🚨#SmartCon22 Day 1 Recap🚨
The long awaited smartcon hosted by @chainlink has kicked off this weekend in NYC. Major announcements from @SergeyNazarov confirming major news and road map for the 🔗 LINK ecosystem🌳.
@chainlink goal is the Restoration of Trust in Everything via Cryptographic Guarantees. Sergey goes on to talk about how we have lost trust in the centralized way of sharing information. User data is manipulated for profit and central authority agenda.
Verifiable Randomness: Provably Fair Gaming and NFTS. VRF is a cryptographic function that takes inputs, computes them, and produces a random output, along with a proof of authenticity that can be verified by anyone. For games this can create random loot, maps, challenges, etc.
DECO & Private Digital Identity. DECO is a privacy-preserving oracle protocol. Using cryptographic techniques, it lets users prove facts about their web (TLS) sessions to oracles while hiding privacy-sensitive data.
The problem with such transparency on the blockchain is that it is not suitable for sensitive data. Deco creates private digital identity by keeping data private off chain, proving state of data on chain with private/public computations.
Cross-Chain Interoperability Protocol for Cross-Chain Apps
CCIP will do for blockchain what TCP/IP did for the internet. I will let @SergeyNazarov explain this one.
Economics 2.0. A master plan to generate more revenue, reduce cost, and staking. Overall is a huge success for LINK, but also expand the growth of DApps and their capabilities.
To generate more revenue the Build program was created. It enables top DeFi protocols to launch using @chainlink. With the Build program early blockchain projects can gain access to 🔗 services by allocating a 3-5% of the projects token supply to pay for Chain Link services.
Over time this payment method will change to revenue sharing. Projects share part of their revenue to continue paying for 🔗 services. This benefits @chainlink long term as it help generates more revenue and gives cross chain data access to improve DApps services.
SCALE program or Sustainable Chainlink Access for Layer 1/2 Enablement is in beta stage. SCALE goal is to grow decentralized application ecosystems in the Layer 1 and 2 space by helping with access and cost barriers to oracle services and configurations. By lowering expenses
Chains can reduce the cost of providing an oracle network down by 50%-99%+ making providing oracle networks low cost. This leades to increase in data/services which has a clear correlation with increasing DApps on that chain.
Last but not least 🚨 Staking 🚨. IMPORTANT you can check this Monday if you qualify for early staking with listed nodes! The official release of staking is in December 2022. Staking has been highly anticipated and the final step to the Economics 2.0 plan.
Trying to find URL to check for early staking. Will add later or if someone can comment
If you have read 👓 the thread🧵 please like, RT, and Comment‼️Much love❤️ and #LINK army sometimes we are all just a person with a shirt talking in a room. Enjoy 🥂
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