Hello and welcome to this blog post about Chainlink White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Chainlink white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Chainlink.
I can ensue you that, you will be able to understand every bits and pieces related to Chainlink after going through the Chainlink white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Chainlink White Paper
Chainlink white paper will be going to provide you, all the information that is needed to get started with Chainlink, including the inspiration for creating, the problem it is trying to solve and the solution proposed by Chainlink.
“ Smart contracts are poised to revolutionize many industries by replacing the need for both traditional legal agreements and centrally automated digital agreements.
Both performance verification and execution rely on manual actions from one of the contracting parties, or an automated system that programmatically retrieves and updates relevant changes.
Unfortunately, because of their underlying consensus protocols, the blockchains on which smart contracts run cannot support native communication with external systems.
Today, the solution to this problem is to introduce a new functionality, called an oracle, that provides connectivity to the outside world. Existing oracles are centralized services.
Any smart contract using such services has a single point of failure, making it no more secure than a traditional, centrally run digital agreement.
In this paper we present ChainLink, a decentralized oracle network. We describe the on-chain components that ChainLink provides for contracts to gain external connectivity, and the software powering the nodes of the network.
We present both a simple on-chain contract data aggregation system, and a more efficient off-chain consensus mechanism.
We also describe supporting reputation and security monitoring services for ChainLink that help users make informed provider selections and achieve robust service even under aggressively adversarial conditions.
Finally, we characterize the properties of an ideal oracle as guidance for our security strategy, and lay out possible future improvements, including richly featured oracle programming, data-source infrastructure modifications, and confidential smart-contract execution.“
White Paper Link: Chainlink Whitepaper
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