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How Chainlink 2.0 Will Expand The Reach for DeFi and Smart Contracts
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How Chainlink 2.0 Will Expand The Reach for DeFi and Smart Contracts

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Chainlink LINK

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Chainlink the Whitepaper for its second iteration. Chainlink 2.0 has been created to allegedly take the “next steps in the evolution of decentralized oracle networks”.

With one of the most used applications in DeFi, these protocols need oracles to feed them with off-chain information. In the new iteration, Chainlink could go beyond, as the document claims:

We foresee an increasingly expansive role for oracle networks, one in which they complement and enhance existing and new blockchains by providing fast, reliable, and confidentiality-preserving universal connectivity and off-chain computation for smart contracts.

Chainlink 2.0 will be based on a concept called Decentralized Oracle Networks (DON). Maintained by “a committee of Chainlink nodes”, the platform will be able to support an “unlimited” number of functions.

What are Chainlink’s hybrid smart contracts?

The DON will be a layer to deploy smart contract interfaces with the capacity to support off-chain computing resources without the intervention of a third party. The Whitepaper says:

Decentralized Oracle Networks can go on to create a decentralized metalayer that enhance smart contracts with highly scalable, confidential, and secure forms of off-chain computation, in addition to the external data that Chainlink already provides today.

With the above capacities, Chainlink’s team of developers will focus on 7 core areas, as described by the document: Hybrid smart contracts, scaling, confidentiality, trust-minimization, incentive-based security, less complexity, and order fairness for transactions.

Focus on the goal of expanding oracle services beyond a data provider in a current environment with growing demand for oracles, Chainlink 2.0 will enhance its network to:

(…)offer strong trust minimization through a combination of principled cryptoeconomic mechanisms such as staking and carefully conceived guard rails and service-level enforcement on relying main chains.

The new system will be more flexible, per the Whitepaper, cost-efficient for transactions in terms of gas with a new policy for their “fair ordering”. The outline vision in the document seems to aim towards a “new architecture” beyond blockchain technology with DONs taking the center stage:

The flexibility of  DONs will enhance existing  Chainlink services and give rise to many additional smart contract features and applications.  Among these is a seamless connection to a wide variety of off-chain systems, decentralized identity creation from existing data, priority channels to help ensure timely delivery of infrastructure-critical transactions, and confidentiality-preserving DeFi instruments.

Already a strong competitor in DeFi, Chainlink 2.0 seems pegged to cause a commotion with a ripple effect felt across the DeFi sector and for the benefit of the users.

At the time of writing, LINK is trading at $42,84 with a 9.2% profit in the 24-chart. In the weekly and monthly chart, LINK has 37% and 56% gains respectively.

Chainlink LINK
LINK in an upwards momentum in the 24-hour chart. Source: LINKUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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