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2. Intermediate Course

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  1. 1. What is Layer 0 in Blockchain technology?
  2. 2. What is layer 1 in Blockchain?
  3. 3. Second layer (layer 2) - what is it? 
  4. 4. Blockchain and its layers - What is layer three in Blockchain (L3)?
  5. 5. Ethereum 2.0 - What is it? 
  6. 6. Ethereum Proof-of-Stake (PoS) - what should you know?
  7. 7. Ethereum London Hard Fork - what is it ? 
  8. 8. What is the Ethereum Name Service (ENS) and how does it work?
  9. 9. Arbitrum: Ethereum scaling solution - everything you need to know
  10. 10. Polygon 2.0 - the value layer for the Internet
  11. 11. Ethereum ERC-4337 - what is it and how does this standard work?
  12. 12. What is an ERC20 token and how is it created?
  13. 13. The ERC-721X VS ERC-721 Standard – Key Differences!
  14. 14. What is cryptocurrency burning?
  15. 15. Examples of the use of WEB3 on the blockchain
  16. 16. What is Web5? 
  17. 17. Blockchain Oracle - what are oracles? 
  18. 18. Polkadot - Decentralized blockchain and DOT cryptocurrency
  19. 19. Polkadot Parachain - Next-generation blockchain
  20. 20. Interoperability in the world of cryptocurrencies and blockchain
  21. 21. What is Blockchain sharding?
  22. 22. Mainnet versus Testnet on the Blockchain. The complete guide!
  23. 23. MINA Protocol: the lightest blockchain in the world!
  24. 24. Sustainable Blockchain - Proof of Useful Work & Flux
  25. 25. Cosmos SDK: Building the Blockchain Ecosystem
  26. 26. What is cross-chain interoperability in Blockchain technology?
  27. 27. Blockchain trilemma - explanation of the problem. What is the impact on cryptocurrency payments?
  28. 28. Non-fungible tokens and NFT exchanges
  29. 29. How to make money with NFT?
  30. 30. What is the NFT licence fee?
  31. 31. NFT Gas Fee - what is it? How can you reduce your gas fee?
  32. 32. The main differences between static NFT and dynamic NFT
  33. 33. What is minting an NFT?
  34. 34. What are NFT Ordinals? A guide to Bitcoin NFT.
  35. 35. What is KnowOrigin NFT, and how does it work?
  36. 36. ERC-6551 - the new NFT standard. What does it bring to the non-exchangeable token sector?
  37. 37. What is NFT Lending all about? An innovative solution in the world of cryptocurrencies!
  38. 38. The Metaverse – a new virtual world
  39. 39. Metaverse – TOP 15 virtual reality projects
  40. 40. Technical analysis – is it worth using?
  41. 41. Trading order types: stop loss, trailing stop loss, LIMIT
  42. 42. Market Cap versus Fully Diluted Market Cap - the most important differences you should know!
  43. 43. Set up of Stop Loss and Take Profit orders
  44. 44. What are DeFi liquidity pools?
  45. 45. Real Yield in DeFi - what is this trend? What does it consist of?
  46. 46. Vampire Attacks in Decentralized Finance (DeFi): Explanation and Examples
  47. 47. What are wrapped tokens 
  48. 48. What are security tokens?
  49. 49. What are Social Tokens? 
  50. 50. Liquidity Provider Tokens (LPs). What are they, and why are they so important?
  51. 51. What is the Lightning Network, and how does it work?
  52. 52. What is Play-to-Earn (P2E) and how does it work?
  53. 53. Cryptocurrency steps - What is move to earn M2E?
  54. 54. Segregated Witness - what is Segwit Bitcoin all about?
  55. 55. What are Decentralized Cryptocurrency DEX Exchanges?
  56. 56. What is Curve Finance?
  57. 57. What is GameFi and how does it work?
  58. 58. What is Proof of Reserves (PoR)? How does it work?
  59. 59. DAO Investment: A revolution in the world of finance and investment
  60. 60. What is MakerDAO and DAI Stablecoin?
  61. 61. What is the SubDAO protocol, and how does it work?
  62. 62. How to Create Your Own Decentralized Autonomous Organization (DAO)?
  63. 63. Atomic Swap: What is an atomic swap, and how does it work with cryptocurrencies?
  64. 64. What Is Cryptocurrency Vesting? What Are Its Advantages?
  65. 65. What Is the Metaplex Candy Machine Protocol? How Does It Work?
  66. 66. What Is the BNB Greenfield Ecosystem?
  67. 67. What Is Slashing in Cryptocurrencies?
  68. 68. Royalties – What Are They? How Does This Type of Licensing Fee Work?
  69. 69. What is TradFi? The importance for cryptocurrencies!
  70. 70. What is the Real World Asset (RWA) trend in cryptocurrencies? Explanation and examples!
  71. 71. Pyth Network: a powerful oracle harnessing the power of Solana!
  72. 72. What are stables in the world of cryptocurrencies?
  73. 73. What Is Binance Oracle?
  74. 74. Shibarium: A new era in the Shiba Inu ecosystem?
  75. 75. What is an ETF? How will an exchange-traded fund on bitcoin work?
  76. 76. Symmetric and asymmetric encryption - key cryptography techniques!
  77. 77. Hedging in cryptocurrencies - great portfolio protection against risk!
  78. 78. How to create your own cryptocurrency? 
  79. 79. What is a Dusting Attack in cryptocurrencies? How to protect against it?
  80. 80. What is a Black Swan?
Lesson 71 of 80
In Progress

