October 2, 2022

Chainlink attains major scalability upgrade with launch of Off-Chain Reporting (OCR)

3 min read

CryptoNinjas” Chainlink attains major scalability upgrade with launch of Off-Chain Reporting (OCR)

The team of Chainlink, a leading blockchain oracle platform, today revealed that after over a year of development and various security audits, Chainlink Off-Chain Reporting (OCR) has officially launched on mainnet. This marks a major turning point in the scalability of Chainlink’s decentralized oracle networks.

OCR substantially enhances the performance of how data is computed throughout Chainlink oracles, lowering operating costs by approximately 90% and making it possible for the Chainlink Network to accelerate the development of generally linked clever contracts both in DeFi markets and throughout numerous other markets.

The most immediate advantage to DeFi and its users will be a 10x increase in the quantity of real-world information that can be made available to clever agreement applications.

This large boost in on-chain data will make it possible for further innovation throughout DeFi, decentralized insurance, blockchain-based video gaming, and various other sectors, as wise contract developers utilize recently offered datasets for a wider variety of monetary items and markets.

“While the Chainlink Network has actually currently been quickly increasing the quantity of data it provides on-chain through the consistent rollout of Price Feeds, Proof of Reserve, proven randomness (VRF), and more, OCR’s scalability enhancements will massively speed up that pattern. With OCR, smart contract designers will have greater access to external data throughout a more varied set of properties, real-world occasions, and blockchains, permitting them to service new markets and special use-cases.”
– – The Chainlink Team< img loading ="lazy"class=" size-full wp-image-104072 "src=" https://www.cryptoninjas.net/wp-content/uploads/chainlinkcontractrs.jpg "alt=" "width= "828"height="684" srcset ="https://www.cryptoninjas.net/wp-content/uploads/chainlinkcontractrs.jpg 828w, https://www.cryptoninjas.net/wp-content/uploads/chainlinkcontractrs-399x330.jpg 399w, https://www.cryptoninjas.net/wp-content/uploads/chainlinkcontractrs-300x248.jpg 300w, https://www.cryptoninjas.net/wp-content/uploads/chainlinkcontractrs-768x634.jpg 768w, https://www.cryptoninjas.net/wp-content/uploads/chainlinkcontractrs-750x620.jpg 750w"sizes=" (max-width: 828px )100vw, 828px"/ > Chainlink OCR will even more accelerate the number of wise agreements in the Chainlink environment|SOURCE: chain.link Fringe benefits

of OCR is the third and most current version of the Chainlink Core client run by Chainlink nodes. As such, all Chainlink nodes running in-production will now be running OCR and FluxMonitor clients in parallel to create both scalability and security through redundancy. Multi-client variety guarantees

automatic failover protection in the event of any potential black swan occasion, further enhancing the hyper-reliability of the Chainlink Network at all times. In addition to supplying more data

on-chain through the launch of new oracle networks, OCR brings a range of other notable improvements to the Chainlink Network: Increased decentralization of oracle networks – to create extra precision, availability, and ‘ tamper-proofness’for Chainlink – users. Higher frequency on-chain oracle updates – to ‘provide much more exact and up-to-date data to smart contract applications that may be more sensitive to small –cost motions. Cost-efficient onboarding of new nodes – to additional decentralize participation in oracle services run on the Chainlink Network.

  • Minimized on-chain network blockage –by lessening the load Chainlink oracle networks place on high-demand blockchain networks like Ethereum. Lowered oracle network latency – to ensure information is quickly supplied to smart agreements even during blockchain network congestion and severe marketvolatility. CryptoNinjas “Chainlink accomplishes significant scalability upgrade with launch of Off-Chain Reporting(OCR)