chain link white paper

They define private regions of memory, called enclaves, whose contents are protected and unable to be read nor saved by any process outside the enclave itself.

The Chainlink whitepaper explains what it sees as the most promising capability of SGX:

First, enclaves protect the integrity of the application, meaning its data, code, and control flow, against subversion by other processes. Second, an enclave protects the confidentiality of an application, meaning that its data, code,and execution state are opaque to other processes

Chainlink White Paper

The standardization part is felt throughout each Chanlink component.

The developers at CERN decided on the “catchy name” World Wide Web before anyone outside of CERNwas even using the system. [Cailliau] This name immediately brings to mind not only a global picture but one based on broad networks of interconnected elements. Gopher, on the other hand, was named after the University of Minnesota’s mascot. Its name was an instant reminder of Gopher’s local institutional origins.


It was also often attributed to the protocols ability to allow users to burrow down into the informational hierarchy (as gophers burrow down into the earth) and the colloquial label of gopher for someone whose duty it is to go get things for his or her boss (“go fer this, go fer that”).

Why the Web beat Gopher in the Battle for Protocol Mind Share Christopher Lee

Even Chainlink’s name rings familiar here.

All feeds published on docs.chain.link are monitored and maintained to the same levels and standards. Each feed goes through a rigorous assessment process when implemented. The assessment criteria can change depending on the product type of feed being deployed.

Feeds do though evolve over time and we regularly monitor their market fundamentals and will proactively communicate any upcoming changes or issues we identify with a feed, these categories are designed to act as a mechanism in order to assist in accomplishing that task.

Data feeds are grouped into the following categories:

🟢 Verified 🟡 Monitored 🔵 Custom ⚫ Specialized ⭕ Deprecating

For more information on these categories, see the Selecting Quality Data Feeds page.

The smart contract ecosystem is constantly evolving.

Take the example of a standard representation from a party that it is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation. This is not a statement of conditional logic, and so would not be susceptible to pure Boolean logic. It is a representation of a legal state. But if there were a sufficiently developed ontology for legal contracts, it would be possible to conceive of a world where a computer could understand what is meant by the terms ‘party’, ‘duly organised’, ‘validly existing’, ‘jurisdiction’ and ‘organisation and incorporation’, and could check automatically with relevant company registries whether this representation is correct at the time it is given.

ISDA

Since machine learning has made great progress writing convincing essays and poetry, it’s not unreasonable to think it may be applied to law in the future.


As a result, Data Feeds within the Chainlink ecosystem are continuously evaluated for their usage and economic viability across all the blockchains and layer-2 networks they are deployed on.

Data Feeds without publicly known active users may be scheduled for deprecation. Doing so not only helps preserve blockchains as public goods by optimizing blockspace usage, but it helps reduce unnecessary costs incurred by Chainlink node operators. This process is part of a broader ecosystem shift towards Chainlink Economics 2.0, designed to maximize the adoption of the Chainlink protocol while optimizing for cost-efficiency and long-term economic sustainability.


Such integration on a smartcontract network could prove a powerful tool in reducing the cost of litigation.

The second piece to the puzzle mentioned by Szabo, “(b) specifying the negotiating rules” could be solved at least in part, by a growing library of legal templates such as those offered by Openlaw and the Accord Project. These allow for reliable contracts to be deployed easily and with recommended and customizable parameters.

The Chainlink whitepaper also mentions an optional “escape hatch” to be used by authorized contract administrators in the event of an unforeseen bug or vulnerability. Again, these can be set up in a number of ways at the discretion of the smart contract users.

An oracle is, a translator for information provided by an outside platform.
Oracles provide the necessary data to trigger smart contracts.

What is ChainLink? ChainLink is blockchain middleware that allows smart contracts to access key off-chain resources like data feeds, various web APIs, and traditional bank account payments.

By providing smart contracts secure access to these key resources, ChainLink allows them to mimic real world agreements that require external proof of performance and need to make payment in widely available payment methods e.g. bank payments.

Abstract Smart contracts are poised to revolutionize many industries by replacing the need for both traditional legal agreements and centrally automated digital agreements. Both performance verification and execution rely on manual actions from one of the contracting parties, or an automated system that programmatically retrieves and updates relevant changes.

Since then, blockchain has come to provide an immutable, trust-less record where inputs can assemble and outputs be retrieved from. His fully-fledged vision goes much further than that—to a world where countless middlemen in our economy are freed from their dull and monotonous responsibilities. As predicted 22 years later, topics considered in The God Protocol have re-arisen with the advent of blockchain, smart-contract, and secure enclave technology.

However, protocol sluggishness and lack of scalability in Szabo’s time remain problems with today’s blockchain:

The first is that this virtual computer is very slow: in some cases, one arithmetic calculation per network message.

The God Protocols

Chainlink has come to address this issue, allowing for computation off-chain while still retaining much of the integrity blockchain provides.

In principle, any contract which can be negotiated through a trusted third party (such as an auction or exchange) can be negotiated directly. So, in some abstract sense, the only remaining “hard” problems in smart contract negotiations are (a) problems considered hard even with a trusted intermediary (for the standard economic reasons), and (b) the task of algorithmically specifying the negotiating rules and output contract terms (This includes cases where an intermediary adds knowledge unavailable to the participants, such as a lawyer giving advice on how to draft a contract). In practice, many problems which can be solved in principle with multiparty computation will re-arise when we implement protocols in an efficient, practical manner.
The God Protocols give us a target to shoot for.The God Protocols

Back in 1997, Nick Szabo published his vision of the God protocol.

They will keep track of available nodes in the network. Open sourced external adapters are expected to be created for customized processing just like a modern browser extension. This can offload costly on-chain computing while retaining integrity with secure enclave technology.

If you view all blockchains as the base layer protocol, then Chainlink not only connects vertically to API’s, but also horizontally to other blockchains.

Another nuanced advantage to Chainlink is its structure as a marketplace.
Service level agreements are organized based on requirements. Node operators can compete based on specialization, response time, reputation, etc. In a sense, Chainlink is merely a meeting place for data providers, smart contract programmers, and clients.

Or, where “human trusted third parties provide insight or knowledge that cannot be provided by a computer.” In contrast with operationalclauses, these situations are classified as “Non-operational” according to the International Swaps and Derivatives Association:

Operational clauses generally embed some form of conditional logic – ie, that upon the occurrence of a specified event, or at a specified time, a deterministic action is required.

Non-operationalclauses do not embed such conditional logic but that, in some respect, relate to the wider legal relationship between the parties.

ISDA

One example of a non-operational clause is when a party to a contract is required to act in “good faith” or use “reasonable care”. These terms have legal meaning, but are clearly not boolean.

Chainlink stijgt met 20% en bereikt record na publiceren van nieuw whitepaper

Chainlink heeft vandaag een nieuw whitepaper gepubliceerd met ambitieuze plannen. Daar lijkt LINK direct op te reageren, de crypto bereikt een recordwaarde van meer dan 36 euro! Wat staat er in het nieuwe whitepaper?

Volgens Chainlink-oprichter Sergey Nazarov gaat het in ieder geval om een “grote stap voorwaarts” in de evolutie van de hybride slimme contracten.

“Hybride smart contracts gaan over het combineren van blockchain smart contracts, en het bewijs en data en berekeningen van de wereld buiten de blockchain,” vertelt Nazarov in een interview met Decrypt. “Dit is een grote sprong voorwaarts omdat het herdefinieert wat mensen kunnen bouwen.”

Terwijl de bitcoin koers daalt, laat Chainlink een mooie stijging zien.

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