Chainlink is currently one of the top 15 cryptocurrencies in the world according to coinmarketcap, with a market cap of 996,648,889 USD and 103,266 BTC.
So let’s understand more about Chainlink, its features, and fundamentals.
Chainlink is a decentralized network that aims to connect smart contracts with real-world data.
Since blockchain is unable to access these data, chainlink uses oracles to function as data-feeds in the smart contracts.
Smart contracts are then triggered by the external data provided by oracles. Also, the chainlink participants are rewarded to provide smart contracts with access to external data.
Chainlink works with top companies like Google and Oracle to provide secure oracles for next-generation smart contracts.
The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.
Chainlink lets you easily connect smart contracts to the data sources and APIs they need to function.
It also allows users to send payment from smart contracts directly to their bank accounts and payment networks.
Chainlink works with various banking technology leaders like SWIFT, which helps in connecting banking networks to smart contracts.
Chainlink lets you easily connect smart contracts to the data sources and APIs they need to function.
It also allows users to send payment from smart contracts directly to their bank accounts and payment networks.
Chainlink works with various banking technology leaders like SWIFT, which helps in connecting banking networks to smart contracts.
Connecting smart contracts to the real world:
Building a valuable smart contract requires multiple inputs to prove contractual performance and multiple outputs to send payment to complete the smart contract.
Chainlink provides a smart contract with the inputs and outputs it needs to reach its full potential.
Smart contracts require secure middleware to connect them to real-world data. Smart contracts cannot access these data on their own and neither centralized oracles.
Therefore Chainlink has come up with a Highly Reliable Decentralized Oracle Network.
Chainlink’s decentralized oracle network provides the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, we eliminate any one point of failure and maintain the overall value of a smart contract that is highly secure, reliable, and trustworthy.
Know more by reading the Chainlink Whitepaper.
LINK TOKEN
Chainlink has its own utility token called “Link”
The LINK token is an ERC677 token that inherits functionality from the ERC20 token standard and allows token transfers to contain a data payload. It is used to pay node operators for retrieving data for smart contracts and also for deposits placed by node operators as required by contract creators.
The Link token has many use cases including :
Using them as collateral to set-up a chainlink node, also participants receive rewards in the form on Link Tokens.
This Token is evolving and has a lot more to do in the near future
Currently, Chainlink is trading at $2.84 USD
With a Market Cap of $992,919,476 USD
24 Hour Volume $162,478,647 USD
Circulating Supply 350,000,000 LINK
Total Supply 1,000,000,000 LINK
This article was orignally published at : https://blockchaintrends.io/chainlink-cryptocurrency-project-review/