Company
Date Published
Author
Chainlink
Word count
323
Language
English
Hacker News points
None

Summary

Chainlink's decentralized oracle networks serve as more than mere conduits for transferring external data to blockchain smart contracts; they provide a diverse array of off-chain computational services that significantly enhance blockchain functionality. Beyond its well-known Data Feeds for DeFi smart contracts, Chainlink's offerings include VRF, which supplies verifiable randomness for NFTs, and customizable external adapters. This extensive service suite supports a broad spectrum of smart contract applications across various blockchains and layer-2 networks, from decentralized finance to blockchain gaming. Co-founder Sergey Nazarov highlighted at the 2021 ETHDenver Hackathon that Chainlink's oracle networks extend blockchain capabilities by offering tools and services that address the limitations of blockchains, which while secure and reliable, are not feature-rich. This shift towards decentralized services is gaining traction as trust in centralized systems wanes, with more people seeking to avoid long-term reliance on traditional institutions.