The popular oracle network Chainlink On February 24th, Chainlink unveiled its long-awaited Off-Chain Reporting (OCR) upgrade, an enhancement that has been eagerly anticipated for months.
Chainlink claims that OCR The new OCR system is set to dramatically boost network data processing efficiency while slashing costs by approximately 90%, allowing users to save on gas fees and encouraging wider use.
High Ethereum gas fees have posed a challenge for Decentralized Finance (DeFi) platforms since 2020, making it difficult to transition to a different network. DeFi Chainlink's mainnet upgrade is expected to help ease these financial pressures and improve the situation of the DeFi sector, as many applications have been burdened by prohibitively high costs that diminish the platform's utility.
With the recent announcement, Chainlink users can anticipate a tenfold increase in the volume of data smart contracts can handle, opening doors for new types of applications as more datasets become available.
This update will not only decentralize the oracle network further but also enhance the frequency of on-chain updates, streamline the onboarding of new nodes, and reduce on-chain congestion and oracle latency.
Revamped Capabilities for Enhanced Output
The Future of Chainlink
The shift towards an off-chain computation approach allows Chainlink to operate more effectively even under less-than-ideal conditions, creating a broader and more efficient ecosystem.
Sergey Nazarov, the visionary behind Chainlink, shared in
that their team is focusing on developing verifiable randomness, keeper functionalities, and fair sequencing, all of which hold significant promise for DeFi and the betting sectors. an interview with media For over a year, Chainlink has been refining verifiable randomness, yielding iterations already in use.
The Chainlink VRF feature provides smart contracts with enhanced security by generating unpredictable yet verifiable cryptographic proofs, which help in weeding out harmful nodes from the network.
Keeper functions and pair sequencing aim to enhance network stability by improving node coordination and standardizing computational processes.
Chainlink Virtual Hackathon: Driving Progress Within the Smart Contract Ecosystem
Oracle networks revolve around data management and fulfillment, so improving the capacity for data handling in smart contracts and ensuring data availability is crucial for maintaining network functionality, thereby benefiting all stakeholders involved.
The LINK token from Chainlink recently hit a record high of $36.95 on February 20th, marking more than double the value it captured headlines with in August 2020, establishing itself as a prominent name in the cryptocurrency arena.
Recently, Chainlink has also announced a collaboration with AAVE, Consensys, Polkadot, Synthetix, and other organizations to host a virtual hackathon from March 15th to April 11th.
Before this pivotal update, many of Chainlink's computations were performed on-chain, which led to less flexibility, reduced effectiveness, and increased resource demands.
This hackathon will provide a platform for developers globally to connect, exchange ideas with industry experts, and explore new projects. The event boasts an $80k prize pool for bounties across categories like DeFi and gaming.
The Notable figures such as Chainlink Co-founder Sergey Nazarov, Avalanche Founder Emin Gün Sirer, and Aave Co-founder Stani Kulechov are among the prominent attendees. Hackathons have historically fueled tech industry innovation by bringing together talents from various fields to craft new applications for emerging technologies, often resulting in direct backing from hosting corporations for outstanding projects.
Nicholas Say hails from Ann Arbor, Michigan. A seasoned traveler, he has resided in Uruguay for a considerable time and now calls the Far East his home. His writings are widespread across the web, with a focus on realistic growth and future-oriented human technology.
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