- The team at Chainlink has launched the whitepaper to version 2.0 of the project
- The new whitepaper proposes hybrid smart contracts on Chainlink
- The digital asset of LINK has set a new all-time high of $44.1447 – Binance rate
- Chainlink 2.0 might signal a new phase of growth for LINK in the crypto markets
The team at Chainlink (LINK) has released a new whitepaper for the second iteration of its platform that will introduce hybrid smart contracts. Dubbed Chainlink 2.0, the new whitepaper proposes improvements to the network in seven key areas.
- Hybrid smart contracts – that will combine blockchain smart contract application capabilities with off-chain computing resources
- Abstracting away complexity – by providing developers and users with simple functionality
- Scaling – to allow the network to provide high-performance systems
- Confidentiality – providing innate transparency alongside confidential protections for sensitive data
- Order-fairness for transactions – sequencing of transactions that are fair to all users
- Trust minimization – creating a more trustworthy layer of support for smart contracts and other oracle-dependent systems
- Incentive-based security – designing mechanisms to ensure nodes have strong economic incentives
Chainlink 2.0 is a Long-Term, Multi-Year Project
The team at Chainlink went on to explain that the proposed changes will be implemented incrementally over time as explained below.
This whitepaper is a long-term, multi-year view of how Chainlink will evolve.
This ambitious vision for the Chainlink Network will be implemented incrementally with new decentralized services being released in parallel, so we can formally analyze the security impact of this vast array of new oracle functionalities.
We’re confident that Chainlink will enable smart contracts to take the next major leap in their evolution, powered by a hybrid on-chain/off-chain architecture.
LINK Soars to New Heights on News of the Chainlink 2.0 Whitepaper
The price of LINK in the crypto markets experienced a knee-jerk reaction to the launch of the whitepaper to Chainlink 2.0, hitting a new all-time high of $44.1447 – Binance rate.
At the time of writing, LINK has experienced a brief pullback and is trading at $43.50. However, the implementation of Chainlink 2.0 will be a multi-year project hinting that this is the beginning of more gains for LINK in the crypto markets.
Additionally, the bullish momentum injected by Chainlink 2.0 increases the chances of LINK hitting $67 by the end of May