Chainlink (LINK): Price, Charts and Market Cap

ChainLink virtual currency is one of those tokens that facilitate the interaction of the consumer with the supplier of goods or services. In view of the active integration of blockchain technologies into the life of an ordinary person, recently such currencies are in high demand.

Smart Contracts provide the ability to execute tamper-proof digital agreements, which are considered highly secure and highly reliable. In order to maintain a contract's overall reliability, the inputs and outputs that the contract relies on also need to be secure. Chainlinks provide a reliable connection to external data that is provably secure end-to-end.

ChainLink project has elaborated a technology that creates secured channels between various data providers with the usage of blockchain system. In simplw words, they have developed so called oracles that make it possible to implement a smart contract between the blockchain infrastructure and third-party data sources. This allows customers to build big data networks between various companies. Such networks are governed by nobody or nothing other than a smart contract, and are substantially decentralized.

• Connect to Any External API. Easily connect smart contracts to the data sources and APIs they need to function.
• Send Payments Anywhere. Send Payments from your contract to bank accounts and payment networks.

The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain. Easily connect smart contracts to the data sources and APIs they need to function. Send Payments from your contract to bank accounts and payment networks.

Building a truly valuable smart contract requires the use of multiple inputs to prove contractual performance, as well as multiple outputs to affect outside systems and/or send payment to complete the smart contract. Chainlink provides your 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. This external data will trigger the contract, creating the need for its high reliability.

Connecting your smart contracts to the inputs and outputs it needs.

Building a truly valuable smart contract requires the use of multiple inputs to prove contractual performance, as well as multiple outputs to affect outside systems and/or send payment to complete the smart contract. Chainlink provides your smart contract with the inputs and outputs it needs to reach its full potential.

Chainlink (LINK) is a decentralized oracle service, which aims to connect smart contracts with data from the real world. Since blockchains cannot access data outside their network, oracles are needed to function as data feeds in smart contracts. Oracles provide external data (e.g. temperature, weather) that trigger smart contract executions upon the fulfillment of pre-defined conditions.

Participants on the Chainlink network are incentivized (through rewards) to provide smart contracts with access to external data feeds. Should users desire access to off-chain data, they can submit a requesting contract to ChainLink’s network.

These contracts will match the requesting contract with the appropriate oracles. The contracts include a reputation contract, an order-matching contract, and an aggregating contract. The aggregating contract gathers data of the selected oracles to find the most accurate result.

Smart contracts require secure middleware to connect them to real world data. This external data will trigger the contract, creating the need for its high reliability.

The problem: smart contracts can't access data on their own.

When developers implement their chosen smart contract, they encounter a connectivity problem. Their smart contract is unable to connect with key external resources like off-chain data and APIs. This lack of external connectivity is due to the method by which consensus is reached around a blockchain's transaction data and is a problem for every smart contract network.

The solution: 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.