ChainLink: cryptocurrency description, existing problems
ChainLink is a decentralized network of oracles, thanks to which it became possible in the traditional financial system to use “smart contracts” to transform the requested data from other sources into a form accessible for the blockchain. The project is developed and optimized by SmartContract.
The ChainLink platform consists of:
- internal blockchain (selects oracles, focusing on the requests of “smart contracts”);
- external off-chain (built on nodes of oracles extracting data from outside).
The system has an internal token - LINK, designed to pay for services provided by third-party resources for ChainLink.
Top-up: through cryptocurrency exchanges (for example, Huobi, Bithumb, Gate.io, Binance, EtherDelta and others), through exchangers.
Storage: any wallets that support the ERC-20 standard (MyEtherWallet, MetaMask, Mist, Ledger and Trezor) or on the accounts of crypto exchanges.
Advantages of the system:
- The project is supported and implemented by well-known world organizations (World Economic Forum, SWIFT international interbank system, Gartner consulting company)
- Clear oracle compliance with smart contracts
- Data from third-party resources is carefully checked for accuracy.
- High network transaction speed
- For the implementation of operations, oracles are used, with the help of which the maximum safety and reliability of operations is achieved
- Network users have the opportunity to make money if they become online providers, site operators or data providers.