Chainlink Data Streams is now in early access on Arbitrum. Chainlink also announced new decentralized computing capabilities on the mainnet with Functions Beta and Automation 2.0. Thus, the altcoin project expands decentralized computing. Developers designed these products to increase efficiency and reduce cost for users.
Chainlink launches ‘Data Streams’ on Arbitrum
cryptokoin.com As we reported, a new move came from Blockchain data oracle provider Chainlink. The altcoin has launched “Data Streams”, a new product designed to reduce network latency. The company announced in a press release on Monday that it opened the product to early access on its layer-2 platform Arbitrum. Chainlink Data Streams combines low-latency market data and automated execution “to unlock the next generation of ultra-fast and user-friendly derivatives products,” according to the company. Low latency market data refers to financial market data delivered without delay.
What does cooperation between altcoin projects bring?
The press release stated that the product uses a “pull-based” data oracle solution where “high-frequency market data is continuously made available off-chain.” Oracle reports are generated per block. It is possible for users to receive them off-chain. Additionally, they have the opportunity to verify via on-chain transactions. This is different from the push-based solution, where oracles proactively feed data to smart contracts at various time intervals.
Using a pull-based system reduces the latency of updates (the time it takes for a data packet to travel from one point to another). Because messages need to be propagated across nodes. This often causes delays in finalizing and synchronizing transactions. So it is a common problem affecting distributed networks for altcoin projects. Chainlink co-founder Sergey Nazarov said the following in his statement on the subject:
Data Streams not only enables DeFi (decentralized finance) protocols to support execution speeds and a user experience that rivals centralized exchanges, but it does so without compromising the core Web3 value of fair, transparent, and decentralized infrastructure.
Functions Beta and Automation 2.0 move from Chainlink
Also on Monday, the altcoin project announced Functions Beta and Automation 2.0 on mainnet. These are new decentralized computing capabilities. Chainlink Functions will allow developers to connect decentralized applications to any application programming interface (API), a middleware that handles data transfers between systems. Chainlink Functions allows high-value work to be automated at one-tenth the cost, Chainlink said in the press release. Thus, he stated that he saved up to 90% on gas costs. Meanwhile, Chainlink Labs is the primary developer contributing to Chainlink. Kemal El Moujahid, chief product officer of Chainlink Labs, made a statement on the subject. Moujahid underlined the following points:
With all these new updates, we are creating a standard for how all developers can connect heterogeneous Web3 components to any existing system they can think of, move data and value seamlessly across the multi-chain ecosystem, and create new verifiable applications.
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