Yesterday Chainlink announced the launch of much-awaited Off-Chain Reporting (OCR).
Chainlink announced that after over a year of development and security audits, the Off-Chain Reporting (OCR) is finally launched on the main net.
The official launch of Off-Chain Reporting (OCR) is a major milestone in the scalability of the network’s decentralized oracle networks.
According to Chainlink the upgrade in the network holds the capacity to decrease the operating cost up to 90%. OCR will also enable the network to expedite the development of globally-connected smart contracts, not just in DeFi markets but also in other industries as well.
They particularly highlighted the potential increase of real-world data, owing to OCR, that will be available in smart contract applications:
“The most immediate benefit to DeFi and its users will be a 10x increase in the amount of real-world data that can be made available to smart contract applications.”
The increased availability of real-world data, in the smart contract applications; to the developers, will kindle a new stream of innovations in numerous sectors including Defi, Blockchain-based games, and decentralized insurance.
Chainlink asserted that it already has been rapidly increasing real-world data availability through means like VRF, and the continued rollout of Price Feeds; OCR will further uphold that trend.
“With OCR, smart contract developers will have greater access to external data across a more diverse set of assets, real-world events, and blockchains, allowing them to service new industries and unique use cases.”
The network further noted that the Off-Chain Reporting (OCR) is version three of the network’s core client run by its nodes. Further, Chainlink added that the Chainlink nodes operating in-production will now be operating parallel, to generate scalability and security, on the OCR and FluxMonitor clients.
It stated that the multi-client diversity will secure the network from “any potential black swan event” automatically, as it will be increasing the network’s hyper-reliability at all times.
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