Chain link white paper

chain link white paper

We also describe supporting reputation and security monitoring services for ChainLink that help users make informed provider selections and achieve robust service even under aggressively adversarial conditions. Finally, we characterize the properties of an ideal oracle as guidance for our security strategy, and lay out possible future improvements, including richly featured oracle programming, data-source infrastructure modifications, and confidential smart-contract execution.

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ChainLink Whitepaper pdf:ChainLink Whitepaper

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Taking the ISDA’s conception a step further, there are millions of case-law records and judgements available for machine learning to develop ontology and reasoning from. Where cost savings outweigh the risks, future A.I. judges may only need to prove it can track alongside human ones at a reasonable rate greater than chance.

Robo-arbitration may be a method for non-operational clauses to be handled in a smart contract. This would be an ideal use-case for Town Crier’s trusted execution environments since the high compute cost would necessitate that it be run off-chain.
It would also ensure the integrity of the robo-arbitrator. Innovation in this field has already begun in earnest. For example, Blue J Legal provides such software as Tax Foresight, which uses machine learning to predict how a court would rule in clients various tax scenarios.

After reading, you can decide for yourself what Chainlink is more analogous to. For now, it helps to contrast with a modern day alternative in Oraclize. Now re-branded as Provable.

Provable’s simplicity has made it the leading oracle service today, just like the Internet Gopher was a leading network in the early 90’s. Back then, it was seen as a preferable information system, avoiding the complexities of pesky HTML.
It had a rigid but straight-forward menu.

Likewise, current usage of the Provable oracle service is bootstrapping continued progress, despite its initial narrow range of functionality. It has been subject to market forces and all the feedback that comes with it. Precious mind share is gathering, and a head start can make a big difference in determining what becomes the standard.

It’s a testament to the Chainlink network that Tom has singled out their solution for endorsement.

In addition to not effectively distributing its development efforts through code sharing, the Gopher team also did not play the Internet standards game as well as the Web community did.

Why the Web beat Gopher in the Battle for Protocol Mind Share Christopher Lee

In terms of development effort, Chainlink has blown every other oracle service out of the water. Not just provable. Other oracle themed projects such as Zap, Aeternity, and Witnet are consistently lagging in Github commits and contributors.

Trusted execution environments on the network allow for secure, verifiable processing with much better scaling.

Chainlink’s Town Crier solution also addresses the problem of confidentiality in a smart contract network, finally bringing to fruition a key part of Szabo’s vision:

If mutually confidential auditing ever becomes practical, we will be able to gain high confidence in the factuality of counterparties’ claims and reports without revealing identifying and accompanying information from the transactions underlying those reports.

Knowing that mutually confidential auditing can be accomplished in principle will hopefully lead us to practical solutions to these important problems.

The God Protocols

Intel SGX in conjunction with Town Crier does allow auditors to assess if the user’s application meets specifications and standards.

This page lists the blockchain networks that Chainlink Data Feeds are currently live on, and the details of where to access them.

LINK token on multiple chains

See the LINK Token Contracts page for the details of LINK on each blockchain.

Available networks

Data feeds are available on the following networks:

  • EVM (Ethereum) Chains
    • Ethereum Data Feeds
    • BNB Chain Data Feeds
    • Polygon (Matic) Data Feeds
    • Gnosis Chain (xDai) Data Feeds
    • HECO Chain Data Feeds
    • Avalanche Data Feeds
    • Fantom Data Feeds
    • Arbitrum Data Feeds
    • Harmony Data Feeds
    • Optimism Data Feeds
    • Moonriver Data Feeds
  • Other chains
    • Solana Data Feeds

Select quality data feeds

Be aware of the quality of the data that you use.

Rond half vijf vanmiddag bereikte de Chainlink koers een waarde van 36,19 euro. Dat is de hoogste prijs ooit!

