Chainlink Data Streams combines low latency market data and automated execution to unlock a new generation of fast and user-friendly derivatives products, according to the company. Financial market data delivered without delay is known as low latency market data.
The product uses apull-based data oracle solution, where 'high frequency market data is continuously made available off-chain,' the press release said. Oracle reports are generated per block, and users can retrieve them off-chain and verify with their on-chain transaction. It is different from push-based solution where oracles proactively feed data to smart contracts at various time intervals.
The pulled-based system reduces the latency - the time it takes for a data packet to travel from one point to another - of updates. distributed networks are subject to a widespread problem, as messages have to propagate to nodes, often resulting in delays in finalizing and synchronizing transactions.
Chainlink co-founder Sergey Nazarov said in a statement.
Chainlink Functions allows high value jobs to be automated at a tenth of the cost, saving up to 90% in gas costs, Chainlink said in a press release.
Chainlink Labs' chief product officer, Kemal El Moujahid, said in a statement. Chainlink Labs' main developer is Chainlink Labs.