins, circumventing the pitfalls of centralized systems and single points of failure.

Update on NYSE Technical Glitch

On June 3, the prices of several major stocks, including Berkshire Hathaway, McDonald’s, and Wells Fargo, witnessed a dramatic nosedive of up to 99.9% owing to a suspected software glitch in the New York Stock Exchange's infrastructure. Trading for the affected securities was promptly halted to curb the extreme price fluctuations triggered by the glitch. Following resolution of the issue, trading resumed for Berkshire Hathaway and the other impacted securities.

Illustration of the price anomaly and a nod to the importance of oracle networks as illustrated by Coin Bureau. Source: Coin Bureau.