Chainlink 2.0 — Emerges as a Web 3 service platform
by Despread, DeSpread
Disclaimer: The authors of this report did not purchase or sell any of the relevant tokens using material non-public information during the research or drafting of this report. The contents of each report reflect the opinions of the respective authors and are provided for informational purposes only and are not intended to be a recommendation to buy or sell any token or use any protocol. Nothing contained in this report is investment advice and should not be construed as such.
Hybrid Smart Contracts
- In the event of a node failing to meet its on-chain Service Level Agreement (SLA) obligations, a portion of staked LINK is deducted and redistributed, reinforcing network security and user confidence.
- LINK staking incentivizes increased direct engagement within the network.
- Participants can raise alerts when they detect oracle service failures against predefined performance criteria and receive rewards for valid and timely alerts.
- With the rise in Chainlink’s usage, the associated fees collected also increase. This growth leads to higher rewards for stakeholders, ensuring sustainable incentives for long-term participation.
- Protocols that stake more LINK as DON nodes earn greater trust from users. A higher staked amount signals increased reliability and strengthens the reputation of the participating nodes.
Solutions provided by Chainlink 2.0
Proof of Reserve(PoR)
VRF(Verifiable Random Function)
Fair Sequencing Services (FSS)
- Secure causal ordering: This ordering mechanism involves sending transactions to a threshold-encrypted node, ensuring that the contents of the transactions remain undisclosed until the processing order is agreed upon. This approach enhances the security of transaction sequencing.
- Temporal ordering: FSS employs a first-in, first-out (FIFO) ordering method, guaranteeing that transactions entered into the oracle network are processed in the order they were received. This temporal ordering mechanism further reinforces fairness in transaction execution.
CCIP(Cross-Chainlink Interoperability Protocol)
- Chainlink, Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, 2021
- Chainlink, The Chainlink Economics 2.0 Staking Protocol and Staking v0.1 Launch Details, 2022
- Chainlink, Chainlink Product Update: Q1 2023, 2023