Chainlink expands its services to incorporate decentralized off-chain computation, as the Chainlink Keeper Network was launched during the firm annual event.
Chainlink has launched decentralized off-chain computation, a tool that monitors and automates blockchain smart contract triggers. During Chainlink’s annual event, the Chainlink Keeper Network service was announced.
It will also make it easier for blockchains to use anti-fraud and anti-risk strategies when exchanging data with other blockchains. Furthermore, parties to a smart contract can now define a time for their smart contract to execute.
The Anti-Fraud Network is a network of nodes that runs alongside and independently of the Chainlink cross-chain bridge, which allows one blockchain to communicate data, tokens, and value with others.
The anti-fraud system keeps an eye on the cross-chain protocol and its nodes for any malicious, fraudulent, or hazardous conduct that could result in real financial loss or disrupt the service. DApps can join the network to reassure their users that they are keeping an eye on their services for any signs of fraud.
It has the ability to lock the bridge if any linked node detects dangers of fraud events. It might give an extra layer of confidence to blockchains, allowing them to trade billions of dollars in value without the worry of loss or fraud due to node and data issues.
“Chainlink Keepers is critical for securing user funds and maximizing the decentralization of the Aave protocol. The security provided by the Chainlink Network’s oracle infrastructure has served the Aave protocol well, and now users of the Aave protocol can leverage Chainlink’s off-chain service to participate in the Aave ecosystem as liquidators to secure the Aave protocol and its liquidity pools,” Aave Co-founder Stani Kulechov said yesterday in a press release.
Although it is still in beta testing, the Chainlink Keepers went live on the Ethereum mainnet yesterday as part of a network upgrade. As a result, smart contract authors can now create smart contracts that allow Keeper nodes to inject off-chain computed inputs into on-chain processes.
Smart contract developers will identify the external conditions under which they want the contracts to be triggered, the causes that will trigger the contracts, and how they want the contracts to be activated. The set of rules is then chosen by registered nodes that are paid to conduct these blockchains “upkeeps.”
Aave, Synthetix, PoolTogether, Barnbridge, Bancor, and Alchemix are some of the decentralized finance applications that are using the solution.
Although all Chainlink nodes and data suppliers to oracles linking to blockchains must comply with verification and vetting methods, it could enhance confidence in investing in such blockchain services because it helps ward off nefarious efforts from connected nodes.
Smart contracts do not currently contain a time component, therefore you cannot arrange a contract to run at a specific time. Instead, a contract is performed immediately after the contract’s established criteria are met.
Clients or other actors will be able to establish a time for a smart contract to execute via the Keeper layer. Keepers who register as nodes will then take such instructions and execute them on the blockchain relay, among other things.
Because limit orders on decentralized exchanges and applications include a time factor, the off-chain computing technique can be employed in Decentralized Finance to trigger them.
It can also be used to check for under-collateralized loans in particular debt pools. When a user’s loan is under-collateralized, the solution can be used to activate a liquidation function on a blockchain-based on external or off-chain inputs.
Before being fed to the blockchain via oracles, ChainLink ensures that the data is confirmed as secure and legitimate by reliable Chainlink nodes.
Chainlink allows blockchains to expand their data reach, despite the fact that it is not a perfectly safe approach due to the nature of the inputs to blockchains. Non-blockchain data, such as market data and sports scores, can be fed into the blockchain and used by oracles.
The cross-chain bridge, which allows hundreds of blockchain networks to communicate with one another, has yet to be completed.