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Decentralized Oracles: Reliably Triggering Smart Contracts using Decentralized Computation and TEEs

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Decentralized Oracles: Reliably Triggering Smart Contracts using Decentralized Computation and TEEs

Duration: 00:25:39

Speaker: Sergey Nazarov

Type: Talk

Expertise: Intermediate

Event: Devcon 4

Date: Oct 2018

We’ll define and examine what makes a secure oracle mechanism reliable enough to be used by smart contracts for external data delivery, off-chain payment execution, and provable off-chain computation. We’ll go over the security risks and failure scenarios to be avoided based on various smart contract’s reliance on an oracle mechanism as their trigger and/or payment mechanism; closely examining the methods that developers should keep in mind for minimizing the most common failure scenarios. We’ll look in depth at how decentralization can help make oracle mechanisms more secure through the use of a decentralized oracle network, while also presenting a defense in-depth approach that applies additional layers of security through the use of Trusted Execution Environments, and cutting edge approaches like TownCrier.

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Sergey Nazarov

CEO

Sergey is the CEO of SmartContract.com and Chainlink, which specialize in providing highly secure and reliable oracles to both large enterprises (SWIFT; https://create.smartcontract.com/sibos17) and various leading smart contract development teams (Zeppelin; https://blog.zeppelinos.org/chainlink-partnership/, OpenLaw; https://medium.com/@OpenLawOfficial/openlaw-teams-with-chainlink-to-bring-real-world-info-to-smart-contracts-4e7a3dac80a8, etc…). Sergey has been building decentralized applications since 2014, initially launching Cryptamail as the first blockchain-based messaging service, then going on to build Secure Asset Exchange, which became the first widely used decentralized exchange interface.Sergey’s current goal is the creation of a thriving and diverse ecosystem of oracles, providing various off-chain data, payments and various other APIs to smart contracts for their immediate use. He’s extremely excited about the decentralization revolution currently under way, and is hopeful that the ability to securely combine smart contracts on Ethereum with off-chain data/events, will lead to a massive rise in both the volume and large scale usefulness of smart contracts.

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