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How much British Pound Sterling ( GBP) is 79.428 Chainlink ( LINK)?
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Quick facts about Chainlink
Chainlink is a decentralized oracle network that provides secure and reliable data inputs and outputs for smart contracts on various blockchain platforms.
● Decentralized network of nodes that provide secure and reliable data inputs and outputs
● Built-in support for multiple blockchain platforms, including Ethereum and Binance Smart Chain
Chainlink (LINK) is a decentralized blockchain oracle network that aims to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
The chainlink project was created in 2017 by Sergey Nazarov, Steve Ellis, and Cornell University professor Ari Juels, who co-authored a white paper introducing the Chainlink protocol and network. It is an oracle network that aims to combine real world data in a temper-proof way from off-chain sources to on-chain contracts. Currently, Chainlink is porblably the most widely used oracle network by orders of magnitude.
The network nodes fetch, validate, and deliver data from multiple sources onto blockchains to execute smart contracts. Chainlink acts as a "bridge" between a blockchain and off-chain environments, which services smart contracts. Its creators claim it can be used to verify whether the parameters of a smart contract are met in a manner independent from any of the contract's stakeholders by connecting the contract directly to real-world data, events, payments, and other inputs.
The main problem is that it is difficult to make web3 applications if the data feed is not on-chain. For example, smart contracts cannot interact with external data sources once they're deployed on a blockchain network as they are immutable. This means that any data needed by a smart contract must be available on the blockchain itself.
However, with Chainlink, smart contracts can interact with off-chain data sources such as web APIs, traditional databases, and other data sources that aren't available on a blockchain. This is made possible through a network of decentralized oracle nodes that securely fetch data from off-chain sources and deliver it to the smart contract. This ensures that the smart contract has access to all the necessary data it needs to execute its functions.
Chainlink's oracle is based on a unique architecture called "smart bond architecture." This ensures the security, reliability, and scalability of the network by using a distributed network of oracle nodes that fetch data from multiple sources and deliver it to the smart contract. Thus, the oracle nodes are incentivized to provide accurate data by receiving a fee in LINK tokens for their services. Node operators can earn LINK tokens by providing data to the network, which can then be used to pay for services or traded on cryptocurrency exchanges.
Chainlink's LINK token is an ERC677 token, an extension of ERC-20. Tokens act as data payloads, feeding the required data from off-chain sources to smart contracts, which then act accordingly in response to the data provided by the token. According to Chainlink, the trade value derived from these tokens is used to pay node operators for retrieving data from smart contracts, and also for deposits placed by node operators as required by contract creators.
In addition to the transfer of external information to a blockchain, Chainlink can also be used for several different off-chain computation functions, including a verifiable random function (VRF) and data feeds. The data feeds have been used to bring election data on-chain, while Chainlink's VRF can be used for random number generation, which can be used in decentralized gaming. ZDNet reported the verifiability of the random number generation ensures the in-game results are tamper-proof.
Main Features
● Ability to connect smart contracts with real-world data sources, such as APIs and payment systems● Decentralized network of nodes that provide secure and reliable data inputs and outputs
● Built-in support for multiple blockchain platforms, including Ethereum and Binance Smart Chain
Why Do Investors Like Chainlink (LINK)?
Investors are attracted to Chainlink for its potential to enhance the capabilities of smart contracts by connecting them to real-world data sources, thereby increasing their functionality and utility.Random Fact
Chainlink was founded by Sergey Nazarov and Steve Ellis, who previously worked together on the smart contract platform SmartContract.com.What is Chainlink (Link)?
Chainlink (LINK) is a decentralized blockchain oracle network that aims to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
The chainlink project was created in 2017 by Sergey Nazarov, Steve Ellis, and Cornell University professor Ari Juels, who co-authored a white paper introducing the Chainlink protocol and network. It is an oracle network that aims to combine real world data in a temper-proof way from off-chain sources to on-chain contracts. Currently, Chainlink is porblably the most widely used oracle network by orders of magnitude.
The network nodes fetch, validate, and deliver data from multiple sources onto blockchains to execute smart contracts. Chainlink acts as a "bridge" between a blockchain and off-chain environments, which services smart contracts. Its creators claim it can be used to verify whether the parameters of a smart contract are met in a manner independent from any of the contract's stakeholders by connecting the contract directly to real-world data, events, payments, and other inputs.
The main problem is that it is difficult to make web3 applications if the data feed is not on-chain. For example, smart contracts cannot interact with external data sources once they're deployed on a blockchain network as they are immutable. This means that any data needed by a smart contract must be available on the blockchain itself.
However, with Chainlink, smart contracts can interact with off-chain data sources such as web APIs, traditional databases, and other data sources that aren't available on a blockchain. This is made possible through a network of decentralized oracle nodes that securely fetch data from off-chain sources and deliver it to the smart contract. This ensures that the smart contract has access to all the necessary data it needs to execute its functions.
How does Chainlink (LINK) work?
Chainlink's oracle is based on a unique architecture called "smart bond architecture." This ensures the security, reliability, and scalability of the network by using a distributed network of oracle nodes that fetch data from multiple sources and deliver it to the smart contract. Thus, the oracle nodes are incentivized to provide accurate data by receiving a fee in LINK tokens for their services. Node operators can earn LINK tokens by providing data to the network, which can then be used to pay for services or traded on cryptocurrency exchanges.
Chainlink's LINK token is an ERC677 token, an extension of ERC-20. Tokens act as data payloads, feeding the required data from off-chain sources to smart contracts, which then act accordingly in response to the data provided by the token. According to Chainlink, the trade value derived from these tokens is used to pay node operators for retrieving data from smart contracts, and also for deposits placed by node operators as required by contract creators.
In addition to the transfer of external information to a blockchain, Chainlink can also be used for several different off-chain computation functions, including a verifiable random function (VRF) and data feeds. The data feeds have been used to bring election data on-chain, while Chainlink's VRF can be used for random number generation, which can be used in decentralized gaming. ZDNet reported the verifiability of the random number generation ensures the in-game results are tamper-proof.
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