– Ed Felten, Co-founder of Offchain Labs, Computer Science Professor at Princeton, and former White House Deputy CTO
Real-World Data Inside Arbitrum Smart Contracts
Like most VM machines, Arbitrum is not natively connected to real-world data living outside its own network protocol. Some of the most interesting use cases for decentralized applications require these external data inputs before computing reliable contract outcomes, such as price feeds, stock quotes, or information about how some events unfolded.
Arbitrum contracts will also now have access to Chainlink price reference data networks, data marketplaces, and various other Chainlink capabilities, making them much more powerful and useful in complex application designs. Arbitrum contract developers can make use of the existing Chainlink markets, such as the Chainlink Price Reference Data for DeFi, or create a custom decentralized oracle network that securely sources data critical to the execution of their decentralized application. This opens up more advanced Dapp designs, such as IoT-driven insurance products, real-time decision making in financial services, and high throughput gaming applications.
“We’re thrilled to work closely with the extremely accomplished, deeply experienced and highly technical team making Arbitrum, and are excited to work closely together with them on our shared goal of truly advancing smart contracts. Chainlink’s ability to help provide trust minimized off-chain computation that makes smart contracts more private, highly scalable and cost-efficient, while still relying on the unique security guarantees of Ethereum, is truly a step forward. Arbitrum opens up a whole new range of complex application designs that were previously unavailable due to the current limits of on-chain computation, many of which we’re already in the process of helping leading DeFi, Blockchain Gaming and Smart Contract Insurance teams implement. I and our entire team are very excited to team up with Offchain Labs to help more people benefit from their groundbreaking work, and are thrilled that Chainlink is able to provide an additional layer of security, greater ease of use and critical access to external resources to Arbitrum computations.”
– Sergey Nazarov, Co-Founder of Chainlink
