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Cryptoknowmics 2022-05-14 02:30:51

Chainlink : Enabling Smart Contracts to Interact With Real World Data

In today’s world, blockchain oracles are frequently thought of as decentralised services with a single goal, i.e. to transfer data from off-chain sources into blockchains. It’s only a small step from forwarding data to computing, storing it, or manually transferring it. This finding supports a considerably broader interpretation of oracle functionality. Smart contract service requirements are expanding, as are the diverse technologies that rely on oracle networks. In other words, an oracle may and will be a general-purpose, computer-enabled interface, bidirectional for off-chain and on-chain systems. Oracle’s mission in the blockchain ecosystem is to improve smart contract performance, functionality, and interoperability to introduce new trust models and transparency to various businesses. This will be accomplished through expanding the usage of hybrid smart contracts, which combine the distinctive qualities of blockchains with the unique capabilities of off-chain systems like oracle networks to achieve far more reach and power than on-chain systems alone. Chainlink is useful in this situation. What is Chainlink? Chainlink is a decentralised oracle network that enables smart contracts to securely interact with real-world data and services outside of blockchain networks. Chainlink is not a monolithic network like a blockchain but rather an infrastructure and framework for building blockchain-agnostic oracle networks that augmen...

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