Company
Date Published
Author
Chainlink
Word count
71
Language
Chinese
Hacker News points
None

Summary

The prevalence of smart contracts, particularly on platforms like Ethereum, is hindered by the "oracle problem," which arises because blockchains cannot autonomously access or transmit off-chain data. This limitation necessitates oracles, which serve as intermediaries connecting blockchain with external systems, providing essential data for smart contracts in areas like finance and insurance. However, centralized oracles pose significant risks, including potential manipulation and single points of failure, which compromise the decentralized nature of blockchain. Chainlink, a decentralized oracle network, offers a solution by ensuring high security and reliability through various features such as open-source technology, decentralized node operation, encrypted data signing, and a reputation system. These features enable Chainlink to securely and efficiently connect smart contracts to off-chain data, supporting the automation and reliability of data-driven applications on blockchain networks.