From Reality Keys to Oraclize. A Deep Dive into the History of Bitcoin Oracles

Giulio Caldarelli

Papers from arXiv.org

Abstract: Before the advent of alternative blockchains such as Ethereum, the future of decentralization was all in the hands of Bitcoin. Together with Nakamoto itself, early developers were trying to leverage Bitcoin potential to decentralize traditionally centralized applications. However, being Bitcoin a decentralized machine, available non-trustless oracles were considered unsuitable. Therefore, strategies had to be elaborated to solve the so-called oracle problem in the newborn scenario. By interviewing early developers and crawling early forums and repositories, this paper aims to retrace and reconstruct the chain of events and contributions that gave birth to oracles on Bitcoin. The evolution of early trust models and approaches to solving the oracle problem is also outlined. Analyzing technical and social barriers to building oracles on Bitcoin, the transition to Ethereum will also be discussed.

Date: 2023-02, Revised 2023-02
New Economics Papers: this item is included in nep-his and nep-pay
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