Chainlink News LINK

Smart contracts would lose much of their power if they could only access data within their networks. They need relevant external data to execute agreements, which is where blockchain oracles come in. Chainlink, a decentralized oracle network, bridges the gap between blockchain and the outside world, providing reliable real-world data to smart contracts on the blockchain.

  • Chainlink price( LINK )

    $14.35 1.56%

  • Market cap $

    8,992,280,428

    Maximum supply

    N/A

  • Trading volume 24 Hour

    594,862,183

    Circulation supply

    626,849,970.45
No data

You can learn more about Chainlink LINK Through the following points

Chainlink is an open-source decentralized oracle network that supplies accurate real-world data to smart contracts on the blockchain. The network comprises a large open-source community of data providers, node operators, smart contract developers, researchers, and auditors. External data providers on the network are called 'oracles,' enabling Chainlink's smart contracts to receive precise data from external sources, similar to APIs. The LINK token, an ERC-20 token on Ethereum, is used to pay for services on the network and ensure the accuracy of oracle services on Chainlink. Chainlink represents a revolutionary step in the crypto world, enabling smart contracts to access real-world data, events, and payments without sacrificing security, reliability, or decentralization.
Chainlink was created by SmartContract, a blockchain technology startup founded in 2014, backed by Data Collective. The company aimed to leverage blockchain technologies to develop smart contracts. Co-founders Sergey Nazarov, CEO, and Steve Ellis, CTO, were joined by Ari Juels, a computer science professor at Cornell Tech, who serves as an advisor. Chainlink's initial coin offering (ICO) in September 2017 raised $32 million, creating 1 billion LINK tokens. Thirty-five percent of the tokens were allocated to node operators to incentivize the decentralized oracle network, and 30% were retained by Chainlink for future development. The main Chainlink network launched on Ethereum in 2019 and has since expanded to work with various blockchains, forming partnerships with Google, Tezos, and Oasis Networks.
Chainlink oracles can be used in various smart contract applications, from digital financial assets to supply chain management and asset management. They excel in providing reliable data from on-chain and off-chain sources to decentralized applications (dApps). Chainlink handles price feeds and financial data by aggregating data from external providers like centralized and decentralized exchanges to create tamper-proof price updates. These data feeds can be used by any smart contract and are available to data consumers like DeFi companies. Chainlink also aims to facilitate communication between blockchains and payment systems, collaborating with SWIFT to create infrastructure linking current banking systems and smart contracts. As Chainlink and oracle technology evolve, new oracle functions and advanced network design patterns will emerge, expanding Chainlink's utility.
LINK tokens are used to compensate Chainlink node operators for retrieving data from external sources, converting it into a readable format for the blockchain, and ensuring uptime. The value of LINK is largely driven by the number of operators securing the network and other use cases for the decentralized oracle network. As more use cases are developed, the value of LINK increases.
Upcoming Educational Courses
More Webinars
Forex Brokers
exness swissquote xm moneta-markets easymarkets ic-markets fxpro alpari topfx vantage
Risk warning: Trading using financial leverage in financial markets involves high risks that are not suitable for all types of investors. You must understand the risks to which your money may be exposed. All opinions, analyses, recommendations and content presented on the site are for the purpose of financial education and should not be considered to make any investment decisions, whether to buy or sell. Please see detailed risk warning by clicking here.