May 30 marks the third anniversary of Chainlink’s launch on the Ethereum mainnet. Since the mainnet launch, Chainlink has grown into an indispensable oracle infrastructure in the Web3 world with the help of developers, researchers, contributors, data providers, node operators, and community members around the world.
Chainlink was released on May 30, 2019, when we only had three oracle nodes transmitting an ETH/USD price feed. In the three years since then, Chainlink has continued to grow, developing nearly a thousand independent decentralized oracle networks, covering 12 blockchains and layer 2 networks, and securing tens of billions of dollars in value for smart contracts .
Blockchain oracles have evolved significantly since the launch of Chainlink. Chainlink is regarded by many as the “invisible pillar” of the DeFi industry. In addition to price oracles, Chainlink has expanded into a series of trust-minimizing services to power the innovation and application of smart contracts.
Providing the Key Oracle Pillars for Web3: From Data to Compute
Solve the oracle problem
Chainlink mainly focuses on solving the blockchain oracle problem and realizing the huge potential of smart contracts. The solution to this problem is to securely connect the on-chain environment with the off-chain world. The mainstream verticals in the Web3 world, such as DeFi, NFTs, and parametric insurance, cannot truly develop without reliable access to various off-chain data such as market data, sports data, and weather data. And this needs to be achieved through a reliable oracle solution.
To understand the significance of Chainlink oracles to Web3, it comes down to understanding the fundamental differences between on-chain and off-chain, and how hybrid smart contracts can connect these two worlds in innovative ways.
Provide innovative trust minimization services
Chainlink has cutting-edge oracle technology that expands the capabilities of oracles to not only reliably transmit data, but also perform off-chain computations securely. Chainlink provides a series of trust minimization services including verifiable random numbers and transaction automation to help developers build more secure, cost-effective and fully functional applications, such as dynamic NFTs, P2E games (play-to-earn) , Yield farming protocol, stablecoin and DAO.
Network and Ecological Milestones
After three years of unremitting efforts, Chainlink has reached many milestones, here are some of the standout achievements that best represent Chainlink’s influence on Web3:
- Chainlink, the enabling DeFi application, was named by Bank of America as a key driver of DeFi lock-up growth, driving numerous markets and top protocols in the DeFi economy, including Aave, Compound, dYdX, Frax, Liquity, and Synthetix. Please read “How Chainlink Price Feeds Ensure DeFi Ecological Security”.
- Provides multi-chain support Chainlink oracles are compatible with any blockchain and are natively integrated into more than 12 blockchains and layer 2 networks, including Arbitrum, Avalanche, BNB Chain, Ethereum, Fantom, Gnosis Chain, Harmony, Heco , Moonriver, Moonbeam, Optimism, Polygon and Starkware.
- On-chain transmission of innovative data sets Chainlink oracles can not only transmit various encrypted asset price feeds, but also securely transmit data such as commodities, foreign exchange rates, indices, weather data, sports data, election results, and flight information.
- Off -chain computing Chainlink enables secure off-chain computing for smart contracts, including generating tamper-proof and verifiable random numbers through Chainlink VRF; improving efficiency through the OCR (off-chain reporting) protocol; and decentralizing through Chainlink Keepers way to reliably automate.
- Recruiting more developers Chainlink has organized various activities in the ecosystem, including SmartCon, hackathon, novice training camp, community incentive program and Startup with Chainlink program, which quickly attracted many Web3 developers and made the community grow. And it has also helped many startup projects go from prototype development all the way to mainnet launch.
- Integrating more than 1,320 projects Chainlink ecological members include not only top projects in the DeFi industry, but also leading global companies that want to participate in the smart contract economy, such as AccuWeather, Amazon Web Services, Google Cloud, Swisscom, Associated Press, and T-Systems.
- Carrying out smart contract research and innovation Chainlink has been unremittingly carrying out Web3 research and development work, such as releasing the OCR protocol to improve the cost-effectiveness of data aggregation; proposing a superlinear staking model in the “Chainlink 2.0 White Paper”; and planning to release CCIP , to ensure the security of cross-chain message transmission.
- Achieving Positive Social Impact Through Hybrid Smart Contracts Chainlink empowers various social welfare projects, including Lemonade Foundation, Arbol, ACRE Africa, Etherisc, dClimate, and HealthTrends.AI, etc., and is committed to promoting blockchain innovation for the benefit of all social benefit.
Thanks to our community
Chainlink has always adhered to one goal, which is to provide users with the most secure oracle service, stimulate the potential of DeFi applications, and make smart contracts mainstream in various industries around the world. With this long-term vision, Chainlink focused on meeting market demands, constantly testing its capabilities in practice, and ultimately successfully setting the industry standard for oracle infrastructure.
The reason why Chainlink can achieve such a market position is inseparable from the efforts and dedication of the community members. This includes developers contributing code to the Chainlink open source codebase, node operators escorting the operation of the Chainlink network, dApp teams integrating Chainlink services and providing feedback, developers innovating Chainlink application scenarios in smart contracts, and Publicity ambassadors promoting crypto facts outside the community.
We sincerely thank you all for your tireless efforts and enthusiastic support.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/3rd-anniversary-of-chainlink-mainnet-launch/
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