How does ChainLink connect the data source below the chain and expand the calculation below the chain
How ChainLink Connects Data Sources Below the Chain and Expands Under-Chain Computing
Original source: Chainlink
Key abstract:
ChainlinkIt is not a single network of prognostics, but a general framework that can be used to build numerous decentralized networks of prognostics.
Each ChainLink predictor network is parallel and independent, and connects the off-chain data sources and computing resources toIntelligent contract.
The ChainLink framework can be used to buildsecurity, which provides smart contract applications with feedprices, proof of reserves, verifiable random numbers, and election results.
background
In the past few years, the smart contract ecosystem has grown rapidly, with the total number of lockups reaching about $40 billion. In addition, a wide variety of decentralized applications are emerging in ecology. The most important factor in the growth of smart contracts today is the decentralized Prophet network. Today, the use of decentralized prophetic networks is expanding to provide smart contracts with access to data sources other than the original blockchain. The prophecy engine is in motionDeFiEco has moved forward with the implementation of a new on-chain mortgage model, and greatly enriched the functions of smart contracts.
However, different smart contract use cases require access to different off-chain data sets and computing resources. As a result, a single network of predictors cannot provide the flexibility required for advanced smart contract applications. For example, a synthetic asset agreement needs to input real-time feed to anchor the real-time price of gold and other commodities to issue tokens. Forecasting markets need official access to the final outcome of the US presidential election for settlement; Block chainThe gameThe app needs to enter a safe off-chain random number to distribute game items.
Each of these smart contract use cases has a completely different need for a prophecy. Therefore, the smart contract ecology needs an infrastructure-oriented framework that enablesdevelopersYou can develop or connect to any type of prophetic network, and you can customize the nodes, data sources, update frequency, transmission mode, security parameters and aggregation mode in the network.
The ChainLink network provides users with a common framework for flexibly configuring the prophetic network to meet the needs of smart contract applications. The ChainLink network is highly compatible, with all configured predictor networks running in parallel. This article explores the advantages of the ChainLink framework, how developers can customize the prophet network, and real-world use cases for the ChainLink prophet.
Advantages of ChainLink heterogeneous networks
Decelerated networks typically follow a monolithic design pattern, in which a group of nodes work together to provide specific services according to predefined rules. Blockchain is a typical mono design pattern. All nodes in the blockchain network perform a set of standardized operations, including verifying signatures, calculating block hashes, and finally reaching a global consensus on transaction verification. Each blockchain node performs the same deterministic computations and ultimately comes to an agreement, but the main difference between them is the scale of the computations.
This model may work for blockchains, but not for a prophetic network. Prophet networks need to agree on data coming from the nondeterministic real world, often paying or obtaining licenses to link to off-chain data sources. The singleton model is not suitable for the prognostics because not all nodes have access to all the off-chain resources they need at all times. Forcing every node in the network to pay to subscribe to the paid data source required by the user does not work well on a large network. In addition, many data sets are only available to a few people, such as enterprise back-end databases. As a result, a single design model of a prophetic network can only limit the scope of its services to ensure that all nodes in the network can deliver services, such as only getting data from free, open source APIs, which often do not provide good data or guarantee the quality of connection.
In order to overcome this limitation, Chainlink has developed a heterogeneous network, in which multiple independent networks of prophets run in parallel and do not depend on each other. The operation of one of the prophetic networks has no effect on the other networks. Each network is set up specifically for a single smart contract to connect to off-chain data sources and off-chain operations, giving developers a great deal of flexibility. The ChainLink framework does not require a license, and anyone can create their own network of prophets within it. This will drive the innovation of the Prophet Network and allow the ChainLink Network to continue to move forward.
ChainLink is a heterogeneous network of predictors, which can be customized flexibly.
The biggest advantage of this heterogeneous pattern is that the ChainLink node operator can customize the node services. This can increase the cost effectiveness of the prognosticator, as the node only needs to access the off-chain resources required by the network of the prognosticator. For example, nodes in the ChainLink feed network only need accessfinancialMarket data, rather than other irrelevant data such as sports scores and weather. Doing so lowers the barriers to running ChainLink nodes and further decentralizes the network. Of course, if the ChainLink node wants to access multiple data sources at the same time, they can.
Nodes can sell data to smart contracts if they are connected to off-chain systems that require access, such as enterprise back-end systems, IoT sensors and fiat currency payment systems. The ChainLink network enables data providers to run ChainLink nodes through this heterogeneous network pattern and sell data APIs directly to smart contracts.
With this flexibility for node operators, ChainLink can transfer all of the world's data onto the chain, greatly enriching the range of smart contract applications.
