What is Chainlink?
What is Chainlink?
Chainlink is a technology platform that provides businesses who do not use blockchain with the ability to connect safely with blockchain platforms. To put it another way, it is software that integrates smart contracts that are based on blockchain technology with data from other sources, such as stock prices or baseball scores.
Chainlink is a decentralized network that integrates on-chain code with off-chain data infrastructure using hybrid smart contracts. These smart contracts are based on blockchain technology. This platform was built on Ethereum and aims to make it easier to transmit data that cannot be altered. Chainlink integrates with Ethereum, Polkadot, and Binance Smart Chain which has increased network reach and oracle service uptake.
Chainlink Token.
Chainlink’s native cryptocurrency, LINK, is utilized to compensate node operators and incentivize reliable data. The token is used as collateral by node operators to ensure data accuracy.
Chainlink’s oracle services are useful in DeFi, insurance, gambling, and supply chain management. Chainlink allows new blockchain applications to meaningfully connect with the real world by offering safe and reliable access to off-chain data.
Chainlink was developed by Sergey Nazarov and Steve Ellis, who also collaborated with Ari Juels on the writing of a white paper in 2017. The network went live in 2017, and it is the Web3 services platform that has become the standard for the industry. It connects the people, companies, and data of today with the Web3 world of future. My view on Web3 is quite negative, as you are fully aware. Read my article What is NFT.
