Chainlink Largest Update As Link Launched An Off-Network Data Aggregator To Increase Network Speed

Chainlink developers have launched an off-network data aggregator. The largest update since launch, thanks to which the network speed will increase up to ten times.

According to an article on the project’s blog, the Chainlink team deployed an Off-Chain Reporting (OCR) update to the main network, the largest update since launching on Ethereum in 2019. Previously, data was aggregated within the network, which increased the costs of node operators. Chainlink co-founder Sergey Nazarov said that due to the growing load on the network, there were problems with the availability of data.

The blog post says:

OCR is the third and latest version of the Chainlink Core client run by Chainlink nodes. The most immediate benefit for DeFi and its users will be a 10-Time increase in the amount of real-world data that can be accessed by smart contract applications.

The update, which has already been rolled out for the ETH/USD and LINK/USD price channels, combines data from different nodes in the Chainlink network. Each node disconnects from the data source before passing the information to the contract within the network. This data is then distributed to smart application contracts, such as in the DeFi industry.

The original versions of Chainlink aggregated data on the network. This was done internally because we knew we could rely on the network’s consensus, “ Nazarov said. However, in-chain aggregation is becoming increasingly inefficient as consumer demand increases the data needs of applications.

According to the developers of Chainlink, the update will reduce the gas consumption of data providers in the Ethereum network. According to Blockchain, at the beginning of the week, the average cost of sending a transaction exceeded $40, and now this figure has fallen to $17.

According to Nazarov, the update will not only reduce the load on the Ethereum network but also OCR takes the calculations that we did in the chain and transfers them to an off-chain environment. This gives us a 10-time increase in efficiency — we can put a lot more data on the network. He said.

Recall that in December, Polkadot and Chainlink formed an alliance to develop the decentralized finance industry, and in February, the Kraken exchange announced plans to launch a Chainlink node to provide prices to DeFi users.

Originally published at https://thecryptobasic.com on February 26, 2021.

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Chainlink Largest Update As Link Launched An Off-Network Data Aggregator To Increase Network Speed was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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