Off-chain data aggregations are coming to the LINK network with a promised 10 times faster speed over the current tech stack so let’s read more in our latest chainlink news.
Chainlink unveiled its new off-chain reporting OcR upgrade which is the biggest overhaul since it went live back in 2019. The data aggregated on-chain increased overhead on the node operators not to mention the availability inefficiencies because of the surge in on-chain congestion as LINK co-founder Sergey Nazarov said in an interview:
“OCR is the third and latest version of the Chainlink Core client run by Chainlink nodes. The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”
OCR was co-developed by Chainlink Lab’s academic cast that is headed by Cornell Computer scientist Ari Jules, former BitGo CTO Ben Chan, and IBM head of research Christian Cachin. The new update was already deployed for the ETH/USD and LINK/USD pricing feeds that aggregates the data from disparate reporters on the chainlink network so each node signs off on the data source before committing the info to the on-chain contract that will subscribe applications like the Defi apps:
“The initial versions of Chainlink did aggregation on-chain. And they did that on-chain because we knew we could rely on the consensus of the chain.”
However, the on-chain aggregation becomes quite inefficient as the consumer demands increase the application data needs as Nazarov noted. Chainlink stated that the update will drop the data provides’ gas usage per average transaction on the ETH network which is a boost for DeFi apps subscribing to Chainlink given the costs fractions for gwei. Gas fees are now at a historic high with an average transaction of $40 as per Blockchair. Not only will the off-chain data aggregation update lessen the congestion on ETH, but it will also decrease the call latency as well:
“Really what OCR does is take the computation we were doing on-chain and porting it out to an off-chain environment, and that is creating a very large 10x increase in efficiency, which means we can put a lot more data on-chain.”
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