Introduction to Chainlink
What problem does Chainlink solve?
Although cryptocurrencies have been in the news for quite some time, there are still some
drawbacks and limitations that have continually hindered the technology from being completely adopted as a
means of payment and transaction all over the world. ,Issues related to scalability, privacy, security,
and physical integration are some of the hindrances that need to be addressed. At the
core of the Blockchain technology is the concept of smart contracts, an idea first conceived
Smart contracts can be defined as the digital version of legal contracts.
The fact that it exists on a decentralized network gives it a beneficial edge because
no one can alter it. Smart contracts are executed when a certain number of conditions
are fulfilled. However the execution of a social contract requires some data input from the
physical world. The Blockchain must acquire and interact with data feeds and an API (Application
Programming Interface). The interaction with the physical world requires middleware which is known as an
‘oracle’. Here ChainLink comes into play. ChainLink provides a Blockchain-based secure oracle network (a decentralized
source of information) that allows and streamlines the interconnectivity of smart contracts and external resources
DataDash: CHAINLINK | Revolutionizing Smart Contracts
What is Chainlink
What does the cryptocurrency Chainlink actually do?
Chainlink, in real terms, is a middleware that is built to bridge the gap between the Blockchain-based activity and the physical processes involved in a transaction. It redefines the architecture of oracles and brings them onto Blockchain technology. The actual product was supposedly launched in May 2019 (Paradigm, 2019). On the official ChainLink website, anyone can request a ‘Chainlink‘ to connect their smart contracts with external inputs and/or outputs like Data Feeds (Market Prices, IoT events, etc…), Traditional Payments (Bank Accounts, PayPal, etc…), and Cross-chain (Events on another Blockchain). It is based on the Ethereum Blockchain.
Who is behind Chainlink
What team is working to make Chainlink successful?
ChainLink was launched by a company named SmartContract, founded in 2014. Sergey Nazarov and Steve Ellis were the brains behind this project. The CEO, Sergey is an entrepreneur who has had several other ventures previously. The CTO, Steve is a software engineer who has served for other companies as well (CoinSwitch, 2019).
The Team is headed by CEO Sergey Nazarov, who is an entrepreneur with a history of starting up several business ventures and CTO Steve Ellis who is a software engineer who is responsible for the smooth running of the technical aspect of the project. The development team includes many other notable software engineers who have proven themselves in the world of cryptocurrency in the past.