Speaking of what are the new features that we will see at Chainlink this year, LINK staking and the Internet of Blockchain are the most important ones. Let’s read more about it in today’s Chainlink news.
Chainlink securely brings real-world data to the world of smart contracts and it came a long way since October 2018. With the smart contracts being a foundation of DEFI, oracles enable them to execute based on verifiable real-world events like crypto reaching a certain value or a measured lack of rainfall that is affecting the insurance payout which is critical. Chainlink started out by providing crypto price data from plenty of sources and DeFi protocols like Aave but today it consists of more.
The ecosystem boasts over 1000 project integrations with 700 oracle networks securing over $75 billion in value and accessing one billion data points. Now it saw a threefold increase in hackathon participants and public usage of the GitHub software repositories that are cited as a metric of adoption. All of this growth helped LINK increase 52% over the past year and during the same time, Associated Press and AccuWeather both partnered with Chainlink for data verification and ex-Google CEO also joined as an advisor.
Chainlink’s co-founder Sergey Nazarov shared what is next for the protocol but some of the most notable upgrades are the LINK staking and internet of blockchain features. Oracle networks are a new type of consensus and it is not as simple to copy somebody else’s staking and launching is because the challenges occur when a staking system is up for a whole new type of consensus. Oracle networks are a unique form of decentralized computing and according to Nazarov, the platform makes consensus on hundreds of oracle networks about data and computations.
While the data capabilities formed the focus on the scaling efforts in 2021, we saw that the oracle provider launched other capabilities for its network like random number generation and smart contract service Keepers that enables the automation of these complex instructions. Chainlink is also set to launch CCIP as a global standard for messaging and communication between blockchains. It seeks to do what TCP/IP did for the internet whcih is to connect all blockchains into one internet of blockchain via cross-chain smart contracts. Nazarov pointed out:
“There are no secure systems and secure ways that people have so far done that at scale.”
Chainlink’s plan in the next year is to continue to scale up this kind of vertical rate and they are hoping to more than double in 2022 and bring new features.
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