Chainlink acquired Town Crier in order to securely provide smart contracts with the key external inputs they need to function. Chainlink is a network provider that works with smart contracts. It works specifically with tamper-proof inputs and outputs. Town Crier is a working approach for trusted execution environment-based smart contracts. The information was released by a few days ago.
ChainLink Ready to Provide Secure Smart Contract Networks
With the latest acquisition, ChainLink will be overseeing how Town Crier implements new technology. Additionally, it will also control how the company integrates it on their decentralized oracle network. This would allow for the creation of smart contracts with the external inputs that they require in order to work.
Ari Juels, co-inventor of Town Crier, said that Chainlink will bring Town Crier to the next stage of development. For him, this leadership will increase the production and quality of the new products released. He has also added that the integration between these to firms will allow solving a vital problem related to smart contract connectivity. It will bolster data integrity and query confidentiality.
Furthermore, Town Crier is one of the first systems to use trusted execution environments (TEEs). These TEEs securely trigger smart contracts on a smart contract network such as Ethereum. Nowadays, smart contract systems do not have trustworthy sources of data. Oracles could be improved and work in a better way than what they do now.
Town Crier has a system that uses Intel SGX hardware and provides data from trustworthy sources. It also enhances confidentiality to the smart contracts.
Sergey Nazarov, CEO of Chainlink, commented:
“We’re thrilled to take over the development of Town Crier and incorporate it into Chainlink’s decentralized oracle network. Working with Ari Juels and everyone at Cornell has been an immense pleasure for our entire team, and 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.”
Chainlink is able to provide reliable inputs and outputs for smart contracts. However, if smart contracts want to be reliable, the inputs and outputs used by smart contracts need to be secure as well. This is why Chainlink works so as to provide a reliable connection with external data. Smart contracts will then be able to operate in a much better and reliable way.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.