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Friday, January 18, 2019

Chainlink for Smart Contracts

New developments in Smart Contracts.  Addressing some of the difficult issues with the concept of a smart contract.    Good discussion at the link:

Blockchain Smart Contacts Finally Good for Something in the Real World    In MIT Technology Review   By Mike Orcutt

Startup Chainlink has partnered with Cornell University's Initiative for Cryptocurrencies and Contracts to find a reliable way for smart contracts—blockchain-stored computer programs—to connect with real-world events. The concept involves combining smart contracts with real-time "oracle" data feeds so blockchain-based services can interact with events with significantly higher levels of trust. Chainlink's Sergey Nazarov said current oracle services hinder blockchain use because they are centralized and prone to tampering, barring smart contracts' access to real-world data. To overcome this, Chainlink and Cornell developed Town Crier, a "high-trust bridge" between the Ethereum blockchain and HTTPS-enabled online data sources; Town Crier's centerpiece is a program running within an isolated piece of hardware, or secure enclave, that is shielded from attacks while maintaining computation confidentiality. Chainlink's software coordinates decentralized oracle networks harnessing multiple sources of data for smart-contract-based services so that they have no dependence on a single source. ... "  

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