Chainlink

by SmartContract Chainlink Ltd SEZC
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Decentralized network of oracles consisting of buyers and data providers.

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Chainlink description

Chainlink is a decentralized network of oracles consisting of buyers and data providers. Buyers request data, and suppliers supply it. The ChainLink was released at the end of 2017 by the American blockchain startup Smartcontrast, specializing in smart contracts and their application in real life.

However, unlike the well-known Ethereum and NEO, ChainLink operates on the basis of "oracles", smart software that forms a secure channel for the execution of a smart contract. This is a publication from company cryptod​efix. This channel allows you to exchange data, according to the conditions specified in the contract. In simple terms, the oracle creates an "information network" between businesses or people. Such a network excludes interaction with intermediaries, therefore can be considered as decentralized and cannot be regulated by anyone.

Data buyers select the specific data they want, and suppliers provide only that data. For the sake of additional security, data providers block a certain share of Link tokens when they publish a data supply offer. Thus, these tokens can be confiscated in case of unfair behavior of the supplier. At the same time, Chainlink uses the oracle reputation system to collect and evaluate the data provided. Hence, in case when everything goes right, the suppliers get their payment.

Chainlink special characteristics:

  • LINK lines are used to pay data providers, project node operators, payment providers, and other online service providers.
  • The Chainlink network uses the ERC677 token, which almost exactly takes over the functionality from the standard ERC-20 token.
  • Both independent developers and large companies can deal with the purchase and sale of data.
  • ChainLink supports Ethereum, Bitcoin, and Hyperledger.

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Chainlink performs a weighting based on the data provided through the oracle reputation system. It allows you to develop smart contracts and make them available to any entity or body. By establishing smart contracts many inconveniences are solved or tasks are scheduled that achieve efficient use of time. It achieves a feedback between the information of the blockchain and the reality of the environment, being able to make the conditions of a smart contract more flexible. Other advantages: information generally comes from the blockchain, quick verification of-idea organization, but its support focus could be better and currently it does not have as many experts in its team of developers to face the challenges of the platform.