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EIP-3668: CCIP Read: Secure offchain data retrieval >created 7/19/20 >last call 1/24/22 Minimising storage and transaction costs on Ethereum has driven contract authors to adopt a variety of techniques for moving data offchain, including hashing, recursive hashing (eg Merkle Trees/Tries) and L2 solutions. While each solution has unique constraints and parameters, they all share in common the fact that enough information is stored onchain to validate the externally stored data when required. Thus far, applications have tended to devise bespoke solutions rather than trying to define a universal standard. This is practical - although inefficient - when a single offchain data storage solution suffices, but rapidly becomes impractical in a system where multiple end-users may wish to make use of different data storage and availability solutions based on what suits their needs. By defining a common specification allowing smart contract to fetch data from offchain, we facilitate writing clients that are entirely agnostic to the storage solution being used, which enables new applications that can operate without knowing about the underlying storage details of the contracts they interact with. Examples of this include: >Interacting with ‘airdrop’ contracts that store a list of recipients offchain in a merkle trie. >Viewing token information for tokens stored on an L2 solution as if they were native L1 tokens. >Allowing delegation of data such as ENS domains to various L2 solutions, without requiring clients to support each solution individually. >Allowing contracts to proactively request external data to complete a call, without requiring the caller to be aware of the details of that data. https://eips.ethereum.org/EIPS/eip-3668 Thoughts anon?
EIP-3668: CCIP Read: Secure offchain data retrieval >created 7/19/20 >last call 1/24/22 Minimising storage and transaction costs on Ethereum has driven contract authors to adopt a variety of techniques for moving data offchain, including hashing, recursive hashing (eg Merkle Trees/Tries) and L2 solutions. While each solution has unique constraints and parameters, they all share in common the fact that enough information is stored onchain to validate the externally stored data when required. Thus far, applications have tended to devise bespoke solutions rather than trying to define a universal standard. This is practical - although inefficient - when a single offchain data storage solution suffices, but rapidly becomes impractical in a system where multiple end-users may wish to make use of different data storage and availability solutions based on what suits their needs. By defining a common specification allowing smart contract to fetch data from offchain, we facilitate writing clients that are entirely agnostic to the storage solution being used, which enables new applications that can operate without knowing about the underlying storage details of the contracts they interact with. Examples of this include: >Interacting with ‘airdrop’ contracts that store a list of recipients offchain in a merkle trie. >Viewing token information for tokens stored on an L2 solution as if they were native L1 tokens. >Allowing delegation of data such as ENS domains to various L2 solutions, without requiring clients to support each solution individually. >Allowing contracts to proactively request external data to complete a call, without requiring the caller to be aware of the details of that data. https://eips.ethereum.org/EIPS/eip-3668 https://ethereum-magicians.org/t/durin-secure-offchain-data-retrieval/6728
I want to reflect on the past year and the demoralization campaign. No one is paying attention to the treasury. The dumps have brought us down but have stopped for more than a month now. People complained about the dumps putting pressure on the price but it was necessary for the team to scale and build their runway for long term planning. The circulating supply has increased by ~120 millions tokens since 2017. At a DCA sell-off price of 20 dollars that's 2.4 billions, the actual DCA is likely lower and some of the supply went to nodes and partners or OTC desks, and a lot of that supply is just in intermediary wallets that haven't hit exchanges yet, but we can imagine that they have secured at least 1B in their treasury. Considering their cornerstone role in the entire defi space, we also have to assume that their treasury is full of partner tokens that have also appreciated, and is being used to generate yield. A good example of this is how Chainlink Labs was one of the entities that profited the most from the ENS airdrop. 1 billion treasury, that's fucking huge and gives them enough runway to keep operating without further massive sell-offs for quite a while. 1 billion is enough to pay 300 employees 300k salaries for more than 10 years. Look at what Matic pulled to keep dominance on the scalability market, multiple acquisitions. You think Chainlink will let anything compete with CCIP? They'll just buyout top teams and poach top talent. And they still have 60% of the supply. Dozens of billions today but by the time they'll need to resume sell-offs, this supply will be worth hundreds of billions. This is an investment in the future. By 2025, CL will have +1000 employees, monopolies on multiple market use cases, acquired other teams. It will outlast any bear market. Phase 1 was price feeds - operating at a loss, but integrated everywhere Phase 2 is CCIP - leveraging integrations for high value capture Phase 3 will be staking - value flowing to token
ENS bros...