A Fully Decentralized Oracle Network. Crypto Link Network ICO rating – not rated.
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PRE ICO Dates : 11/07/18 – 03/08/18
About Crypto Link Network ICO (token sale)
We have introduced CryptoLink, a decentralized oracle network for smart contracts to securely interact with resources external to the blockchain. We have outlined the CryptoLink architecture, describing both on and off-chain components. After defining security in the context of oracles, we described ChainLink’s multilayered approach to decentralization. We proposed a novel protocol with new features such as protection against freeloading (with additional protocols and security-proof sketches in the paper appendix). We also laid out a roadmap for how CryptoLink can harness technological and infrastructural advances, such as trusted hardware and digital signing of data by sources. Finally, having examined existing oracle solutions and their shortcomings, we have exposed the need today for a system such as CryptoLink.
Design Principles. As we continue our work on CryptoLink, we will seek to prior-itize the following core values:
- Decentralization for secure and open systems. Decentralization is not only the foundation of the tamperproof properties of blockchains, but the basis of their permissionless nature. By continuing to build decentralized systems, we aim to further enable permissionless development within the ecosystem. We believe that decentralization is a crucial component for a globally thriving ecosystem with long-term sustainability.
- Modularity for simple, flexible system design. We appreciate the philosophy of building small tools which do one thing well. Simple components can be easily reasoned about and thus securely combined into larger systems. We believe that modularity not only enables upgradable systems, but facilitates decentralization. Wherever key pieces of CryptoLink depend on or are managed by too few parties, we will seek to design an ecosystem which allows for competing implementations to be used.
- Open source for secure, extensible systems. CryptoLink is made possible by standing on the shoulders of many open source projects. We value the community and will continue to contribute by developing CryptoLink in an open source manner. We plan to engage continually with developers, academics, and security experts for peer review. We encourage testing, audits, and formal proofs of security, all with the aim of creating a platform whose robustness and security can support future innovations.
With these principles in mind, we look forward to extending the reach and impact of blockchains and smart contracts by making oracles a secure cornerstone of the ecosystem.