Chainlink today declared that it has procured Town Crier, a functioning strategy for trusted execution environment (TEE) based smart contracts created by the Initiative for Cryptocurrencies & Contracts (IC3). This contains faculty from Cornell Tech and Cornell University. Chainlink will manage all future advancement of the technology.
The merger of Chainlink and Town Crier, which is recognized as the premier decentralized system for providing smart contracts with external data and a leading hardware-based oracle system respectively, has established them as a technical frontrunner in securely supplying smart contracts with essential outside inputs. According to Ari Juels, who is the co-inventor of Town Crier and formerly Chief Scientist at RSA, current IC3 Co-Director, and Jacobs Technion-Cornell Institute professor, ‘Chainlink is the most suitable team to take up the challenge and progress Town Crier into its subsequent stage of growth.’
I am sure that Chainlink’s management will lead to excellent results, a multitude of new functions, and significantly better usability. The inclusion of Town Crier into the Chainlink system will aid in resolving the critical issue of smart contract interconnectivity by boosting both data accuracy and query privacy.
Town Crier is the first system to effectively use trusted execution environments (TEEs) to launch smart contracts on a real/primary smart contract network (Ethereum). Existing smart contract systems are deficient in reliable sources of data, as the oracles used now only offer limited evidence and confidentiality guarantees. The Town Crier system uses reliable hardware (Intel SGX) to give a strong guarantee that data comes from an existing, trustworthy source. It also provides secrecy, enabling smart contracts to sustain confidential queries and even administer user credentials. As the world’s main developer of decentralized oracles, Chainlink furnishes dependable inputs and outputs for smart contracts on any blockchain.
Smart contracts offer a secure and dependable way of carrying out digital agreements. To ensure the contract’s overall trustworthiness, the data inputs and outputs it requires must also be secure. Chainlink provides a reliable connection to external data, enabling smart contracts to take action in the real world and generate useful outcomes.
“We’re thrilled to take over 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.”
– Sergey Nazarov, CEO of Chainlink
