Founder of decentralized oracle provider Chainlink Labs Sergey Nazarov unveiled Off-Chain Reporting (OCR), its latest upgrade, in an interview with Decrypt.
- The new upgrade will bring 10 times more data on-chain to boost decentralized finance (DeFi) products, open applications beyond existing price feeds, and introduce new uses.
- Oracle nodes’ operating costs to be reduced by 90% as data is now aggregated entirely off-chain. Data was previously brought on-chain and then aggregated, which incurred prohibitive fees.
- OCR was a year in development and is the biggest upgrade since mainnet was launched in May 2019.
- Latest upgrade was developed by chief scientist Ari Juels; head of research and development Lorenz Breidenback; Ben Chan formerly of BitGo; and Christian Cachin who previously headed IBM research.