• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Chainlink LINK

How Chainlink 2.0 Will Expand The Reach for DeFi and Smart Contracts

Reynaldo Marquez by Reynaldo Marquez
3 years ago
in Chainlink, Cryptocurrency Market News
Reading Time: 2 mins read

Chainlink the Whitepaper for its second iteration. Chainlink 2.0 has been created to allegedly take the “next steps in the evolution of decentralized oracle networks”.

With one of the most used applications in DeFi, these protocols need oracles to feed them with off-chain information. In the new iteration, Chainlink could go beyond, as the document claims:

We foresee an increasingly expansive role for oracle networks, one in which they complement and enhance existing and new blockchains by providing fast, reliable, and confidentiality-preserving universal connectivity and off-chain computation for smart contracts.

Chainlink 2.0 will be based on a concept called Decentralized Oracle Networks (DON). Maintained by “a committee of Chainlink nodes”, the platform will be able to support an “unlimited” number of functions.

What are Chainlink’s hybrid smart contracts?

The DON will be a layer to deploy smart contract interfaces with the capacity to support off-chain computing resources without the intervention of a third party. The Whitepaper says:

Decentralized Oracle Networks can go on to create a decentralized metalayer that enhance smart contracts with highly scalable, confidential, and secure forms of off-chain computation, in addition to the external data that Chainlink already provides today.

With the above capacities, Chainlink’s team of developers will focus on 7 core areas, as described by the document: Hybrid smart contracts, scaling, confidentiality, trust-minimization, incentive-based security, less complexity, and order fairness for transactions.

Focus on the goal of expanding oracle services beyond a data provider in a current environment with growing demand for oracles, Chainlink 2.0 will enhance its network to:

(…)offer strong trust minimization through a combination of principled cryptoeconomic mechanisms such as staking and carefully conceived guard rails and service-level enforcement on relying main chains.

The new system will be more flexible, per the Whitepaper, cost-efficient for transactions in terms of gas with a new policy for their “fair ordering”. The outline vision in the document seems to aim towards a “new architecture” beyond blockchain technology with DONs taking the center stage:

The flexibility of  DONs will enhance existing  Chainlink services and give rise to many additional smart contract features and applications.  Among these is a seamless connection to a wide variety of off-chain systems, decentralized identity creation from existing data, priority channels to help ensure timely delivery of infrastructure-critical transactions, and confidentiality-preserving DeFi instruments.

Already a strong competitor in DeFi, Chainlink 2.0 seems pegged to cause a commotion with a ripple effect felt across the DeFi sector and for the benefit of the users.

At the time of writing, LINK is trading at $42,84 with a 9.2% profit in the 24-chart. In the weekly and monthly chart, LINK has 37% and 56% gains respectively.

Chainlink LINK
LINK in an upwards momentum in the 24-hour chart. Source: LINKUSDT Tradingview
Tags: chainlinkLink
Tweet123Share196ShareSend
Reynaldo Marquez

Reynaldo Marquez

Reynaldo is a journalist at NewsBTC with a passion for crypto. He has worked in the space since 2018, and interviewed industry leaders, and written about the ways crypto can impact society and the global economy. In his free time, Reynaldo enjoys weightlifting and reading. He sees crypto as the future of finance and seeks opportunities to learn and grow as a trader.

Related Posts

Ethereum bull

Ethereum Price Prediction: Crypto Analysts Reveal Catalyst That Will Drive Price Above $3,500

3 hours ago
bitcoin crypto maket altcoins

Why The Crypto Market Tides Are Turning In Favor Of Altcoins

5 hours ago
Dogecoin Small

Dogecoin Marks Two Consecutive Green Monthly Closes, What Happened The Last Time?

6 hours ago
Terra Classic Price Pumps a Further 17% as This Altcoin Also Sees Positive Growth

Terra Classic Price Pumps a Further 17% as This Altcoin Also Sees Positive Growth

6 hours ago
Cardano

Cardano (ADA) Retests Major Resistance Wall, Will Break Happen?

7 hours ago
Dogecoin

300 Million Dogecoin (DOGE) Moved To Robinhood As Price Swells

8 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • GoMining Unveils The West NFT Collection

    10 hours ago
  • Where to Invest in Crypto? Experts Highlight Top Picks...

    11 hours ago
  • Investors’ New Favorite: BorroeFinance Surges Past...

    12 hours ago
  • Maximizing Profits in Forex: Raw Spread Forex Brokers’...

    13 hours ago
  • Rebel Satoshi’s Next Stage Excites Market: A Fresh...

    13 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.