Bankless SotN #45 - Chainlink 2.0 with Chainlink God
May 5, 2021
In this engaging discussion, Chainlink God, a leading authority in the Chainlink community, dives deep into the groundbreaking updates of Chainlink 2.0 and the transformative power of decentralized oracles in DeFi. He highlights the limitations of Uniswap’s oracles and explains how Chainlink enhances data accuracy and security. The conversation also covers the economic model behind Chainlink and its blockchain agnosticism, showcasing its future vision with hybrid smart contracts. Furthermore, the evolving dynamics of the Chainlink community and its impact on crypto innovation are explored.
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Oracles Explained
- Blockchains struggle to connect with external data like prices or weather.
- Oracles act as a bridge, delivering this data on-chain for smart contracts.
Limitations of On-Chain Oracles
- Uniswap oracles only provide token prices, not other real-world data.
- TWAPs become inaccurate during high volatility, unlike Chainlink's approach.
Importance of Decentralization
- Decentralized oracles prevent manipulation of high-value smart contracts.
- They ensure data accuracy and tamper resistance for the entire system.