Chainlink publishes new white paper focusing on intelligent contract management

Chainlink (LINK) published its new whitepaper on Thursday, which describes a planned expansion and relocation towards the creation of Oracle networks for computers. The proposal would lead Chainlink to generalize its oracle network to a “metalayer”. from decentralized oracle networks or DONs.

The new architecture supports a wider range of use cases and extends its services to compute data outside the chain. In Chainlink’s vision, these computer oracles would create a class of “hybrid smart contracts” where some of the logic could be downloaded to the oracles.

The new oracle networks would continue to focus on functions that blockchains or even layer 2 networks cannot perform, as Chainlink co-founder Sergey Nazarov explained to Cointelegraph. An existing example of this framework is Chainlink’s verifiable randomness function, which is a critical component of any on-chain lottery that needs a reliable source of randomness. In Chainlink’s view, this dependency makes these applications an existing example of hybrid smart contracts. “DeFi contracts, 95% of them, everything but DEX, are already hybrid smart contracts,” added Nazarov, referring to his use of external pricing.

Chainlink publishes new white paper focusing on intelligent contract management
Chainlink publishes new white paper focusing on intelligent contract management

In the vision outlined in the whitepaper, Chainlink would generalize and expand its existing computing functions:

The extension here really is in the fact that you can put any executable on an oracle web to run it. And that expands the possibilities of an oracle network considerably. “

Nazarov denied that Chainlink is not trying to replace existing blockchains or layer two solutions. It is intended to be a flexible and customizable data processing solution that can be used to scale existing DApps or simply run cumulative schemas and other Layer 2 solutions.. Chainlink would offer the choice of consensus mechanisms and nodes to each individual user who would select the guarantees of trust they needed.

The Chainlink network is a configurable set of validators that can be configured to do anything you want. […] It’s not a blockchain. you [los validadores] They don’t give you the status and all the guarantees of a blockchain, but they can give you any other type of computation you might want to configure them to do.

The practical use of such a network largely depends on what users want to do. However, Chainlink expects various services to take precedence. One of them is the Fair Sequencing Service, a solution against the extractable value of miners (MEV). The idea behind the platform is to allow the oracles to compute a “fair” sequence of transactions that would minimize the extraction of value generated by initial operations and other techniques. As Nazarov explained, Blockchains have no idea of ​​time, which is part of why it’s difficult to order transactions fairly, and why oracle networks can help.

Oracle-based computing to support certain blockchain transactions is not entirely new. Chainlink is the best known provider of specialized data. Recently, the Maker team also suggested using their oracle for a similar purpose, immediately checking the validity of an optimistic summary and allowing Dai to make immediate second shift withdrawals.

The new Chainlink whitepaper contains a number of other functions in particular This provides a stronger incentive to report fraudulent transactions, known as superlinear engagement. With this mechanism, bribing a Chainlink node to provide fake data becomes squarely more expensive if more network shares are compromised. The system is based on mathematical fraud tests, which entitle observers to the combined participation of all nodes if they correctly report a case of fraud. A potential attacker would have to bribe all observers for the total amount they could win, an amount that far exceeds the total stake.

The new concept of the Chainlink network aims to make the provision of smart contracts much easier. According to Nazarov, too many teams are forced to build a central infrastructure to support their DApp:

I want them to come out and create this very fast hybrid smart contract just like they do in the web world in a weekend. And they don’t have to solve all this shit! I think this is the future. “

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