What is Chainlink? How Chainlink works?

What is Chainlink? How Chainlink works?

By PrisonedBus9641 | Cryptonews9641 | 11 Apr 2020


Chainlink promotes a fully decentralized and secure Oracle network based on blockchain technology and connects smart contracts with off-chain resources. Smart contracts can't interact with external resources such as banking systems, APIs and data feeds. Chainlink aims to make smart contracts able to communicate with external systems to make them useful in the business world. Chainlink takes advantage of the LINK token and the LINK network by releasing APIs and other platforms. The idea is to connect smart contracts through blockchain.

Chainlink aims for a decentralized oracle network that allows people to provide data feeds or APIs directly to smart contracts. In return, these users (node operators) are rewarded with tokens.

 

The ChainLink network consists of two components:

  • Blockchain component: filter oracles through agreements on the level of services according to the smart contract.
  • Closed blockchain component: It consists of Oracle nodes connected to the Ethereum network. These nodes retrieve request inputs in real time. Chainlink acts as an intermediary by providing correct data and making sure everything is targeted and independent. Any data provider (transactions, developers, etc.) can join the network by connecting an API and becoming a node operator. Operators receive tokens in return by making some requests and keeping their API connected to the network.

 

So far the oracle network is compatible with Hyperledger, Bitcoin and Ethereum.

 

The value of the LINK tokens varies according to the success of ChainLink. If ChainLink became a common feature for those who implement smart contracts, the price of tokens would increase.

The token is an ERC20 token with additional ERC223 functionality. A cap of $ 32 million has been set for a total supply of $ 1 billion. 35% will go to operators, 35% will be sold to the public, the remaining 30% will be used by the company (development, maintenance, staff).

 

 

 

 

 

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PrisonedBus9641
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