What is Chainlink ($LINK)?
Chainlink is a 3rd party, independent blockchain oracle established on the Ethereum mainnet. Chainlink began in 2014, a year before the Ethereum network was envisioned and written out in the original technical white paper that would introduce the world to smart protocol for the first time.
A true work of patience, Chainlink was not officially launched until 2017 by entrepreneur Sergey Nazaroz and partner Steve Ellis. Cornell University professor Dr. Ari Juels joined the duo to co-write the original whitepaper, first introduced to Cornell University prior to the official launch. The Chainlink network was carefully developed and executed by its founders.
Efficient data transmission and sharing on Chainlink
As a blockchain oracle on the ETH network, Chainlink ($LINK) essentially transfers tamper-proof, real-world information into the blockchain by way of smart contracts. It also facilitates the transfer of smart contract information from the blockchain back out to the real world, making Chainlink a choice for companies to mobilize information to and through a secured decentralized network. Chainlink uses smart contract technology to do so.
More about smart contracts
Processes are coded into the script of a smart contract, which enables contract functions to be carried out automatically as the smart protocol runs. Smart contracts are used by decentralized projects largely due to the capability of the program and function to be carried out in decentralized applications (DApps) distributed on multiple screens simultaneously. Smart protocol is integrated with decentralized application (DApp) technology, and was first introduced by the Ethereum network founding developers.
Chainlink is used in the real world
Chainlink’s network is used by major companies like IBM, Microsoft and Google due to its unique ability to efficiently connect information from the physical world and port it to the blockchain environment securely. The Chainlink coin ($LINK) is an ERC677 token, an extension of and traded on the identically functioning ERC20 network.
More details about Chainlink ($LINK)
Chainlink ($LINK) is an ERC677 token - an extension of the ERC20 Ethereum network. The 3rd party independent querying, validation and authentication capability and protocol of the Chainlink network makes it a relevant decentralized finance application, moving information in and out of the blockchain, to and from real-world data sources.
It is a “tamper-resistant” network, built upon the secure ethereum mainnet blockchain infrastructure with decentralized application and smart contract operability. This and other factors about Chainlink, make it a trusted decentralized network used by large and medium sized corporations who wish to convert information into the blockchain for storage and/or transmission.
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