LINK-ChainLink introduction details

LINK is an ERC20 standardized token based on the Ethereum blockchain. It is used to pay Chainlink node operators to retrieve data from off-chain data, format the data into a blockchain-readable format, off-chain computing and ensure normal operation time. Chainlink tokens are part of the running nodes to prevent bad participants.


1. Project introduction

The first decentralized Oracle network, allowing anyone to securely provide smart contracts, access critical external data, offline payments and any other API functions. Any user with a data feed, offline service (such as local payment), or any other API can directly provide it to the smart contract in exchange for LINK tokens.
The ChainLink network is a distributed network of ChainLink nodes. They all directly transfer specific data, APIs and various offline payment functions to smart contracts.
The Chainlink network consists of two independent parts, on-chain and off-chain, they must interact to provide services. The network is constructed in such a way that it can be upgraded, so that its different components can be replaced when better technologies and technologies emerge. The on-chain components of the network filter oracles through service level agreements (SLAs) based on metrics requested by one party to the smart contract. Using these metrics, Chainlink collects responses to SLA queries, ranks them using reputation and aggregation models, and provides the final aggregate results of Chainlink queries that may be implemented into smart contracts.
The off-chain components of the network consist of Oracle nodes connected to the Ethereum network, and these networks independently collect responses to offline requests. These off-chain nodes can be located in any industry. For example, the off-chain nodes operated by the New York Stock Exchange can provide real-time and accurate transaction information for the Chainlink network, or the Visa network off-chain nodes can resolve transactions with consumers and suppliers through the Chainlink network. Interactive. Chainlink technology aims to integrate nodes from all these industries into a common network that itself acts as a (low-cost) middleman, interpreting and correctly distributing data as needed. The Chainlink system will ensure that the results obtained from the oracles are accurate and allow the oracles to remain independent of the data they provide.
Any data, payment, electronic signature or other API providers and individual developers can easily join the Chainlink network by connecting their familiar API to the network. Once the API is connected to ChainLink, the user becomes the ChainLink node operator and is responsible for connecting the API to the ChainLink network. In order to incentivize operators to provide API information, they are compensated in the LINK token to successfully complete the online link request.
The project currently provides a fully distributed oracle network compatible with Bitcoin, Ethereum and Hyperledger. It is expected that other blockchains will be supported in the future, which will allow cross-chain connections between smart contracts and any other public or private chains, allowing anyone in the world to use the Chainlink network, regardless of its platform. All service providers will be able to securely provide smart contracts to access critical external data and possibly even non-chain payments.


2. Comment

Chainlink (LINK) is a decentralized network that can provide information (oracle) for smart contracts. Chainlink was founded in 2017 by Sergey Nazarov and Steve Ellis, aiming to solve the problem of off-chain information procurement through smart contracts for its execution parameters. Smart contracts are designed to be automatically executed when certain parameters are met, but when these parameters exist off-chain, they rely on the information source (called oracle) to provide the necessary information. Off-chain predictors are often centralized and rely on third parties to provide critical information in a reliable and time-critical manner. ChainLink aims to break this dependency by providing information to smart contracts through a decentralized network of predictions. These predictions work together on the Link blockchain to verify and forward key information to these contracts. The ChainLink network allows users with data feeds or information bearing APIs to easily provide information to smart contracts in exchange for LINK tokens.
Memorabilia
September 2017-ChainLink ICO.
November 2018-Acquired Town Crier (Smart Contract and Data Privacy Project).
June 13, 2019-Announced a partnership with Google
utility
The link network provides timely and accurate information to smart contracts through Oracle's decentralized network (data sources and API). This information is essential for the effective and accurate execution of smart contracts, because the required information exists off-chain, and there must be a reliable way to obtain on-chain information. LINK tokens are used as payment for smart contracts that use data provided by Link Network, in which oracles that provide accurate information will be rewarded in proportion to LINK.
Important function
Partnerships with major industry players such as SWIFT and Google
Integration of Ethereum sidechains, such as Harmony, Celer and Matic.
Average block time n/a; total supply 1 billion LINK; write Oracle Consensus into the Ethereum blockchain through threshold signature.
Related Links:
https://chain.link/
https://en.bitcoinwiki.org/wiki/ChainLink
https://everipedia.org/wiki/lang_en/chainlink-cryptocurrency
https://blog.chain.link/threshold-signatures-in-chainlink/
https://blockonomi.com/chainlink-guide/