Hi Pals !
I'm on a secret trip !
So I'll keep it short !
This week I learned about Eigenlayer, so here's A (very) short introduction to Eigenlayer
Please note that I am in the process of learning more about Eigenlayer, consider these informations not as fact, but as MY understanding of it.
The Initial Problem
Imagine you want to create an onchain NFT that displays the current time.
currentTime = block.timestamp
That was easy ! That's because that data is available inside the blockchain,
We can simply ask the blockchain "what time is it ?"
Now let's add the current temperature in Paris.
currentTemperature = weather.Paris.temperature();
Nope, that doesn't work !
The blockchain does not contain that information.
In fact, the blockchain does not have access to anything on the internet
Alternative Solutions ?
Chainlink used to solve this issue (by providing a "bridge" between blockchains and real-world data like the weather - see this article 👇)
AccuWeather's Chainlink Node To Satisfy Web3's "Great Need" For Weather Data
In 2021, the blockchain industry's leading oracle network, Chainlink, secured $75 billion in decentralized finance (DeFi) while laying the groundwork for decentralized insurance, dynamic NFTs, and blockchain gaming. Among global organizations delivering their data on-chain via Chainlink, AccuWeather launched its own Chainlink node in what its Director of Flagship Products, Matthew Vitebsky, called a historic [...]
But AFAIK this was removed ! (it probably wasn't worth it 🤑),
All they provide anymore is financial data (ex: live USD-EUR exchange rate)
Wouldn't it be amazing if you could ask for any real-world information on the blockchain ?
Enters Eigenlayer
Let's create a bounty on the blockchain:
"I will pay you 1$ if you tell me the current temperature in Paris"
100 people answered !
Do I trust them ? Of course not
They only get the 1$ if their answer is ±5°C from the average
(example: if the average of the other answers is 10°C, I will not accept 16°C as an answer)
In a nutshell Eigenlayer gives you a set of tools & contracts to:
Pick information you want to query from the real world (current temperature in Paris)
Pick what the criterias to use as validation (±5°C)
Pick "who" can provide the data (Only Parisians can answer)
etc.
You're in control of everything.
To learn more, here's a (quite technical) blog on their website:
You Could Have Invented EigenLayer: Explaining EigenLayer
In this blog post, we will take you through the evolution of the protocol, by covering how EigenLayer's architecture emerged from the initial concept.
And a huge thank you to @JakeHartnell for their help in understanding Eigenlayer a little more !
I hope you liked this very short (and potentially inaccurate 😂) intro to Eigenlayer !
See you next week ! ✌
Nahiko
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