when the smart contracts are Supporting Ethereum, Vitalik Buterin has expanded its use purposes into the blockchain technology. However, the problem continuity incurred, especially with By design, smart contracts can only manage data on the blockchain. NMany smart contract programs are built on top of Ethereum but again missing one bridge. ChainLink as a bridge that helps to get external information integrated into blockchain applications and put it on chain. With many blockchain protocols of many other platforms, applications like ChainLink are a must to access the data systems that these platforms operate. So what is ChainLink? The following article will provide all information about Chainlink (information, places to buy and sell, objective reviews …).
What is ChainLink?
ChainLink (LINK) is a cryptocurrency with blockchain – an intermediate base to provide anti-tampering applications as well as further develop the built industry. In order to link smart contracts with many types of blockchains as a form of intermediary bridge, ChainLink allows users to use the software in the network to get data by communicating with APIs & off-chain data to integrate into the Blockchain. A smart contract is a system software under the control of a decentralized system where no one can change the code or the contract. More specifically, the chainlink smart contract is implemented to perfectly function as an intermediary blockchain. ChainLink has set its goal of becoming the first Oracle decentralized platform for Ethereum, Bitcoin and other blockchains. ChainLink is currently priced at $ 0.339, although the market has gone through an 11-month downtrend from 1/2018 while the value of other coins is divided many times.
Overview information about electronic currency ChainLink (LINK)
How ChainLink works
ChainLink has two main functions: on-chain function (providing direct scaling solutions) and off-chain function (providing non-direct scaling solutions).
On-chain contracts are deployed on top of Ethereum blockchain technology that handles the data requests of users wanting to take advantage of the network’s data management software. When a user or another entity wants to access data off-chain, they send a user contract (or request contract) to your network. ChainLink, the blockchain will then process these requests in a separate contract. These contracts are responsible for contracts requiring under the appropriate governance systems that include a reputable contract, an execution contract, and an integrated contract.
For a reputation contract, it checks a management system vendor’s track record to verify integrity. Instead, execution contracts document network user service agreements and collect bids through trusted governance system providers. At the end, the aggregate contract accumulates the data of the selected management systems to consider and choose the best outcome. ChainLink’s on-chain functionality on these contracts goes through the process of:
- Select a management system: The user specifies requests for data retrieval in order to reach a service level agreement (SLA). They can then filter and manually search for the admin systems that use ChainLink. Administration systems can bid on the SLA of the contract and once a contract has received the right bid, those systems are selected and a service agreement is made.
- Report data: After choosing a governance system, off-chain providers will agree on the service and transmit the requested data to the blockchain for the nodes on the processing chain.
- Results set: Contract aggregate data will be submitted by all vendors involved in a required contract. After reviewing all the data to submit for the contract ask for an optimal answer.
Off-chain governance nodes connected to the Ethereum network are responsible for gathering data from the off-chain source as required from contracts. After collecting the data, they process the data through ChainLink Core, the core node software that allows the off-chain infrastructure to interact with the ChainLink blockchain. ChainLink Core then passed to the on-chain governance contract to combine the results.
In the future, the system is expected to also work with smart contracts on many different networks.
ChainLink development roadmap
The ChainLink project was founded by Sergey Nazarov, He used to work at a prominent venture capital firm such as New York-based FirstMark Capital. Chainlink can be said to be his first Blockchain platform project. In addition, some outstanding development team members include:
- Steve Ellis (CTO): Formerly a software engineer and team leader at Pivotal Labs. He has a great passion for Ethereum, Bitcoin and the decentralized future.
- Dimitri Roche (Software Engineer): Formerly a software engineer at Pivotal Labs and McKinsey. Currently being the leader of the engineering team in big companies like infogroup.
- Mark Oblad (Chief of Operations): His career started as a growth manager for the world’s top hedge funds.
You can see the full information here: https://chain.link/company/
Currently, the ChainLink development team has not revealed the development roadmap of this project. Overall, the lack of project-specific marketing and updates may have discouraged community members.
Besides, there are still groups of people who can foresee the project’s development capacity. Swift Bank, for example, has created a data operating system with ChainLink, and has some discreet partnerships with zepplin_os and Request Network. The partners of ChainLink up to now include Swift Bank, zepplin_os and Request Network,….
Transaction information, ChainLink store
Currently, you can buy LINK coin with Bitcoin, Ethereum, Tether on many exchanges.
To make LINK money trading, you can visit the address: https://coinmarketcap.com/currencies/chainlink/#markets , then click on the name of your exchange for instant trading.
You can create ChainLink coin wallets and store them on ETH wallets that support ERC20 tokens. The most popular ERC20 wallets today include: ImToken, MyEtherWallet, Metamask, Trust Wallet, Ledger, Trezor, ..
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