Elrond to Use Chainlink — A Decentralized Oracle Network
The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Chainlink’s decentralized oracle network offers the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, Chainlink eliminates any one point of failure, and maintains the overall value of a smart contract that is highly secure, reliable, and trustworthy.
Elrond is the first blockchain architecture to integrate smart contracts on a state sharded architecture through an asynchronous and secure scheme. This means any user can call any smart contract, independent of which shard the smart contract and the users account resides. Furthermore, there is no need for atomic locking, yanking or close synchronisation between different shards.
Adding on this, Elrond aims to integrate Chainlink in order to amplify the utility and functionality of its smart contracts by enabling them to securely interact with real-world data feeds. By providing developers with more flexible and sophisticated tools to build on, we aim to take smart contracts to the next level, and transform them into the defacto choice of digital contracts.
Beniamin Mincu — “Through Elrond we have built a highly scalable, secure and efficient blockchain architecture which brings a 1000x improvement in throughput and execution speed. In addition to this, we have also built a new Meta VM providing both security and flexibility to our smart contract developers. By integrating Chainlink, we extend this vision, enabling developers to access real-world data securely and efficiently.”
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Elrond can process and respond with low latency even if there are thousands of applications running on the protocol. Through state-of-the-art optimization techniques, the load is balanced on the shards, and multiple SCs are running on parallel. Further improving horizontal scalability.
Elrond is built by a team of experienced entrepreneurs along with 13 engineers and researchers with significant blockchain backgrounds and technical experience at Microsoft, Google, Intel, and NTT DATA. The team includes two PhDs in CS & AI, multiple math, CS, and AI Olympiad champions, and a former member of the NEM core team. For more information, visit: https://elrond.com
Chainlink enables smart contracts to reach their full potential. Smart contracts need to interface with the data feeds, events and widely accepted payment methods that centralized digital agreements already rely on to provide value. By providing the building blocks needed by complex smart contracts in the form of critical inputs and key outputs, Chainlink enables the next generation of smart contracts, which will step beyond tokenization, to become the dominant form of digital agreement.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Elrond, view official announcement.