Hello to my friends who love life and keep smiling despite all kinds of negativity. In this article, I will tell you about the "Important Development in CHAINLINK" that I have been following closely. I have mentioned LINK many times in my previous articles. Those who invested in Link have always benefited ... With the development I will tell, LINK will come at better prices. Let's start…
LINK has created a radical solution for reducing transaction fees on the Ethereum network with Off-Chain Reporting (OCR) development.
Details…
After lengthy development and numerous security audits, LINK launched Off-Chain Reporting (OCR) on its main network. Chainlink has played a major role in the scalability of decentralized oracle networks. Off-Chain Reporting (OCR) has increased the efficiency of data computing in Chainlink oracles. This increase in efficiency has reduced operating costs by up to 90%. The Chainlink Network has increased the efficiency and reduced costs of universally connected smart contracts in both DEFI markets and various other industries.
Source by blog.chain.link
There has been a 10-fold increase in the amount of real-world data that can be made available to smart contract applications for DeFi and its users. As smart contract developers leverage new existing datasets for a wider range of financial products and markets, this massive increase in on-chain data will enable another wave of innovation in DEFI, decentralized insurance, blockchain-based gaming, and many other industries.
Chainlink OCR, the number of smart contracts in the Chainlink ecosystem is accelerating.
Source by blog.chain.link
LINK Off-Chain Reporting (OCR), in addition to providing more on-chain data through the launch of new oracle networks, also brings various other important enhancements to the Chainlink Network;
Increased decentralization of oracle networks to provide additional accuracy, availability, and tamper resistance for Chainlink users.
Higher frequency on-chain oracle updates to provide even more precise and up-to-date data to smart contract applications that may be more sensitive to small price movements.
Cost-effective deployment of new nodes to further decentralize participation in oracle services running on Chainlink Network.
Reduced in-chain network congestion by reducing the burden placed by chainlink oracle networks on high-demand blockchain networks such as Ethereum.
Reduced oracle network latency to ensure rapid provisioning of data to smart contracts even during blockchain network congestion and extreme market fluctuations.
Scalability, security, and performance improvements from LINK Off-Chain Reporting (OCR) are now enabled by Chainlink nodes that can communicate off-chain, allowing them to aggregate data using a distributed peer-to-peer network at zero gas cost. This includes each node receiving data from one or more data sources, signing it with its own unique private key, and broadcasting it to the rest of the off-chain oracle network. Once a sufficient response threshold has been established, a single transaction is transmitted on the chain containing the observation of each node. The Oracle report and node signatures are then validated on-chain with a smart contract, preserving the transparent and tamper-proof features that underpin Chainlink oracle networks.
Chainlink OCR scales oracle networks by collecting off-chain data and sending only one transaction on the chain.
Source by blog.chain.link
Thanks to Off-Chain Reporting (OCR), it finds a permanent solution to transaction fees in the Ethereum network. As I mentioned in my previous article, Ethereum will be a good development. Oracle networks are indispensable for smart contracts. It is nice to see how accurate the investment I have made in Link for a year ...
As the results of this development are seen, LINK will enter the top 5 in terms of market value. The year 2021 will not be surprising to me at $ 100.
The good earnings of the coins and tokens I mentioned in my articles make me and my friends who follow me happy.
My advice to you is to follow me ...
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Source of information used in the article blog.chain.link
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