Chainlink is a decentralized blockchain prophet network built on Ethereum. [ 3 ] [ 4 ] The net is intended to be used to facilitate the transmit of tamper-proof data from off-chain sources to on-chain smart contracts. Its creators claim it can be used to verify whether the parameters of a smart compress are met in a manner freelancer from any of the contract ‘s stakeholders by connecting the contract directly to real-world data, events, payments, and other inputs. [ 5 ]
history [edit ]
Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis, [ 6 ] who co-authored a white wallpaper introducing the Chainlink protocol and net with Cornell University professor Ari Juels the same year. [ 7 ] Chainlink acts as a “ bridge ” between a blockchain and off-chain environments. [ 8 ] The network, which services smart contracts, was formally launched in 2019. [ 6 ] In 2018, Chainlink integrated Town Crier, a trust execution environment -based blockchain prophet that Juels besides worked on. Town Crier connects the Ethereum blockchain with web sources that use HTTPS. [ 9 ]
Reading: Chainlink (blockchain) – Wikipedia
Chainlink ‘s hallmark was registered in the Cayman Islands on 2019-03-12, the pot created being Smartcontract Chainlink Sezc, [ 10 ] Ltd. [ 11 ] In 2020, Chainlink integrated DECO, a Cornell project co-created by Juels. DECO is described by its authors as a protocol that uses zero-knowledge proof to allow users to prove information is on-key to a blockchain oracle without revealing sensitive information, such as parturition dates. [ 12 ] Chainlink published a second white paper in April 2021. That paper, Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, detailed a imagination for expanding the character and capabilities of decentralized prophet networks to include loanblend smart contracts, which utilize on-chain code and off-chain services provided by oracle networks. [ 13 ] By February 2022, Chainlink had secured more than $ 60 billion deposits into smart contracts and was being used by 1,100 projects. [ 14 ]
technology [edit ]
A ocular representation of Chainlink ‘s “ fresh bond architecture ”
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Chainlink ‘s decentralized prophet network is an open-source engineering infrastructure that allows any blockchain to securely connect to off-chain data and calculation resources. The net nodes fetch, validate, and deliver data from multiple sources onto blockchains to execute smart contracts. [ 15 ] In accession to the remove of external information to a blockchain, Chainlink can besides be used for several different off-chain calculation functions, including a verifiable random affair ( VRF ) and data feeds. The datum feeds have been used to bring election data on-chain. [ 16 ] Chainlink ‘s VRF can be used for random phone number generation which can be used in decentralized gambling. ZDNet reported the verifiability of the random number coevals ensures the in-game results are tamper-proof. [ 17 ]
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Link nominal [edit ]
node operators are compensated with the network ‘s native cryptocurrency, LINK. [ 15 ] Chainlink ‘s LINK token is an ERC677 keepsake, an elongation of ERC20. Tokens act as data payloads, feeding the required data from off-chain sources to smart contracts, which then act consequently in response to the data provided by the token. [ 18 ] According to Chainlink, the craft value derived from these tokens is used to pay node operators for retrieving data from smart contracts, and besides for deposits placed by node operators as required by sign creators. Tokens can be stored in any ERC20 wallet, as the ERC677 nominal retains all the functionality of an ERC20 token. [ 19 ] [ 20 ] By February 2022, LINK was the 22nd largest cryptocurrency by grocery store value according to a report by Bank of America. [ 14 ]
