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Chainlink is a decentralized oracle system.
Since the creation of Ethereum and the growing use of decentralized applications in 2017, smart-contracts are gradually proving their usefulness.
The consequences are wide-ranging, affecting finance, insurance, governance methods, etc.
A new type of application is emerging, hosted on public blockchain networks, mostly on Ethereum.
These are applications that are open to all, auditable, censorship-resistant, running flawlessly around the clock, and can hold and transfer value in the form of cryptocurrencies or digital assets (tokens).
While the execution of these autonomous contracts is predictable and inescapable, there are points of weakness for functions that require data external to the blockchain.
Chainlink was launched in 2017 by Sergey Nazarov and Steve Ellis, with the ambition of solving one of the biggest challenges of blockchain technology: connecting smart contracts to real-world data.
Before Chainlink, smart contracts on blockchains like Ethereum were limited to information available only on the blockchain.
Chainlink has changed this by creating a decentralized network of oracles, which enables smart contracts to interface with external data sources reliably and securely.
Sergey Nazarov, co-founder and CEO of Chainlink, is an experienced entrepreneur in cryptocurrencies and blockchain technology.
Prior to Chainlink, he had already co-founded several startups in this sector, including SmartContract.com, which helped lay the foundations for Chainlink.
Steve Ellis, the co-founder and CTO, has a solid background in software development and security engineering.
Together, they have assembled a team of experts in cryptography, IT security and blockchain, who work to maintain and develop the Chainlink network.
The Chainlink team stands out for its rigorous approach to decentralization and security.
In just a few years, Chainlink has become a key leader in the field of decentralized oracles, supporting hundreds of DeFi (decentralized finance) projects and other blockchain applications.
Those who wish to do so must install software called ChainLink Core, whose role is to communicate with the Ethereum blockchain and distribute and schedule tasks between oracles.
Companies that need them offer amounts in LINK, Chainlink’s token, so that the oracles can provide the data required for smart-contracts to function properly.
For a single query, several oracles will be called upon.
Each of these oracles will use different data sources to produce a result that will be written to the blockchain.
To avoid problems of collusion or dishonesty, users of the ChainLink oracle system can request that their requests be processed only by oracles that have LINK tokens in escrow.
They choose the price of the data they supply, and the more queries they process, the more LINK they earn.
However, if the data they offer doesn’t match the majority of other oracles, not only do they not get paid, but they lose the LINKs they’ve sequestered.
In addition, a reputational system exists, through which smart-contract customers can rate the quality of the data provided by oracles.
These different systems should result in reliable data sources that are very difficult to falsify.
The LINK token therefore provides the necessary economic incentive for each party to perform its tasks correctly.
LINK tokens are essential to the operation of the Chainlink network.
They fulfil several key roles:
LINK tokens are essential to the operation of the Chainlink network.
They fulfil several key roles:
Chainlink (LINK) is an innovative cryptocurrency that plays a crucial role in the smart contract ecosystem.
By linking real-world data to the blockchain via decentralized oracles, Chainlink enables greater adoption of decentralized applications (dApps) and strengthens the reliability of smart contracts.
With its robust security model, widespread adoption by numerous blockchain projects, and strong strategic partnerships, Chainlink has established itself as a key player in the DeFi and digital economy.
For investors, LINK offers an opportunity to invest in a technology fundamental to the future of smart contracts and blockchain.
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