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What is China Link 2? Introducing the new Chainlink 2.0 network

Chainlink 2 is a new white paper from the chainlink network, published by its development team. According to the contents mentioned in this White paperThe China Link network development plan for the next three years has been fully specified. The main focus of this development and progress is also on Hybrid smart contracts Is.

Chainlink is a network that entered the cryptocurrency market in 2017. This network is like a guide or an intermediary that connects the real world and the information in it to the world of blockchains and smart contracts in it. But if you think you need to get detailed and complete information about this network, you can read the article What is Chain Link.

The main goal of Chain Link 2 and its presentation to the cryptocurrency market is summarized in the expansion of oracles in blockchain DeFi spaces and the use of various applications of hybrid smart contracts. In the rest of this article, we will examine the concept and mechanism of the China Link 2 network in more detail.

What is China Link 2?

Chainlink 2 is a new version of the chainlink network, which was published as the new white paper of this network. This white paper summarizes the network’s three-year progress. In general, it can be said that in the new white paper of China Link network, the transformation of decentralized Oracle networks of this platform is described. Also, according to the founder and CEO of China Link network, Sergey Nazarov (Sergy Nazarov), the main factor forming this industry, is the combined or hybrid smart contracts of Chainlink, which are unveiled in this edition.

In order to understand the concept of Chainlink 2, you must first be familiar with the Chainlink platform. Chain link is a kind of network Decentralized oracle is that between blockchain smart contracts and real world data, a communication Bridge Creates. Oracle is also a type of system that is responsible for entering daily data performance (Data feed) into blockchain smart contracts. Since blockchain networks alone do not have the ability to access real-world data, Oracle systems are considered a big revolution in this industry. Therefore, it can be concluded that the Chain Link network is able to run the Oracle system simultaneously on all blockchains with smart contracts.

Hybrid smart contracts and chain link 2

In order to get acquainted with the mechanism of Chain Link 2, it is better to know the concept of hybrid smart contracts. The reason why blockchains have become a secure and large database is the existence of smart contracts. This technology revolutionized the blockchain industry. Because they had the ability to provide secure and immutable codes. But despite all these things, there was a big problem in smart contracts that could not be ignored. This technology was unable to speak the language of ordinary people. But it was precisely at this point that the oracle system came into play and created a bridge between the real world and blockchains.

As you know, the main factor in the development of Chain Link 2 is hybrid smart contracts. In general, simple smart contracts are responsible for tokenizing assets. In other words, a contract is first written for various digital assets, and then the trading of these tokenized assets is controlled by smart contracts. Also, some contracts work based on a process called voting for the private key. Based on this way of working, users can register their vote and opinion by using their private keys and presenting the token.

But hybrid smart contracts are actually a combination of these two methods. Exactly as the name says. According to Nazarov, hybrid smart contracts in Chainlink 2 are defined as a combination of immutable on-chain codes and their functionality in Ethereum smart contracts. Also, in this exciting update, a trusted oracle can access off-chain computing resources and then connect to smart contracts.

Hybrid smart contracts

The future of China Link 2

Nazarov believes that hybrid smart contracts and Oracle networks are the way forward for a bright future in the digital asset industry. Precisely since Chainlink was able to provide decentralized oracle services for the Ethereum decentralized space, it was the starting point for various blockchains to access external information sources. Now China Link 2 aims to reach a new level of Multi-layer architecture (MetaLayer) to implement hybrid smart contracts. Narazov, the founder and CEO of this network, considers this stage of China Link’s development to be the point where all the coordinates of the coordinations take place.

This coordination and planning will be applied to all the extensive activity of all blockchains and off-chain systems. Chainlink 2 and the hybrid smart contracts that run on it have the ability to integrate all the capabilities of simple smart contracts, off-the-shelf computing, and proof-of-data. Nazarov believes that with the implementation of this program and the presentation of the Chain Link 2 version, the value of this network and its exclusive digital currency will increase to a great extent.

Chain link changes 2

If we examine the changes that have been made in Chainlink 2, we will understand the reason for this update. The China Link network team believes that the expansion of decentralized oracles will lead to the development of a new generation of smart contracts. This theory is true to a large extent and its implementation will cause many changes that we will mention below.

Help protect privacy

As you can see, hybrid smart contracts in Chainlink 2 can access off-chain information resources. This is despite the fact that these contracts can establish a high level of security in the network transactions with the help of the second layer of blockchains.

Hybrid smart contracts

Reduce costs

The fact that hybrid smart contracts can maintain the privacy of users in transactions to a large extent and make updates on the network with a higher frequency, alone reduces the cost. The costs of conducting transactions and using decentralized platforms based on Ethereum will be reduced. It is also good to know that OCR system It helps to make China Link data supply more scalable.

Ease of work for chainlink network maintainers

Keepers are people who provide automatic trust capabilities in the network. This feature is used for processes such as reaching the level of liquidity reduction and yield harvesting. Custodians form a part of the network that solves the problem of decentralization. Therefore, with the creation of combined smart contracts of Chain Link 2 and the network becoming more scalable, the work of this sector will also become easier.

VRF provisioning

Hybrid smart contracts in China Link 2 have a system under the title VRF are. This system makes activities such as development and publishing of games, NFTs, and transaction security provided by hybrid smart contracts perform better.

The multi-network nature of China Link 2

The most concise definition that can be given for the Chainlink 2 network is as follows: “The white paper of the Chainlink network by offering hybrid smart contracts.” This sentence alone has many concepts and meanings. Hybrid smart contracts, which are the most important influencing factor in Chainlink 2, will eventually reach advanced decentralized oracle networks. These networks are called DONs in the chain link rules. Also, their main task is to act as an off-chain computing layer and connect to the blockchain in order to maintain safety principles.

Now imagine the point at which hybrid smart contracts manage to connect to an advertising network, payment network, or any other external system and provide the necessary coordination to create cooperation between these systems. This point is exactly where Meta Lear (MetaLayer) means MetaLear allows the network to communicate with more off-chain resources. Also, the possibility of high-frequency updates, saving costs and establishing security for NFTprovides

China Link

As you can see, the Chainlink network enables communication between real world data and blockchains. Now, China Link 2 aims to establish this connection in a smarter way by offering hybrid smart contracts. The implementation of this update and the presentation of this new version of the Chain Link network will cause significant changes in the price of the exclusive digital currency of this network. LINK digital currency will enter a new stage of growth and development after the presentation of the new white paper of the China Link network.

In general, Chainlink 2 aims to bring hybrid smart contract technology into the digital asset industry. This makes it possible to check the reliability of Oracles before publication. Therefore, it can be concluded that Chainlink 2 is definitely one of the successful networks in the field of Oracle and DeFi. It is interesting to know that this network has a 40 times advantage among users and developers compared to its main competitor, the Band network. Now knowing all these things if you plan to buy LINK digital currency Take action, it is better to use a reliable Iranian exchange like Valex exchange.

What is China Link 2? Introducing the new Chainlink 2.0 network for the first time on Wallex blog. appeared.


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