What is Chainlink (LINK)?

 What is Chainlink (LINK)?

Chainlink (LINK)

What is Chainlink (LINK)?

Chainlink (LINK) is a decentralized Oracle network. Developed by Sergey Nazarov with Steve Ellis as co-founder, Chainlink organized an ICO in September 2017, raising $32 million with LINK. 1 billion tokens

LINK, the original cryptocurrency in Chainlink's Oracle Decentralized Network of Oracles used to make payments to network operators. Because the Chainlink network is a reputation system. Network operators that can supply a large number of LINKs are rewarded with large contracts. while failure to deliver the correct data results in token reduction. The developer describes LINK as an "ERC20 token with additional ERC223 'transfers and calls' functionality used to transfer (address, uint256, bytes) tokens can be received and processed with contracts within a single transaction. “In 2017, a $32 million LINK ICO, 32 percent of LINKs were delivered to network operators to stimulate the ecosystem, and 30 percent were still in Chainlink for development use (35 percent were sold in the ICO). sell public tokens)

What are Oracles?

Chainlink is a platform that aims to bridge the gap between blockchain technology-based smart contracts. (made popular by Ethereum) and real-world applications. Because the blockchain cannot access data outside the network. Therefore, oracles (defi tools) are needed to act as data feeds in smart contracts. In the case of Chainlink, oracles are connected to the Ethereum network. Oracles provide external data (eg temperature, weather) that drives execution. Smart contracts when pre-defined conditions are met. Chainlink Network participants are motivated (through rewards) to provide smart contracts with access to external data feeds such as API data if users wish to access data outside the network. Users can submit requests to Chainlink's network. These contracts will match requests with appropriate oracles. reputation contract, Order matching contract and consolidation contract Data integration contracts in selecting oracles to find the most accurate results.

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