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BTC150: Solving the Oracle Problem w/ Daniel Hinton & Steve Jeffress (Bitcoin Podcast)
Oct 4, 2023
52:06
Snipd AI
Guests Daniel Hinton and Steve Jeffress discuss the concept of oracles and the oracle problem. They explore the potential implications of decentralized finance and the vulnerability of centralized data oracles. The speakers also delve into examining price discrepancies, creating a Python script to solve the oracle problem in Bitcoin, and the future of blockchain. They emphasize the importance of community involvement in the Bitcoin space.
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Quick takeaways
- Using blockchain data, the UTXO Oracle model can determine the price of Bitcoin in USD terms without relying on centralized data sources, paving the way for trustless decentralized finance.
- Active participation and engagement in the Bitcoin community through discussions and meetups foster a deeper understanding of the technology and its potential impact.
Deep dives
The podcast episode discusses the concept of financial oracles and how the price of Bitcoin in USD terms can be passively observed in the data of the Bitcoin blockchain. Daniel Hinton and Steve Jeffress have developed code that allows anyone to determine the price in dollar terms within a certain percent by analyzing block data without needing exchange data.
During the podcast episode, Daniel and Steve share their breakthrough discovery of using the Bitcoin blockchain data to determine the price of Bitcoin in USD terms without relying on centralized data sources. They explain how financial oracles are essential for inputting real-world information into the Bitcoin network in a trustless manner. The potential implications of this discovery for decentralized finance and the removal of centralized vulnerabilities are also explored.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode