Smart contracts need outside data to work. They need an "Oracle" to tell them what has happened. This information allows them to perform their "contract." Oracles, on the other hand, need a way to share this real world knowledge.
Factom Acolyte allows users to build Oracles for smart contracts and convey the questions that smart contracts pose.
How does Factom Acolyte work?
- A Questioner posts a Question entry to a watched Chain.
- One or more Oracles post a bid for the answer along with a payment method.
- The Questioner determines which Oracle to use and pays them.
- The paid Oracle posts a receipt for the answer
- The Oracle posts a reputation entry into the Questioner’s Identity Management chain
- The paid Oracle posts the Answer
- The Questioner enters a reputation entry into the Identities management chain. (This functionality will be built in the future.)
Learn more about Factom Acolyte
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