What is Chainlink?
The Chainlink team managed to figure out how to transfer information to the blockchain and extract it from it in such a way that everything happens as safely, reliably and not to the detriment of decentralization. Data sources between the blockchain and the “real” world, also known as oracles [in English, “oracle” – editor’s note], will no longer be the only vulnerable element of programs on smart contracts.
Chainlink has created a network of nodes that transmit information to and from the blockchain, and now they form a vital part of the smart contract infrastructure. This “blockchain intermediary” ensures that Chainlink oracles can now provide important information-whether it’s prices, event results, or links to traditional payment systems. However, the system does not sacrifice decentralization or security.
How did Chainlink appear?
Chainlink was founded by current CEO Sergey Nazarov and CTO Steve Ellis.
Here are the main stages in the life of the project
- September 2017-Chainlink raises $ 32 million during the initial coin offering (ICO) and creates a billion LINK tokens.
- November 2018-Chainlink acquires TownCrier, an authenticated data stream for smart contracts.
- May 2019-Chainlink launches in the Ethereum mainnet.
What is the peculiarity of the Chainlink project?
At the point where the blockchain intersects with the outside world, there was a huge vulnerability in the form of decentralized applications. Until Chainlink provided the world with a secure bridge. The points of contact through which data enters and is extracted from the blockchain represent the vulnerabilities of the ecosystem. It is at these points that data leaks can occur, they can be intercepted, falsified, and they can also be used for manipulation. This is where Chainlink demonstrates its main value.
To minimize potential Oracle vulnerabilities, the team defines three priority principles in its whitepaper:
- distribution of data sources;
- the distribution of oracles;
- the use of reliable hardware.
Real – world examples of Chainlink include a long list of partners, including cryptocurrency projects Polkadot and Synthetix, as well as SWIFT and Google, which represent the world of traditional business.
For example, thanks to Chainlink, a real money transfer can be sent to the blockchain from SWIFT. Then, again, a confirmation of payment receipt is sent to SWIFT via Chainlink. The use of Chainlink by the SWIFT payment system creates a seamless interaction between the traditional and cryptocurrency worlds, leveling potential vulnerabilities.
How Chainlink works
Chainlink is a decentralized network of oracles consisting of buyers and data providers. Consumers request data, and the vendors who supply them. And all this happens in complete safety.
In turn, data buyers choose the specific data they want, and suppliers provide only that data. For added security, data providers block a certain percentage of Link tokens when they publish a data supply offer. Thus, these tokens can be confiscated in case of unfair behavior of the supplier.
At the same time, Chainlink uses the Oracle reputation system to collect and evaluate the data provided. If everything goes smoothly, the suppliers just get their payment, and everyone is happy.
How can I get and use Link tokens?
The Chainlink network uses the ERC677 token, which almost exactly adopts the functionality of the ERC-20 standard and allows you to transfer tokens as an initiative to maintain data turnover. It is also used for payment to data providers in the blockchain. This data is subsequently paid for by the data buyer. Prices for their services are determined both by the data providers themselves and by oracles when publishing offers — that is, offers-on the platform.
In addition to direct earning tokens for data deliveries, you can also purchase Link on the crypto exchanges Coinbase, Binance, Huobi, and others.
Although Chainlink initially started only on the Ethereum blockchain, oracles ‘ services are now available on other blockchains as well. Both independent developers and large companies can buy and sell data. Again, Link tokens will participate in the process.
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Chainlink is a place in Cayman Islands where you can spend ethereum and pay using another cryptocurrency. Evaluate all the advantages of crypto payments with Chainlink, take an active part in the mass adoption of cryptocurrencies and the approach of the crypto revolution!
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