Cryptocurrency and Ethereum token
Chainlink is a decentralized blockchain oracle community. Chainlink’s token is on Ethereum.[3][4] The community is meant for use to facilitate the switch of tamper-proof knowledge from off-chain sources to on-chain smart contracts.[5]
Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis,[6] who co-authored a white paper introducing the Chainlink protocol and community with Cornell University professor Ari Juels the identical yr.[1] Chainlink acts as a “bridge” between a blockchain and off-chain environments.[7] The community, which companies smart contracts, was formally launched in 2019.[6]
In 2018, Chainlink built-in City Crier, a trusted execution environment-based blockchain oracle that Juels additionally labored on. City Crier connects the Ethereum blockchain with net sources that use HTTPS.[8]
In 2020, Chainlink built-in DECO, a Cornell mission co-created by Juels. DECO is described by its authors as a protocol that makes use of zero-knowledge proofs to permit customers to show data is true to a blockchain oracle with out revealing sensitive information, similar to delivery dates.[9]
Chainlink revealed a second white paper in April 2021. That paper, Chainlink 2.0: Subsequent Steps within the Evolution of Decentralized Oracle Networks, detailed a imaginative and prescient for increasing the function and capabilities of decentralized oracle networks to incorporate hybrid good contracts, which make the most of on-chain code and off-chain companies supplied by oracle networks.[10]
Chainlink’s decentralized oracle community is an open-source know-how infrastructure that enables any blockchain to securely connect with off-chain knowledge and computation assets. The community nodes fetch, validate, and ship knowledge from a number of sources onto blockchains to execute good contracts.[11]
Along with the switch of exterior data to a blockchain, Chainlink can be used for a number of totally different off-chain computation capabilities, together with a verifiable random function (VRF) and knowledge feeds. The information feeds have been used to carry election knowledge on-chain.[12]
Chainlink’s VRF can be utilized for random number generation which can be utilized in decentralized gaming. ZDNet reported the verifiability of the random quantity technology ensures the in-sport outcomes are tamper-proof.[13]
Node operators are compensated with the community’s native cryptocurrency, LINK.[11] Chainlink’s LINK token is an ERC677 token, an extension of ERC-20. All LINK tokens have been premined and largely withheld by the central issuer. A fraction of the pre-mined token provide was provided on the market to retail consumers in a controversial and legally murky[clarification needed] initial coin offering (ICO)[citation needed].
Tokens act as knowledge payloads, feeding the required knowledge from off-chain sources to good contracts, which then act accordingly in response to the info supplied by the token.[14] In response to Chainlink, the commerce worth derived from these tokens is used to pay node operators for retrieving knowledge from good contracts, and in addition for deposits positioned by node operators as required by contract creators. Tokens may be saved in any ERC-20 pockets, because the ERC677 token retains all of the performance of an ERC-20 token.[15][16]
- ^ a b Ellis, Steven; Juels, Ari; Nazarov, Sergey (4 September 2017). “ChainLink A Decentralized Oracle Network”. chain.hyperlink. Archived from the original (paper) on 6 October 2017. Retrieved 8 October 2022.
- ^ Caldarelli, Giulio (November 2020). “Understanding the Blockchain Oracle Problem: A Call for Action”. Information. 11 (11). Verona, Italy: MDPI: 509. doi:10.3390/info11110509.
- ^ Breidenbach, Lorenz; Chacin, Christian; Chan, Benedict; Coventry, Alex; Ellis, Steven; Juels, Ari; Koushanfar, Farinaz; Miller, Andrew; Magauran, Brendan; Moroz, Daniel; Nazarov, Sergey; Topliceanu, Alexandru; Tramèr, Florian; Zhang, Fan (15 April 2021) [2017]. “Chainlink 2.0. The Next Steps in the Evolution of Decentralized Oracle Networks 9 Economics and Cryptoeconomics Staking” (paper). chain.hyperlink. University of Bern, Cornell Tech, University of California, University of Illinois Urbana-Champaign, Duke University. analysis.chain.hyperlink. pp. 2, 78. Archived (PDF) from the unique on 2021-04-15. Retrieved 4 July 2021.
- ^ Anadiotis, George. “Chainlink launches Mainnet to get data in and out of Ethereum smart contracts”. ZDNet. Retrieved 2021-08-29.
- ^ Nikbakht, Ehsan; Baker, H Kent; Smith, Sean Stein (9 March 2021). The Emerald Handbook of Blockchain for Business. Emerald Publishing Restricted. ISBN 9781839821981. Retrieved 8 March 2022.
- ^ a b Anadiotis, George (Could 30, 2019). “Chainlink launches Mainnet to get data in and out of Ethereum smart contracts”. ZDNet. Retrieved August 3, 2021.
- ^ Arrowsmith, Ranica (December 1, 2020). “Tech, accelerated; 2020 was a hothouse for know-how, rushing up the already fast tempo of growth and adoption”. Accounting Today. No. 34. p. 30.
- ^ Orcutt, Mike (November 19, 2018). “Blockchain smart contracts are finally good for something in the real world”. MIT Technology Review. Retrieved August 3, 2021.
- ^ Brett, Charles (September 4, 2020). “Chainlink acquires DECO from Cornell”. Enterprise Occasions. Retrieved August 3, 2021.
- ^ Anadiotis, George (April 15, 2021). “Chainlink 2.0 brings off-chain compute to blockchain oracles, promotes adoption of hybrid smart contracts”. ZDNet. Retrieved July 27, 2021.
- ^ a b Anadiotis, George (Could 30, 2019). “Chainlink launches Mainnet to get data in and out of Ethereum smart contracts”. ZDNet. Retrieved July 27, 2021.
- ^ Castillo, Michael del (November 3, 2020). “How To Track Official Election Results On Ethereum And EOS”. Forbes. Retrieved July 26, 2021.
- ^ Brown, Eileen (November 10, 2020). “Chainlink VRF makes blockchain games more trustworthy by using verifiable on-chain source of randomness”. ZDNet. Retrieved August 3, 2021.
- ^ Prathap, Madana. “Looking beyond Bitcoin and Ethereum — Here’s a list of top 15 altcoins you should keep an eye on”. Enterprise Insider India.
- ^ “FAQ | Chainlink Documentation”. docs.chain.hyperlink. Retrieved 2021-07-24.
- ^ Financial Cryptography and Data Security. FC 2021 International Workshops. Springer Berlin Heidelberg. 16 September 2021. ISBN 9783662639580.
