Chainlink

Seven Updates You Should Know in the Chainlink 2.0 Whitepaper

Chainlink, a major decentralized oracle platform, has released its Whitepaper 2.0 on April 15, 2021. In the new whitepaper, the team made it clear that its intent was to take Chainlink to a level higher than that which was initially envisioned.

Decentralized Oracle Networks (DONs) is the basis of Chainlink’s plan. As stated in the whitepaper, DON is maintained by a set of Chainlink nodes. It offers supports for a wide range of oracle functions.

Using DONs as a foundation layer, Chainlink’s goal is to in seven key areas in this upgrade:

  • Hybrid smart contracts: This aims to offer a strong framework that will improve the functionality of smart contracts, both on-chain and off-chain.
  • Abstracting away complexity: This offers users and developers an easy functionality developers and users with simple functionality that is devoid of complex protocols and system restrictions.
  • Scaling: One of the issues a lot of blockchain networks face at the moment is scalability. With Chainlink 2.0, the problem of scalability will be solved. The decentralized systems will operate at an optimum level.
  • Confidentiality: Blockchain’s transparency has been argued to be a downside by some. However, it has numerous advantages too. The 2.0 upgrade combines the features of the transparency of the blockchain with a measure of discretion. Confidential information remains safe from external parties.
  • Order-fairness for transactions: This offers support for transaction sequencing such they are fair to the end-users and helps to prevent attacks from exploitative miners and bots.
  • Trust-minimization: This serves to ensure that chain security is not compromised. This is done by means of advanced cryptographic techniques that ensures that all data collected and recorded are precise and also accurate.
  • Incentive-based security: This serves to deploy mechanisms that would ensure DONs nodes offer incentives that would make it behave in a reliable and correct manner, even when faced with strong adversaries.

The whitepaper further stated, the report is just preliminary and still ongoing. It however reveals a broad based innovations and multi-functional capabilities of the planned upgrade of the Chainlink network.

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