Chain linkwidely used, decentralized oracle network, released Whitepaper ‘2.0’ yesterday in a move that made LINK up 10%. The white paper has described “hybrid smart contracts” and other mechanisms to make Chainlink’s magic even more useful and flexible.
Oracles is a third-party tool that fetches data from the outside into the blockchain to the inside, because by design, blockchains are immutable data stores but cannot automatically verify the authenticity of the data. whether that.
Oracle networks like Chainlink help solve that problem by fetching highly verifiable data from a variety of sources to ensure the smooth functioning of the network and blockchain application.
And whitepaper 2.0 takes these mechanisms further by improving oracle technology in seven key areas: Smart contracts, scaling, simplifying complexity, greater security, and data security. data, order fairness, trust minimization and overall crypto economy security.
Good God is # Chain link 2.0 whitepaper is flooded with alpha
Smart contract combined
Super linear bet
Reasonable sequence service
Origin of authentication data
Proof of knowledge is zero
Transaction execution framework
Default incentive framework
– ChainLinkGod.eth 2.0 (@ChainLinkGod) April 15, 2021
Talking about today’s 2.0 upgrade is none other than Sergey Nazarov, co-founder of technology company Smart Contract and Chainlink Labs, and creator of Chainlink. Nazarov sat down with Andy Pickering of Brave New Coin as part of the ongoing BlockDown 4.0 virtual conference.
Nazarov has revealed why Chainlink came up with the 2.0 upgrade after a little bit of background information. “What really brought me into the blockchain industry was the notion of a smart contract and it was smart enough to differentiate and prove what happened. And I quickly realized that you need an Oracle for that, yes, you need something called an Oracle mechanism.
“And at first, we have a centralized prophetic mechanism. And then, after many years, we studied how to decentralize it, and we finally achieved what Chainlink is with an Oracle mechanism that can provide certain decentralized guarantees, ”he said. added.
I am immensely grateful to all the wonderful co-authors of the Chainlink 2.0 white paper, thanks for the thought and insight you have devoted to helping define the future of how a decentralized oracle network will be. Redefining our industry through hybrid smart contracts: https: // t.co/IJ2dlXEdSu pic.twitter.com/X6XhBThBcb
– Sergey Nazarov (@SergeyNazarov) April 16, 2021
He further explained, “And decentralized guarantees and anti-tamper guarantees are very important. Because just like a systematized contract, which is counterfeit, guarantees of what happened, essentially controls that codified deal in the form of an on-chain smart contract. That proof, and that trigger and that set of events or computations, also need to meet this very high standard. “
What is a ‘hybrid’ smart contract?
A relatively newer term used in the white paper is the concept of ‘hybrid’ smart contracts. The second type, for those that have not yet been initialized, a set of code and rules governing the blockchain application or tool, ensures that all pre-conditions are met before any transaction or smart contract integration. is done.
What makes them hybrid? Here is the Nazarov explanation: “I think the way of thinking about a hybrid smart contract is really the original notion, where there is always the assumption that a smart contract will know that if something happens, it is. there will be evidence and it will be able to interact with all the systems in the world in a kind of meaningful real-world results. “
“So a smart contract just came out meaning that the code runs on the blockchain, by the very nature of the blockchain, it really means a piece of code that can define conditions,” he added.
Nazarov further explained, “But it is not possible to know if those conditions are met unless those conditions are about token generation events, token migration events, or private key signature, or Voting type is based on the token of the plan type. “
“And what I think is a hybrid smart contract – the reason we use that term in our whitepaper – is that we’re trying to define the notion of a more comprehensive smart contract, considering about what it allows people to do when to build. And it’s considered a hybrid smart contract, ”he finished.
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