Growing the Smart Contract Ecosystem With New Data Types

This article was first published on Chainlink
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Growing the Smart Contract Ecosystem With New Data Types

Over the past year, the smart contract ecosystem has expanded rapidly, driving an increase in demand for secure and reliable oracles that can provide high-quality data to DeFi protocols and decentralized applications. As the market-leading decentralized oracle solution, Chainlink is meeting this growing demand by continually expanding the types of data available to smart contracts across all the leading blockchains, including market data, gaming data, insurance data, proof of reserves, and a wide range of additional datasets and computations.

Sergey Nazarov, Co-founder of Chainlink, recently gave a presentation on this topic at ETHOnline DeFi Day 2020, where he covered the categories of off-chain datasets that the Chainlink Network is making available to smart contract applications. This blog post is an excerpt of his presentation that captures a key point on how the Chainlink Network is enabling more contract use cases by providing access to additional off-chain resources.


Growing the Smart Contract Ecosystem With New Data Types
The various off-chain resources Chainlink provides smart contracts.

Off-Chain Market Data

An exciting dynamic that I'm now seeing is that we are driving forward the existence of multiple types of smart contracts. If we started out by providing market data from tens of different data providers, whether they're running their own Chainlink node or selling data just directly into the Chainlink Network, you basically had aggregations of data that were sold to a multitude of DeFi contracts, which enabled them to quickly and securely launch, as well as quickly and securely launch more markets. On a weekly basis now, we're enabling the launching of new markets and new useful DeFi smart contracts.

But this year, we’ve seen an expansion into other categories of contracts. What we have noticed is that as we put new categories of data, off-chain resources, and essentially new services that can be consumed on-chain in the form of an ...

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