The Oracle Problem

Why decentralizing everything is more difficult than it sounds

More and more companies, financial institutions, start-ups and news outlets have been making big claims about blockchain technology and its future applications. Large institutions want to be “with it” and tick their innovation checkboxes by setting up internal blockchain teams, or by partnering with crypto companies like Ripple, etc. Business savvy entrepreneurs are vying for the attention of investors and ICO money by claiming to solve every problem imaginable with blockchains.

Weaknesses of Focal Point Oracles

Simple Attack: Median Manipulation

  1. How likely voters are to believe announcers
  2. The incentive structure of the system

Tech Entrepreneur, here to share thoughts on technology, politics and other philosophical musings.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store