Town Crier
Announcements
For smart contracts on blockchain systems such as Ethereum, access to real-world data is critical. A currency exchange contract must be able to learn current exchange rates. A trip insurance contract must determine whether flights arrive on time. A contract for the sale of a physical good needs to know whether the good was successfully delivered. These are just a few of the many examples of applications that can only run with knowledge of real-world data or events. A critical problem is: _Who can be trusted to provide data to smart contracts in a trustworthy way? _
The Town Crier (TC) system addresses this problem by using _trusted hardware _, namely the Intel SGX instruction set, a new capability in certain Intel CPUs. TC obtains data from target websites specified in queries from application contracts. TC uses SGX to achieve what we call its authenticity property. Assuming that you trust SGX, data delivered by TC from a website to an application contract is guaranteed to be free from tampering. This authenticity property means that to trust TC data, you only need to trust Intel’s implementation of SGX and the target website. You don’t need to trust the operators of TC or anyone else. Even the operators of the TC server cannot tamper with its operation or, for that matter, see the data it’s processing.
Thanks to its use of SGX and various innovations in its end-to-end design, Town Crier offers several properties that other oracles cannot achieve:
- Authenticity guarantee: There’s no need to trust any particular service provider(s) in order to trust Town Crier data. (You need only believe that SGX is properly implemented.)
- Succinct replies: Town Crier can prune target website replies in a trustworthy way to provide short responses to queries. It does not need to relay verbose website responses.
- Such succintness is important in Ethereum, for instance, where message length determines transaction costs.
- Confidential queries: Town Crier can handle _secret _query data in a trustworthy way. This feature makes TC far more powerful and flexible than conventional oracles.
For more details on TC, its implementation using SGX, and its security guarantees, please read our paper Town Crier: An Authenticated Data Feed for Smart Contracts.
TC can provide data in any ecosystem, but its first deployment is on Ethereum.
About Chainlink
Chainlink is the industry-standard oracle platform bringing the capital markets onchain and powering the majority of decentralized finance (DeFi). The Chainlink stack provides the essential data, interoperability, compliance, and privacy standards needed to power advanced blockchain use cases for institutional tokenized assets, lending, payments, stablecoins, and more. Since inventing decentralized oracle networks, Chainlink has enabled tens of trillions in transaction value and now secures the vast majority of DeFi.
Many of the world's largest financial services institutions have also adopted Chainlink's standards and infrastructure, including Swift, Euroclear, Mastercard, Fidelity International, UBS, ANZ, and top protocols such as Aave, GMX, Lido, and many others. Chainlink leverages a novel fee model where offchain and onchain revenue from enterprise adoption is converted to LINK tokens and stored in a strategic Chainlink Reserve.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link
The Chainlink Labs Channel Partner strategy is intended to outline a joint approach between Chainlink Labs and select accelerators, launchpads, incubators, devshops, and software tools to promote the user adoption and growth of the web3 ecosystem. Chainlink Labs and the channel partners will collaborate to accelerate and nurture the web3 ecosystem in key areas including gameFi, NFTs, developers, and startups.
Chainlink Labs is the leading provider of secure and reliable open-source blockchain oracle solutions, enhancing smart contracts by connecting them to a wide range of off-chain data sources and computations, such as asset prices, web APIs, IoT devices, payment systems, and more. We are dedicated to the development and integration of Chainlink as the standard decentralized oracle framework used by smart contracts across any blockchain.
