Lukas Wiesflecker

Chainlink’s latest update (LINK) is said to increase Oracle’s performance tenfold in favor of DeFi.

Chainlink has unveiled its latest off-chain reporting (OCR) upgrade, the biggest overhaul to the network since it went live on Ethereum in 2019. Previously, data was aggregated on the Chain itself, leading to inefficiencies in data availability in the face of increasing congestion on the Chain. The related blog post states:

OCR is the third and latest version of the Chainlink Core client running from Chainlink nodes. The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available for smart contract applications.

Chainlink OCR scales oracle networks by aggregating data off-chain and transmitting only a single transaction on-chain.

Data aggregation through the new update. Source: Chainlink Blog

OCR was co-developed by the academic staff of Chainlink Labs, led by Cornell computer scientist Ari Juels, former IBM research chief Christian Cachin and former BitGo CTO Ben Chan.

The new update, which has already been deployed for the ETH/USD and LINK/USD price feeds, aggregates data from multiple reporters on the Chainlink network. Each node signs off on its data source before transmitting the information to the on-chain contract, shared with participating applications, such as decentralized finance apps (DeFi).

According to Chainlink, the update will also lower the data provider’s gas consumption per average transaction on the Ethereum network. This is a boon for DeFi apps that use Chainlink, as each call costs fractions of Ether, called Gwei.

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Read Also:   Bitcoin Now Targeting $95,000 by Middle of April, According to Analyst Preston Pysh

Chainlink update that promises huge advantage for DeFi | by Lukas Wiesflecker | The Capital | Feb, 2021

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