What is ChainLink Crypto Currency?A brief description of ChainLink.
ChainLink is blockchain middleware that allows smart contracts to access key off-chain resources like data feeds, various web APIs, and traditional bank account payments. By providing smart contracts secure access to these key resources, ChainLink allows them to mimic real world agreements that require external proof of performance and need to make payment in widely available payment methods e.g. bank payments.
ChainLink Video
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The purpose of ChainLink
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ChainLink Abstract
Smart contracts are poised to revolutionize many industries by replacing the need for both traditional legal agreements and centrally automated digital agreements. Both performance verification and execution rely on manual actions from one of the contracting parties, or an automated system that programmatically retrieves and updates relevant changes. Unfortunately, because of their underlying consensus protocols, the blockchains on which smart contracts run cannot support native communication with external systems. Today, the solution to this problem is to introduce a new functionality, called an oracle, that provides connectivity to the outside world. Existing oracles are centralized services. Any smart contract using such services has a single point of failure, making it no more secure than a traditional, centrally run digital agreement. In this paper we present ChainLink, a decentralized oracle network. We describe the on-chain components that ChainLink provides for contracts to gain external connectivity, and the software powering the nodes of the network. We present both a simple on-chain contract data aggregation system, and a more efficient off-chain consensus mechanism. We also describe supporting reputation and security monitoring services for ChainLink that help users make informed provider selections and achieve robust service even under aggressively adversarial conditions. Finally, we characterize the properties of an ideal oracle as guidance for our security strategy, and lay out possible future improvements, including richly featured oracle programming, data-source infrastructure modi- fications, and confidential smart-contract execution.
More information can be found in the ChainLink whitepaper https://link.smartcontract.com/whitepaper
Other ChainLink facts
- Trading symbol: LINK
- Governance: Centralized > Hierarchical
- Open source: Yes
- Product status: Fully working product
- Consensus method: Unfortunately we don’t have this data available.
- Emmission rate: No new tokens created
- Transactions per second: Unfortunately we don’t have this data available.
- Total Supply: 1,000,000,000
- Release date: Unfortunately we don’t have this data available.
Usefull ChainLink links
- ChainLink’s Website
- ChainLink pricing data & fundamental ChainLink information
- ChainLink’s Website
- ChainLink official blog
- ChainLink’s Bitcointalk Forum
- ChainLink’s Reddit Forum
- ChainLink’s block explorer
- ChainLink’s Alexa site stats
- ChainLink’s official forum: Unfortunately we don’t have this data available.
- ChainLink’s Github code repository:
Unfortunately we don’t have this data available. - ChainLink’s roadmap:
Unfortunately we don’t have this data available. - ChainLink’s team page: https://link.smartcontract.com/#team
- ChainLink’s whitepaper: https://link.smartcontract.com/whitepaper