Chainlink introduces Off-Chain reporting to improve interoperability

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Chainlink and its oracles have carved a niche in [DeFi] Decentralized Finance. With the interest it has generated among users, Chainlink has announced that the Off-Chain data aggregation is now coming to its network. According to Chainlink’s official statement, the introduction of Off-Chain Reporting [OCR] marked a significant milestone in the scalability of Chainlink’s decentralized oracle networks.

It added:

“OCR significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90% and enabling the Chainlink Network to accelerate the development of universally connected smart contracts both in DeFi markets and across various other industries.”

With the success of Chainlink oracles in the decentralized world, many would be delighted to see this function go live. DeFi and its users are the immediate beneficiaries of OCR, since it will increase the amount of real-world data by 10x and can be made available for smart contract applications.

OCR is the latest version of the Chainlink Core client run by Chainlink nodes and will enable all Chainlink nodes to run OCR. It has already been used for ETH/USD and LINK/USD price feeds.

According to the team, each node logs on to its data source before committing the details to an on-chain contract that will be forwarded to subscribing applications such as DeFi apps. It will also help to reduce the gas consumption of the supplier by means of average transactions on the Ethereum network. Ethereum’s gas charges have already reached an all-time high, and network congestion has been a concern.

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These problems on the ETH network have intensified as the DeFi market saw a boom in 2020, so we can expect another wave of DeFi app adoptions caused by low fees.

Although helping with network congestion and gas costs, the latest update will also ensure that data on smart contracts is delivered easily, even in times of high uncertainty and increased clogging on the Ethereum network.

Meanwhile, the native token of Chainlink, Connection has witnessed a powerful correction over the past week. The digital asset peaked close to $37, after which it fell by 46% to $20 in three days. Since then, the digital asset has made a modest rebound, closing at $28.31, with the market looking positive at the time of writing.

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