Toepassingen voor NFT’s, stablecoins en DeFi

Chainlink biedt met de nieuwe technologie die in het whitepaper wordt genoemd toepassingen voor NFT’s, stablecoins en de opbloeiende industrie van Decentrale Financiën (DeFi). Volgens Nazarov kan DeFi dit jaar nog doorgroeien naar een totale waarde van meer dan 500 miljard dollar.

Het nieuwe whitepaper heet Chainlink 2.0: Volgende Stappen in de Evolutie van Decentrale Oracle Netwerken, en bouwt voort op het fundament dat de startup heeft gelegd om een nieuwe ‘MetaLaag’ architectuur voor hybride smart contracts te ontwikkelen.

Met de technologie van Chainlink kunnen blockchains beter gebruikmaken van informatie uit de ‘echte wereld’, ook wel ‘off-chain’ informatie genoemd.

Still there are other cases where contracts are violated but the cost of litigating them are too high to pursue. These are ideal niches where standardized smart contracts may flourish.

Another niche may be found in developing countries. Just as the anti-inflationary properties of crypto helps citizens of unstable regimes, a substitute legal system might also be used where property rights and rule of law are weak.

Sergey Nazarov echoed this in a 2014 interview:

In the current system many businesses can raise money and make promises they won’t keep. Because they realize the banking or legal infrastructure is flawed. In the future, people will simply make a smart contract.

Sergey Nazarov

Modern smart-contract discussion conjures up thoughts of an almost magical process where automation takes over.
Panels ask, “Are we getting rid of lawyers?”.

Christopher Lee, professor at the University of Michigan highlights the importance of a head start in network formation:

A lot of technological adoption is simply based on past adoption. In order for complex systems (like Gopher or the Web) to perpetuate themselves, they must strike the right balance between exploring new options and exploiting their past success.

Why the Web beat Gopher in the Battle for Protocol Mind Share Christopher Lee

Indeed, Provable has launched its 2.0 site just days before this publishing, boasting of new integrations(including Chainlink itself) and an expanded set of features.

On the other hand, Chainlink is pursuing a path of high-risk, high-reward, like the web in its early days. Chainlink is complex with many possible configurations and extensions, so it’s hard to predict how exactly it will be used.

Components:

1. A simple on-chain data aggregation system

2. A more efficient off-chain consensus mechanism

What differentiates ChainLink from other oracle solutions is its ability to operate as a network.

Chainlink White Paper

For any protocol or network to become widely adopted, it needs to have flexibility. As you’ll see, it’s where Chainlink places thoughtful emphasis.
Here we summarize and comment on the original Chainlink white paper, and draw some parallels to the early web.

Internet of Automation

In some cases Chainlink resembles an application layer(Google, Coinbase) or a second-layer protocol such as the World Wide Web(HTTP). Others have argued it’s more likened to the internet itself(TCP/IP). The latter being the base layer.

It explains Chainlinks heavy emphasis on compatibility with other solutions and standardization.

The ChainLink network utilizes the LINK token to pay ChainLink Node operators for the retrieval of data from off-chain data feeds, formatting of data into blockchain readable formats, off-chain computation, and uptime guarantees they provide as operators.

Chainlink White Paper

The Chainlink nodes are where the oracle decentralization happens. Of course, in some cases multiple node inputs are not desirable nor necessary. However, these users can still leverage the other features of the Chainlink network, such as standardization, confidentiality, and security.

The confidentiality and security features are ensured in large part by the Town Crier Oracle, utilizing Intel SGX(Software Guard Extension).

Clients and node operators will likely have their own ideas far apart from the founding team. Chainlink is lagging behind in adoption, just as the web was. The main-net is yet to be released.

Chainlink doesn’t have the advantage of a proven use track-record.

However it does have considerable in other areas. Chainlink has a growing list of partnerships, staking pools, and services that are building out the network. The founding team is in the peculiar situation of having kick-started an entire ecosystem before the software release.
The latest in a long line of heavyweight associates, Chainlink has caught the attention of Docusign founder Tom Gonser. In a recent interview, he postulated that the first niche companies able to adopt smart contracts will quickly force other participants to follow suit due to high cost savings.

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