Posted on

Chainlink (LINK) Acquires Town Crier To Ensure Trustworthiness

52 Views
2 Total shares
Town Crier help Chainlink to feed authenticated data to smart contracts.

Chainlink (LINK) has completed the acquisition of Town Crier. Built by an initiative including Cornell Tech and Cornell University, Town Crier is a leading hardware-based Oracle system. Chainlink will now oversee all the development of the platform going forward.

Chainlink (LINK) / Town Crier Integration

Following the acquisition, Chainlink intends to integrate Town Crier into its decentralized Oracle network. A merger of the two should result in a reliable platform for developing smart contracts with all the necessary external inputs.

Chainlink casts itself as a decentralized Oracle network, focused on making it possible for smart contracts to access off-chain data feeds securely. The blockchain project is well-known for providing secure and reliable oracles to enterprises as well as leading smart contract developing firms.

Town Crier, on the other hand, bills itself as an authenticated data feed for smart contracts. It came into being as a project of students at the Initiative for Cryptocurrencies and Contracts IC3.

Chainlink is the perfect partner to take Town Crier to another level according to former Chief Scientist at RSA, Ari Juels. The co-inventor expects Chainlink to come up with a new draft of features that will improve the usability of the platform.

Working with Ari Juels and everyone at Cornell has been an immense pleasure for our entire team. We look forward to working together with them and the rest of the academic security research community to create secure smart contracts that can meaningfully react to and affect key events outside of their own network,” said Sergey Nazarov, CEO of Chainlink.

Enhancing Smart Contract Usability

Likewise, Juels expects Chainlink-Town Crier integration to help solve a number of issues related to smart contract connectivity. The integration should also help build data integrity and confidentiality. Town Crier has made a name for itself for successfully using trusted execution environments to trigger smart contracts.

A good number of smart contract systems in use now come devoid of trustworthy sources of data. This is in part because oracles in use only provide weak provenance. Town Crier is changing all this in a unique way. Its system leverages trusted hardware to give guarantees that data in distribution comes from trustworthy sources.

Town Crier trusted data feed also makes it possible for smart contracts to manage and support confidential queries. Chainlink, on the other hand, brings to the table reliable inputs and outputs for smart contracts on blockchain.

Risk Disclosure

This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.

Join our Telegram Group To Stay Up To Date With Crypto News

 

Daily updates








LATEST CRYPTOCURRENCY NEWS FROM CRYPTOBLOCKWIRE

We are your go-to news source for everything cryptocurrency and blockchain in the U.S. and internationally.

CryptoBlockWire is your home for the latest cryptocurrency and blockchain news. It’s our job to provide you with access to the latest breaking news regarding Bitcoin, altcoins, and blockchain technology. There is nothing more exciting than being at the forefront of the cryptocurrency movement and financial consumer technology. CBW’s extremely knowledgeable writing staff use their experience and enthusiasm to publish the most current, accurate, and helpful stories in the entire crypto-sphere.