This article was first published on Chainlink
Since the release of the original Chainlink whitepaper over three years ago, Chainlink has grown into the most widely used decentralized oracle solution throughout every emerging smart contract vertical, including DeFi, insurance, gaming, NFTs, and more. The expanding suite of decentralized services available on the Chainlink Network is fueling innovation across numerous leading blockchains, providing developers with an array of key oracle functions:
- Chainlink Price Feeds provide an extensive collection of on-chain financial market data for a broad array of assets, which is used to secure billions of dollars for leading DeFi applications like Aave, Synthetix, and dYdX.
- Chainlink VRF generates verifiable randomness backed by on-chain cryptographic proofs, enabling projects like Aavegotchi to mint NFTs with provably rare attributes and PoolTogether to fairly select winners in its no-loss lottery.
- Chainlink Proof of Reserve supplies on-chain data feeds that enable smart contracts to perform on-demand audits of tokenized asset reserves, such as for stablecoins like TUSD and PAX and cross-chain tokens.
- Chainlink External Adapters give developers the tools to create connections to any off-chain resource or API, leveraged by Arbol’s parametric crop insurance market to fetch weather data and Everpedia’s prediction market users to get U.S. election results.
The Chainlink Network has achieved an expansive network effect through widespread adoption in the decentralized oracle market and is already securing billions in on-chain value. While it’s been no small feat to get to this point, we have only scratched the surface of what’s possible with decentralized oracle networks and the smart contracts they support.
In order to lay out an ambitious vision for the future of oracle-enabled smart contracts, we present Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks—a new whitepaper that outlines how Chainlink Decentralized Oracle Networks can go on to create a decentralized metalayer that ...
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