Missing link: How the Chainlink palette targets better access to information

As the demand for smart contracts grows, Chainlink's modular Oracle for the Substrate framework aims to provide developers and Defi applications with the reliable off-chain information and pricing data needed to drive projects to Polkadot and Kusama. The meteoric growth of challenges and smart contracts requires a new layer of trust As the smart contract revolution gains momentum, gaps and shortcomings in existing infrastructure supporting these transaction protocols become more pronounced. . Among the main problems faced by smart contracts, cost and security are the main factors that come to the fore. Smart contracts will need to be effectively 'smarter' in order to develop and enhance these unique protocols and only address the related shortcomings. However, given the verification limits of blockchains that aim to maintain stability and security, there is a barrier by design to off-chain information. In the case of smart contracts, compliance with contract terms may depend on external data (such as prices) that are not available in the respective blockchain hosting the contract itself. In addition to creating a unique puzzle for developers, the reporter limits the use of smart contracts. Chainlink stepped in with a response among revolutionary solutions after the introduction of “ oracles into the blockchain universe. The main idea behind oracles is to connect reliable external data sources to smart contracts, which are the missing link between the on-chain and off-chain worlds. Smart contract adoption depends on data access and availability Just as an API can connect two separate systems and share information, Chainlink can connect smart contracts to external data sources in the same way. In keeping with the principle that central information sources can have an impact or bias, the idea behind Chainlink is to decentralize the input and output of information. This helps fulfill the commitment to build open source resources Read more

Join the Discussion

Back to top