Chainlink, which is making great strides in the blockchain industry, announces the arrival of its second version, Chainlink 2.0, to innovate the future of blockchain-based oracles and the construction of next-generation smart contracts.
The oracle network in blockchain larger digital industry, chainlink, published a technical document in which he reveals the upcoming release of his second version, Chainlink 2.0, an update full of innovation and development that will guarantee the future of on-chain oracles.
So far, this network has played a fundamental role in the development of decentralized finance ecosystems (DeFi), making it possible for different protocols to access reliable price data sources securely and in real time. The technology and innovation that accompanies Chainlink gave a transformative turn to the development of DeFi, enhancing its functionalities and creating new valuable applications within the industry.
Now, with the launch of a second version, Chainlink is preparing to advance a little further, and offer new functionalities related to smart contracts. (smart contracts)As the network's developers explain in the whitepaper, the vision is to expand the role of Decentralized Oracle Networks (DON) in the blockchain ecosystem, leveraging Chainlink's technology and development to power a suite of decentralized services for smart contracts within any blockchain.
It may interest you: Chainlink Oracles Coming to Polkadot and Kusama Parachains with Substrate
7 key areas of development for next-generation contracts
Chainlink developers are looking at 7 key areas of technical advancement and development that will enable them to leverage the oracle network to create a wide range of applications and use cases for next-generation smart contracts.
First of all there are the Hybrid Smart Contracts, which have the potential to increase the capabilities of common smart contracts, while allowing some of the logic to be composed within oracles. Chainlink's vision with this new class of contracts is to empower the Scalability of blockchain networks, optimizing the speed and performance of oracles and enabling the creation of smart contracts on and off-chain.
Also, one of the key points that network developers are considering is the abstraction of complexity. As they explain, minimizing the complexity of protocols and applications will further enhance use cases and lead decentralized oracle networks to discover new limits. Likewise, the confidentiality and high integrity are indispensable elements in the development of next-generation contracts.
New protocols must combine the innate transparency of blockchains with strong confidentiality protections to ensure the security and protection of sensitive data and computations.
Furthermore, the equity, trust minimization and strong economic incentives, are other essential elements in the construction of the new protocols. Regarding the latter, the developers state that guaranteeing nodes high incentives will motivate them to maintain reliable and honest behavior; which reinforces cryptoeconomic security.
The 136-page whitepaper explains each of these areas in detail, and how next-generation smart contracts in DeFi will be empowered by the use and implementation of decentralized oracle networks.
Ease for developers
Chainlink 2.0 will greatly facilitate the work of developers, who will be able to rely on easily accessible, secure and scalable decentralized services that facilitate the deployment of their contracts and protocols, without the need to build complex infrastructures to support their applications.
On its website, Chainlink notes that new decentralized oracle networks allow smart contracts to seamlessly use and create a “a series of decentralized services that accelerate dApp development, enable cross-chain functionality, and harmonize disparate technologies”.
Chainlink is ranked 11th among the largest blockchain networks in the industry, and has a total market capitalization of over $17.500 billion. LINK, the native cryptocurrency of this network, reached a new all-time high on Thursday, and is trading at a value of $41,8 currently reflecting a growth of more than 1.200% in the last year.
Continue reading: Chainlink Oracles Can Help DeFi Avoid Flash Loan Attacks, Warp Finance Says
