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The use of an Oracle does somewhat go against the founding principle of transacting without the need for a trusted third party. As Nakamoto's whitepaper states: What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a ...


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The important distinction here is between authenticating information native to Bitcoin (via cryptography), and information external to Bitcoin (via oracles). The native asset of the Bitcoin network is the bitcoin currency. Users can run a node that independently validates the state of the network, without needing to trust any third party or intermediate. ...


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There are two ways to do that. First one is that you create a multisig transaction, and send it to an oracle/oracles, along with a request for them to sign the transaction when they discover that an event occured. After the time comes, the oracle(s) sign the transaction and release it to you. This is the way Orisi works Another way is to send to the oracle(...


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...how do you determine that the computer program that's supposed to resolve the dispute has actually been run, and if so whether the output of the program is being reported fairly by the computer that ran it? ... But it occurs to me that the issue with external state contracts is analogous to the issue I described above that's solved with the blockchain. So ...


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DLCs, or 'Discreet Log Contracts' could be interesting for you to explore given the use-case that you appear to have in mind. DLCs allow for the creation of onchain Bitcoin contracts using an external oracle to determine the contract outcome. The DLC spec has built in refund logic to prevent locked funds for if for some reason the oracle is unable to attest, ...


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2-of-3 multisignatures are indeed possible with Bitcoin's base layer scripting language. In fact, there is an opcode decidated to it - OP_CHECKMULTISIG. Note that all the Bitcoin base layer sees is three keys, and two signatures from those keys. It doesn't understand price, APIs, or any other oracle logic. The oracle would have to be independently developed ...


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Discreet Log Contracts can solve this problem. I confirmed in a meeting today. To discuss implementation details please join slack channel where dlc and p2p derivatives are being discussed. Reason: No access to block headers from script. I was assuming miniscricpt might help with some workaround but it just makes it easier to write script and doesn't add ...


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You can't. Bitcoin Scripts have no access to the block hash, and cannot determine if it is odd or even. You would need an external oracle for this.


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I'm afraid your first paragraph is not accurate. The proof-of-work that a miner presents doesn't certify "I have verified the signatures." Verifying a signature is a cheap computational task, and every client on the network can (and does) verify for itself that every signature in the block chain is valid. They don't have to rely on a miner to verify the ...


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(elaborating on the comment I gave to the question) You do this by wiring the funds to an address controlled by both you and an oracle (or a set of oracles). You do this by utilizing a bitcoin multisig address. That way there's no way for you to move the funds away without oracle's permission, and there's no way for oracle to run away with funds. As for ...


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Full disclosure: Am an Oraclize employee, but also an Augur fan plus REP holder and so am striving for impartiality. And so to the question: Not really, no. Oraclize is a really cool oracle service: They are essentially a data transport layer who provide authenticity proofs that the requested data was retrieved and/or computed in exactly the manner the ...


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I think you ask about escrow services in lightning. Generally there is a good opportunity to work with preimages. For example if we would move away from sha256 and would use ecdsa public private key encryption or a homomorphic hash function. Several parties could collaborative create a payment hash Wo sich they could only together generate the preimage. ...


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The problem with using blockchain to verify external world transactions is that the protocol requires that everyone is able to verify that any given block is valid. So, at any given time, any miner can get back to the block #2, and verify that all the transactions were valid in that block. That is obviously only possible when the transactions don't ...


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