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.
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