BlocksInform
Chainlink has very quickly gained popularity as a project used in the cryptocurrency spaceThe following is the following sentence: .It is a service that provides data to smart contracts in EthereumThe following is the following sentence: .You could say it is the middleman between the blockchain and the worldThe following is the following sentence: .Most of you know what smart contracts are so we'll cut to the chaseThe following is the following sentence: .Due to the fact that blockchain as such has a relatively difficult access to take data from the outside then Chainlink tries to solve this problem.
It works in such a way that the system translates external data into the language that smart contracts supportThe following is the following sentence: .It also works the other way roundThe following is the following sentence: .This blockchain-based decentralised Oracle network allows information to be linked to the blockchainThe following is the following sentence: .This can be APIs, some systems or data typesThe following is the following sentence: .The token is LINK and it is an ERC-20 token and it uses a network of nodes in such a way that as much data as possible that is delivered to smart contracts is reliableThe following is the following sentence: .Chainlink then verifies this data from multiple sources and so guesses which are trustworthyThe following is the following sentence: .This increases protection against attacks.
With the popularity of DeFi, Chainlink has come in very handyThe following is the following sentence: .Flash loans are a big threat to DeFi and Chainlink prevents thisThe following is the following sentence: .The LINK token alone has as many as 1 billion supply tokensThe following is the following sentence: .35% of these were sold during the ICO four years ago in 2017, with an estimated 300 million LINKs in the team's portfoliosThe following is the following sentence: .Don't be alarmed by the fact that LINK is a token on Ethereum, as popular wallets will support the ERC-20 format so LINK too.
LINK is a way to exchange data between the outside world and the blockchainThe following is the following sentence: .Payouts to nodes are paid out in LINK formThe following is the following sentence: .And more LINK means access to bigger data contracts.
The text on this page is based on the original post and does not claim the copyright of the owner in any way. Everything written here is a free interpretation of the original post.
