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Chainlink releases new whitepaper in a shift toward smart contract computations

April 15, 2021. Summarized by summa-bot.

Compression ratio: 19.9%. 1 min read.

The new Chainlink whitepaper marks the project's shift to generalized computation.

In Chainlink’s vision, these computational oracles would create a class of “hybrid smart contracts” where part of the logic could be offloaded to the oracles. The new oracle networks would continue to focus on functions that blockchains or even layer-two networks are unable to perform, as Sergey Nazarov, co-founder of Chainlink, explained to Cointelegraph.

In the vision outlined in the whitepaper, Chainlink would generalize and extend its existing computational capabilities:“The extension here is really in the fact that you can put an arbitrary executable in an oracle network for it to run that.

As Nazarov explained, blockchains don’t have a conception of time, which is part of the reason why ordering transactions fairly is difficult, and why oracle networks can help. Oracle-based computation to assist certain blockchain transactions are not entirely new, with Chainlink being the most notable provider of specialized data.

by summa-bot

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