Chainlink (LINK) currently has a price of ¥3K and is up 4.56% over the last 24 hours. The cryptocurrency is ranked 13 with a market cap of ¥1.8T. Over the last 24 hours, it saw ¥190.8B of trading volume. The token has a circulating supply of 587.1M tokens out of a total supply of 1B tokens.
Chainlink (LINK) is a decentralized oracle network that enables smart contracts on blockchain platforms to securely connect with real-world data and external APIs. It aims to bridge the gap between smart contracts and real-world information, facilitating the development of various decentralized applications and enabling them to operate with accuracy and reliability.
The Decentralized Oracle Network is a network that operates without a centralized authority. It allows users to access and retrieve real-world data for use in blockchain applications. By eliminating the need for a central authority, the network is able to provide a more secure and transparent way of fetching data. This makes it ideal for applications that require reliable and accurate data, such as smart contracts and decentralized finance platforms. The Decentralized Oracle Network is changing how data is obtained and utilized in the blockchain ecosystem.
Chainlink stands out for its smart contract connectivity, which addresses a limitation of traditional smart contracts. Smart contracts, while self-executing agreements, lack the ability to access data from external sources. This is where Chainlink comes in, providing a decentralized oracle network that connects smart contracts with real-world data and events. Oracles act as reliable bridges between off-chain data and on-chain smart contracts, fetching and verifying data from external sources.
The key advantage of Chainlink's smart contract connectivity is its ability to ensure the integrity and reliability of the data provided to the smart contract. It achieves this through a network of independent oracles that fetch data from multiple sources and aggregate it to provide the most accurate and trustworthy information. By adopting a decentralized approach, Chainlink reduces the risk of data manipulation or censorship, eliminating the reliance on a single centralized source.
To ensure the security of data feeds, Chainlink employs cryptographic techniques and data validation. These measures guarantee the authenticity and integrity of the provided data. By adopting a decentralized approach, Chainlink mitigates the risks associated with manipulation or failure. Multiple independent nodes verify the data before it is utilized in smart contracts, effectively preventing issues such as data tampering that could compromise the accuracy and reliability of outcomes.
Chainlink offers a unique feature known as cross-blockchain interoperability. This means that it enables different blockchain networks to communicate and interact with each other seamlessly. Acting as a bridge between these blockchains, Chainlink facilitates the secure and efficient exchange of data and value. As a result, smart contracts on one blockchain can easily interact with data and systems on other blockchains.
The cross-blockchain interoperability provided by Chainlink brings several advantages. Firstly, it expands the capabilities and functionalities of blockchain networks by enabling the seamless transfer of assets, data, and value across multiple networks. This greatly enhances the overall efficiency and usability of decentralized applications.
Chainlink has community-driven governance, where token holders have a say in the decision-making process for the network. They can propose and vote on upgrades, improvements, and policy changes. The community-driven governance model ensures that the network remains democratic and transparent, with decisions not being made solely by a centralized authority. This allows token holders to actively participate in the development and optimization of the Chainlink ecosystem. By involving the community in governance, Chainlink aims to foster collaboration and engagement for a more robust and effective oracle network.
Chainlink was created in 2017. It was founded as a decentralized oracle network on the Ethereum blockchain. The idea behind Chainlink was to create a secure and reliable way to connect smart contracts on the blockchain with real-world data and off-chain resources. The project gained a lot of attention and quickly became one of the leading oracle solutions in the cryptocurrency space.
The founders of Chainlink are Sergey Nazarov and Steve Ellis. Nazarov is a technology entrepreneur with a background in computer science and finance. He has been involved in the blockchain industry since its early days and has a deep understanding of smart contracts and decentralized applications. Ellis, on the other hand, has a background in software engineering and has worked on various blockchain projects before co-founding Chainlink. Sergey Nazarov co-founded SmartContract.com, the company behind Chainlink, in 2014. This was a significant milestone as it laid the foundation for the development of Chainlink.
Nazarov recognized the need for a secure and reliable way to connect smart contracts with real-world data and external APIs, which led to the creation of Chainlink. Chainlink conducted an Initial Coin Offering (ICO) in September 2017, raising approximately $32 million. This ICO played a crucial role in funding the development and growth of the project. The funds raised allowed Chainlink to expand its team and establish partnerships.
Disclaimer: The “About” content was generated with the use of AI. For feedback and sponsorship enquiries, email [email protected].
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.