ChainLink Advances to Extend Secure Smart Contract Networks

A network provider, called ChainLink deals with smart contracts, especially with the tamper-proof inputs and outputs. ChainLink found Town Crier to be the trusted acquisition which can assist it to provide smart contracts with the key external inputs which are necessary to keep up their own functioning. With ChainLink by its side, Town Crier is expected to flourish in the implementation of new technology. It is also awaited how the company incorporates it on their oracle network which is decentralized. IP

The co-inventor of Town Crier, Ariels hopes that ChainLink would be able to stage Town Crier to the next bigger platform. Increment both in production and the quality of production is highly to be expected from this partnership, states Juels. This would also stand as a supporting pillar to data integrity and query confidentiality.

Town Crier is said to be the first of its kinds to put to use Trusted Execution Environments (TEEs). TEEs are meant for securing triggering smart contract network like Ethereum (ETH). A Twitterati’s comment could be taken into consideration who informed:

“OpenLaw recently demoed an employment smart contract that could pay someone hourly in ETH. They demoed it so that it could use Chainlink to call the ETH price hourly so that you could, say, earn $20 an hour in the equivalent ETH.”

Due to the fact that the smart contracts lack trustworthy data sources, oracles have been deciding upon to be improved in such a scenario to boost up the performance.

Town Crier adopts SGX hardware to convey data from reliable sources and makes sure to maintain confidentiality promised to the smart contracts. The CEO of ChainLink Sergey Nazarov stated that:

“We’re thrilled to take over the development of Town Crier and incorporate it into Chainlink’s decentralized oracle network. Working with Ari Juels and everyone at Cornell has been an immense pleasure for our entire team, and we look forward to working together with them and the rest of the academic security research community to create secure smart contracts that can meaningfully react to and affect key events outside of their own network.”

ChainLink is trusted over the years to provide incorruptible inputs and outputs for smart contracts. The criteria for smart contracts to be trustworthy, the inputs and outputs of the smart contracts also demand to be safe at the same time. ChainLink, thus, struggles to dispense with reliable connection with external data. This way, smart contracts are exposed to better and smooth functionality as well.

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