71. Pyth Network: a powerful oracle harnessing the power of Solana!

Blockchain technology is not as perfect and self-sufficient as we might think. Its one disadvantage is that it cannot, by itself, retrieve the necessary data from the real world and then transfer it to smart contracts to be executed. Such important data could be prices, volumes, or even the weather.

So, you may ask, “How do we solve this problem? Because surely someone has already come up with something”. That’s right. Oracles are used to solve this issue. Oracles allow blocks of data to be inserted into the chain that are accessible outside the blockchain. Typically, this is third-party software that connects intelligent contracts to the data of the outside world. You can think of oracles as a bridge that connects the blockchain to intelligent contracts, allowing them to flow data back and forth.

The Pyth Network is also this kind of oracle. However, it stands out because of its mechanism. Pyth may change the oracle stream in the future.

What is the Pyth Network?

The Pyth Network is an Oracle project based on Solana. Its focus is on providing high-quality market data from a trusted provider in a very fast way. The project itself is well-thought-out, as the market data is transmitted on the Solana chain.

Pyth Network also features cross-chain compatibility. The protocol uses Wormhole, which acts as a bridge between ERC-20 and SPL tokens. This makes Pyth the world’s largest publisher network, with more than 70 original data sources that publish information directly onto the chain.

Why does Pyth Network have a distinct advantage over its competitors? It is characterized by its high on-chain speed compared to other oracles. This is made possible by the Solana consensus algorithm, or PoH and PoS.

The Pyth Network was launched in May 2021, as part of the Solana spring hackathon at Devnet. Pyth started with four data providers publishing around 30+ financial data points, including cryptocurrencies, stocks, forex, and commodities. The network has grown rapidly, increasing the number of providers, and aims to make every asset price available on every chain in the world.

What sets the Pyth Network apart from other networks and oracles?

First and foremost is the reach of the network. Pyth is now so large that its transactions account for more than 30% of transactions on the Solana blockchain. In addition:

  • Prices on Pyth are updated in the Solana ecosystem every slot (roughly every 400 ms), providing more than 200,000 price updates every day with no unnecessary delays.
  • The real-world data obtained through Pyth is diverse, including US stocks, currency pairs, and metal prices.
  • Pyth offers confidence intervals. Data providers send data with a confidence/uncertainty estimate based on the information available to them. This feature protects users and the Pyth protocol itself, a security function not provided by other known oracles.
  • Pyth Network is open-source software, completely free for users.
  • Protocol costs are lower than those of competitors due to the elimination of intermediaries (Oracle nodes). Nodes in Pyth are handled by data providers, and Layer 1 gas fees are paid for by data providers as well.
  • The protocol pays great attention to data quality and security, with data providers consisting of reputable trading companies and exchanges. Any malicious or incompetent behavior from data providers could damage their reputation.

Pyth Network Protocol Architecture

Now that you know why Pyth is special and what sets it apart from other oracles, let’s take a closer look at its architecture. In the Pyth Network ecosystem, there are three main users of the network:

Publishers: These are entities that provide data to the network, including more than 70 active publishers such as exchange platforms and investment firms. They are rewarded by the Pyth protocol based on the value of the information they provide, as decided by PYTH token holders.

Delegates: Delegates hold PYTH tokens and stake them. Data providers are rewarded not only based on the amount of data they provide, but also on the number of PYTH tokens they stake. The more PYTH tokens staked on a particular data point, the more value that point holds for delegates.

Consumers: These are applications that use data provided by the Pyth Network. Clients pay a fee for the data they want to receive and read it from the network. The protocol works with companies such as Friktion, Drif Protocol, Mango Markets, Solend, and Tulip Exchange.


The Pyth Network has come a long way since its inception in 2021, culminating in its launch in August 2021. The protocol considers Solana to be its core network and, with Wormhole, plans to move towards cross-chain functionality, running its services on other chains such as Ethereum.

The PYTH token will be the backbone of the network in operation, but as of August 2023, it had not yet been released. The introduction of the PYTH token into circulation will be a significant milestone for the entire project.

Because of its mechanisms, the PYTH network is a revolutionary way to make off-chain data available to everyone on and off the chain. This is one project to keep an eye on in the future!

Complete today’s lesson!

  1. Blockchain bridges – what are they? [MASTER LEVEL]
  2. Top 10 blockchain oracles. How do they work? How are they different? [MASTER LEVEL]