The new Chainlink architecture proposes decentralized oracle networks that can perform off-chain computing and reduce the logical load on the chain. In addition, the use of hybrid smart contracts is also discussed.
On Thursday, April 15, oracle service provider Chainlink (Binance) released a new white paper. He outlined a plan to expand to new horizons and create the next generation of decentralized oracle networks. This proposal would mean that Chainlink would generalize its oracle network to a “metal warehouse” called Decentralized Oracle Networks.
In recent years, the project has established itself as the gold standard for data collection for the DeFi industry. Chainlink oracle solutions have even been used by some of the leading technology companies like Google.
Chainlink presents the new white paper
Chainlink 2.0 architecture offers a wider range of applications. The aim is also to extend the service package to other types of data calculation outside the chain. The document suggests that these calculation oracles will create a kind of “hybrid smart contract” where some logic will be passed on to them. It is also noted that Chainlink will generalize and expand its calculation functions:
The extension consists in the fact that in the Oracle network all executable files that can be run by it can be placed. And this greatly expands the features of the Oracle network.
Chainlink founder Sergey Nazarov explained that the new oracle will specifically focus on features that even Layer 2 solutions cannot do. Nazarov said it was “a big step forward because it redefines what people can build.” He continued:
Oracle networks go far beyond delivering highly validated data. They provide various decentralized services linked to smart contracts. In this way, they create real results. These hybrid smart contracts already define our industry as DeFi.
Hybrid smart contracts already exist
Chainlink founders explained that the platform is not trying to invent the wheel. It also does not attempt to replace existing blockchains and other Layer 2. Solutions. The goal is simply a flexible and adaptable solution that can process data.
The goal of the Chainlink 2.0 architecture is to scale existing decentralized applications and even roll-up systems and other Layer 2. Solutions. In addition, each individual user is also given the choice of node and consensus mechanism. Whitepaper notes:
Chainlink is a customizable set of validators that can be configured to do whatever you want. […] It’s not a blockchain. The [walidatory] they do not give you status and all blockchain guarantees, but they can give you all the other types of calculations you want to configure them for.
In addition, as I said, Chainlink is not the first to implement smart contracts. Previously, the Paxos stablecoin operator has already implemented something similar. However, hybrid smart contracts from Chainlink will lead to the Decentralized Oracle Networks (DON) concept.
DON will operate off-chain, and data under smart contracts will also be stored and calculated off-chain.
We are evolving from simpler Oracle networks to more advanced Oracle networks called DON, then a large set of DONs will form MetaLayer
In Nazarov.
