What is Chainlink?
Chainlink is a decentralized blockchain oracle network designed to connect smart contracts with real-world data, events, and payments. The network acts as a bridge between blockchain technology and external data sources, giving smart contracts access to off-chain information. This solves the so-called "oracle problem," where blockchains inherently lack access to external data.
Whitepaper: Chainlink Whitepaper
How does Chainlink work?
Chainlink operates through a network of decentralized oracles that fetch external data and deliver it to the blockchain. When a smart contract needs external information, it sends a request to the Chainlink network. Oracles in the network compete to retrieve and deliver this data back to the smart contract and are rewarded with LINK tokens for their services. This mechanism ensures the reliable and secure transmission of data to and from the blockchain.
The token
Ticker: LINK
Category: Utility Token
Blockchain: Ethereum (ERC-677)
Protocol: Decentralized Oracle Network
Year of launch: 2017
The technology behind Chainlink
Chainlink's technology is built on a decentralized network of oracles that collect external data and transmit it to the blockchain. The network uses a reputation system to ensure oracle reliability and applies cryptographic techniques to guarantee the integrity and security of the data being transferred. Additionally, Chainlink has published the Chainlink 2.0 whitepaper, which outlines the expansion of decentralized oracle networks to enable hybrid smart contracts that combine both on-chain and off-chain components.
The Chainlink ecosystem
The Chainlink ecosystem includes a wide range of applications and partnerships. The network is used by various DeFi protocols, enterprises, and government organizations to obtain reliable data feeds for their smart contracts. Chainlink also offers services such as the Verifiable Random Function (VRF) for secure random number generation, and the Cross-Chain Interoperability Protocol (CCIP) for cross-chain communication.
Who founded Chainlink?
Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis. Together with Professor Ari Juels from Cornell University, they authored the original Chainlink whitepaper introducing the concept of a decentralized oracle network.
Price at this moment
24h ago
€12.57
The value of Chainlink 24 hours ago
24h highest price
€13.31
The highest value of Chainlink the last 24 hours
24h lowest price
€12.55
The lowest value of Chainlink the last 24 hours
24h difference
€0.15562700
The value in which Chainlink has dropped or increased the last 24 hours
Impact on the environment
Work in progress.
Risk disclaimer
Please note: for more information about this crypto asset, consult the official resources provided by the project via https://chain.link/.
Before trading, make sure to read the general risk warning about crypto asset trading:
Cryptocurrencies, including Chainlink (LINK), are volatile and involve risks. The value of LINK can fluctuate significantly, and investments may result in financial losses. Always do your own research and only invest money you are prepared to lose.
The BTC Direct disclaimer van be found here: https://btcdirect.eu/en-eu/disclaimer