Verity is the decentralized oracle for smart contracts.

It makes it easy to verify real-world information and connect it to any smart contract. Using the wisdom of the crowd and blockchain-as-a-court-system, Verity is the solution to the oracle problem.

How Does Verity Oracle Work?

Verity uses real people to assess any information or data set, reach consensus over the validity of that data, then execute any smart contract connected to it.

Simply select the number of data provider numbers you require and your consensus parameters, then run your task. Following completion, verified information is sent directly to your smart contract, enabling it to resolve automatically.

Why Do Smart Contracts Need Oracles?

Smart contracts are one of the most promising functions of blockchain with possible uses in numerous real-world areas including: voting, banking, insurance, decentralized organizations, real estate, wills and more.

But in order to function correctly, they require a source of verified information. Where do they get this from and how do they trust it? This is what’s known as ‘The Oracle Problem’.

For example, if your smart contract says: ‘After Event ­&­#­x­1­F­9­5­­A occurs, trigger Smart Contract B.’ We need a way of knowing that Event A really has occurred in order to trigger Smart Contract B. But how? This is where an ‘oracle’ comes in.

The function of an oracle is to connect information from the real world to a smart contract, which then allows the contract to be triggered (or not). In other words, oracles allow blockchains to learn the outcome of an event in the real world.

Verity provides a decentralized oracle which uses real people and the wisdom-of-the-crowd principal, together with blockchain technology, to collect and verify real-world data, then connect it directly to any smart contract.

This ensures that only trusted, verified information connects to your smart contract, so you can run your contracts with confidence.

Why Use Verity Oracle?

Easy

Set up and run tasks in minutes.

Fast

Collects, verifies and sends data to your smart contract in minutes.

Cost-Effective

Set your own price on Verity task market.

Secure

Uses blockchain to ensure transactions are fair and safe.

Trusted & Accurate

Uses multiple data sources, token staking and reputation functionality to ensure data is verified.

In any case where you require real-world information in order to execute a smart contract, use Verity Oracle to collect and verify the data.
The benefit of using Verity over a single data source is that is diversifies the sources of information by using a larger number of data providers, thereby removing the single point of failure.