Chainlink is a bridge that provides data and information from the real world to the blockchain and vice versa through decentralized nodes. These nodes are responsible for collecting information from different sources, Chainlink's smart contract will be responsible for aggregating and checking, verifying the quality of this information is true or false, then from that only provides that information to decentralized projects inside the blockchain.
Smart Contract does not have the ability to authenticate the data source. Therefore, ChainLink provides a transparent, accurate and completely decentralized data source verification solution.
Example : The current price of one Bitcoin is $48,000, if you mortgage a Bitcoin then the Aave protocol lends you 50% of $24,000. However, Aave does not have the ability to verify that the information is real or fake. In this case, the price of Bitcoin will be verified by Chainlink, while Aave's smart contract only needs to satisfy the lending principle if the investor collateralizes 50% of the asset.
The problem that Chainlink is solving.
If Cardano uses a Proof-of-stake consensus mechanism, then ChainLink uses a Tamper-proof network. Node operators will be tasked with collecting information and data. Then, Chainlink will aggregate information from the nodes.
In addition, developers of projects will buy LINK to deposit into the Chainlink network. These projects will then receive the data and information that Chainlink provides.
Example: In case if there are 10 nodes providing the number of good students at High School A, and 8 nodes answer as 20 good students, 2 nodes answer as 15 good students, then Chainlink will know that two nodes that error and remove their answers. Then Chainlink will have the task of providing this data to the partner.
The nature of Chainlink's operation.
Chainlink project development team
The project was developed by Sergey Nazarov, Steve Ellis and hundreds of other personnel around the world with many years of experience in the field of blockchain technology.
Chainlink project development team.
Partner of Chainlink project
Chainlink is trusted by leading data providers, including: Coinecko, KAIKO, CryptoCompare, Binance…
Some of Chainlink's partners.
In addition, Chainlink is also supported by projects with great reputation in the field of Blockchain technology such as: ChainLayer, Secure Data Links, Simply VC ...
Several projects support Chainlink.
What is LINK used for?
LINK is Chainlink's native token, it is used to reward operators of nodes in ChainLink's network.
Allocate LINK tokens.
Investors can buy LINK on exchanges such as Binance, Coinbase Pro, OKEx, Huobi Global…
In addition, investors can store LINK in wallets such as Metamask , Trust Wallet , Myetherwallet, Mycrypto...
Should you invest in Chainlink?
When looking at the current total capitalization of LINK, it can be seen that Chainlink has a certain position in the cryptocurrency market. In the future, it is likely that Chainlink will quickly develop on many different fields. A lot of large projects using LINK coin reward nodes, which leads to the price of LINK coin to increase in the near future.
Thus, TraderH4 has just brought you all information about Chainlink and LINK. Up to now, Chainlink has not only developed in the Ethereum ecosystem, but also expanded to many other ecosystems. Currently they have supported 88 different blockchain platforms, 327 DeFi projects, 72 NFT projects. This shows that all the prominent decentralized finance applications in DeFi use Chainlink's Oracle.
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