Use the ChainLink framework to customize the prophetic network
A series of parameters are set in the predictive network developed by using ChainLink framework, which can be adjusted according to specific application scenarios. The parameters of any of the prophetic networks do not affect the other networks, thus ensuring maximum flexibility. Here are the customizable parameters:
Node Operators: ChainLink nodes can be arbitrarily combined into a network of Propheters. Node operators include professional DevOps teams, reputable data providers, legacy enterprises, and other entities.
Data sources: The ChainLink node can set the number of data sources flexibly, including free open source API, paid API, database setting permissions, sensors, etc.
Off-chain operations: The ChainLink node can not only transfer data, but also perform trust minimization off-chain calculations, such as creating verifiable random numbers and calculating insurance limits.
Underlevel Blockchain: ChainLink can be compatible with any blockchain and supports a variety of on-chain environments, ensuring that smart contracts are always able to access secure and reliable off-chain data and computing resources.
Update frequency: the update frequency of the prognostic network can be set flexibly.you can choose to update based on the deviation threshold (e.g., 0.5% up or down), based on the time (e.g., hourly updates), and on demand.
Aggregation method: Predictor network can take different aggregation methods according to data types, such as median, average value, mode, etc., and finally aggregate into a data point.
Security parameters: Users can specify security parameters in the service agreement, such as the amount of the predictor's pledge, service duration and connection requirements, etc.
In addition, the ChainLink network of predictors can transmit data to on-chain smart contracts in a variety of ways. Smart contracts, such as insurance, push off-chain data into the contract to learn about real-world events such as natural disasters; whilecurrencySmart contracts such as the market require a regularly updated on-chain data source. The contract uses a "pull" method to obtain data at any time and verify the mortgage rate of the loan. Here are the different types of prophet networks:
Basic Request Pattern & NBSP; (Push) : Connecting smart contracts to off-chain data sources (open source or paid APIs) by creating and sending data requests to the ChainLink prophecy in one transaction and getting a response in another transaction some time later.
Decentralized Data Patterns & NBSP; (Pullable) : Shared data sources are provided through on-chain reference contracts that are co-funded by multiple users and updated periodically by an independent network of security-vetted ChainLink nodes. So a smart contract can request and retrieve data off the chain within a single transaction.
When occasionally requesting a particular data set, it is best to follow the basic request pattern; If common data sets need to be frequently requested, a decentralized data pattern, such as the common ChainLink feed, is preferable. The DEFI protocol is ready to obtain secure, reliable and timely financial market data from these feedprices. With this model, instead of having to build their own network of prophets, developers can tap into a ready-made network of prophets supported by a number of independent projects.
Chainlink: hello price & have spent Chainlink price for feedAaveandSynthetixEtc. Defi app access cryptocurrency,Stable currency, foreign exchange, commodities, indexes, securities and other financial market prices.
Certificate of Reserve: & NBSP; Audits anchor fiat stablecoins as wellAcross the chainThe reserve of assets and the publication of audit reports on the chain help the DEFI application to protect against the risk of insufficient mortgage rate and minimize the loss of users.
Verifiable random number: Blockchain game dApps such as Pooltogether utilize Chainlink VRF to generate verifiable and tamper-proof random numbers, ensuring a fair and verifiable user experience.
Weather Data : Arbol is connected to the Chainlink Predictor, which harvests weather data from the U.S. National Oceanic and Atmospheric Administration (NOAA) to provide farmers in developing countries with parametric crop insurance that can quickly pay claims in severe weather conditions.
US Election Data :& NBSP; The ChainLink node, run by Everpedia, posts the 2020 U.S. presidential election results signed by the Associated Press to the blockchain and settles the on-chain prediction market.
Data provider as node : Leading data providers also tap into the ChainLink framework to provide encryptively signed data sets for smart contracts across multiple blockchain networks and authoritative authentication of the data source.
ETHThe /USD feed is a network of predictors that provides the market price of Ethereum for the DEFI contract.
A network of various predictors under the framework of ChainLink
ChainLink's highly flexible predictor framework has spawned a number of independent predictor networks that connect smart contract applications to a range of off-chain data sets and off-chain computing resources. The Chainlink framework can be used to achieve unlimited innovative application scenarios. The following will introduce a few of the applications that have been implemented:
ChainLink is a generic framework for developing a network of predictors that can ecologically connect smart contracts to any off-chain data source, greatly enriching the variety of decentralized applications. As with the Internet in the 1990s, there is great potential for a decentralized network of predictors, and data-driven smart contracts will create an economy where trust is minimised.
If you are a developer who would like to connect smart contracts to off-chain data and infrastructure, please contact us here or view the developer documentation.
Welcome to join the official BlockBeats community:
Telegram Subscription Group: https://t.me/theblockbeats
Telegram Discussion Group: https://t.me/BlockBeats_App
Official Twitter Account: https://twitter.com/BlockBeatsAsia
Related Articles
