What is ChainLink (LINK)?
ChainLink is a decentralized oracle (software built on top of a blockchain), which provides external data to Ethereum smart contracts. ChainLink is an open source project, started at September 2017 by a company SmartContract. This company was already creating secure oracles for Bitcoin and Ethereum for over 3 years, but in 2017 decided to move towards their own middleware ChainLink. At the moment ChainLink is maintained by 3 developers.
The main purpose for creating ChainLink was to provide nnectivity between blockchains and external software such as bank payments, retail payments (Visa, Paypal), market data (NYSE, Bloomberg) and backend systems (SalesForce, SAP). This allows to integrate blockchain with off-chain sales and local payments, to turn them into smart contracts in exchange for LINK tockens. LINK token is an EIP20 Ethereum token with some additional functions. ICO for LINK tokens was completed on September 2017 raising total of $32.00 M.
Currently ChainLink only works with Ropsten, a test Ethereum network.
- Historical Data
- Crypto gaming and the monkey run: How we should build the future of GameFiCointelegraph.com News - 9 hours agoTokens cannot make a game — but they can break one. We can envision a clearer future for a sustainable and decentralized GameFi space. You’ve…
- How to incorporate a DAO and issue tokens to be ready to raise money from VCsCointelegraph.com News - 11 hours agoWhile DAOs can't precisely replace traditional VCs, they can potentially disrupt the crypto industry. What is a DAO?A DAO, or decentralized autonomous organization, is an…
- Web3, NFTs, Metaverse: The tools for a truly decentralized futureCointelegraph.com News - 11 hours agoIf the crypto community can successfully decentralize the internet, “it’s a future really worth getting excited about,” said NFT3 founder Dylan Dewdney. Attendees to the…
- Bitcoin ends week 'on the edge' as S&P 500 officially enters bear marketCointelegraph.com News - 13 hours agoDown 20% from its latest peak, the S&P 500 now meets the definition of bear market territory in a warning sign for risk assets everywhere.…
- Needed: A massive education project to fight hacks and scamsCointelegraph.com News - 14 hours agoScams are shattering mainstream confidence in crypto, perhaps irreparably. A large-scale, coordinated education initiative can help ensure that they don’t. The common narrative around the…