Chainlink achieves major scalability upgrade with launch of Off-Chain Reporting (OCR)

The improvements in scalability, security, and performance from OCR are enabled by Chainlink nodes now being able to communicate off-chain, allowing them to aggregate data at zero gas costs using a distributed peer-to-peer network...

Chainlink achieves major scalability upgrade launch of Off-Chain Reporting (OCR)

The team of Chainlink, a leading blockchain oracle platform, today announced that after over a year of development and numerous security audits, Chainlink Off-Chain Reporting (OCR) has officially launched on mainnet. This marks a major milestone in the scalability of Chainlink’s decentralized oracle networks.

OCR significantly improves the efficiency of how data is computed across Chainlink oracles, reducing operating costs by up to 90% and enabling the Chainlink Network to accelerate the development of universally connected smart contracts both in DeFi markets and across various other industries.

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.

This large increase in on-chain data will enable further innovation across DeFi, decentralized insurance, blockchain-based gaming, and numerous other sectors, as smart contract developers leverage newly available datasets for a wider range of financial products and markets.

“While the Chainlink Network has already been rapidly increasing the amount of data it provides on-chain through the continual rollout of Price Feeds, Proof of Reserve, verifiable randomness (VRF), and more, OCR’s scalability improvements will massively accelerate 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 Chainlink Team

Chainlink OCR will further accelerate the number of smart contracts in the Chainlink ecosystem | SOURCE:

Additional Benefits of OCR

OCR is the third and latest version of the Chainlink Core client run by Chainlink nodes. As such, all Chainlink nodes operating in-production will now be running OCR and FluxMonitor clients in parallel to generate both scalability and security through redundancy.

Multi-client diversity ensures automatic failover protection in the event of any potential black swan event, further enhancing the hyper-reliability of the Chainlink Network at all times.

In addition to supplying more data on-chain through the launch of new oracle networks, OCR brings a variety of other notable enhancements to the Chainlink Network:

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