Bright Ideas: Chainlink (LINK)

Chainlink is a decentralised Oracle network that provides a bridge between off-chain data and blockchain networks.

Price:

$6.31

Mkt Cap:

$3,442,953,156

View Coin Page

Project Fundamentals
  • Chainlink helds solve issues surrounding the centralisation of data provided to smart contracts, aiming to validate or conclude that the data being provided is correct.
  • Chainlinks Proof of Reserve consensus mechanism uses a network of node operators to acquire and analyse reserve data.
  • The native token of Chainlink is LINK which has a maximum supply of 1 billion tokens. LINK is used to compensate node operators for their provision of external data.
Partnerships / Implementation
  • Since 2019 Google and Chainlink have been collaborating to provide fully decentralised weather data directly from the Google cloud.
  • Solana Dapp, Saber announced it would be using Chainlink data feeds to provide automated market who invented mor making services.
  • NFT marketplace UREEQA has also partnered with Chainlink to implement live sports data feeds.
  • Chainlink’s data feeds can be used in mirrored assets, stablecoins, supply chains, prediction market, De-Fi and Parametric Insurance.
Roadmap and Announcements
  • The ambitious and long-term outlook provided by the Chainlink 2.0 Whitepaper is the most significant outline of the project’s future.
  •  “We foresee an increasingly expansive role for oracle networks, one in which they complement and enhance existing and new blockchains by providing fast, reliable, and confidentiality-preserving universal connectivity and off-chain computation for smart contracts,” Chainlink.
  • The Chainlink 2.0 Whitepaper identifies 7 key areas that the network will prioritise including: Hybrid Smart Contracts, Abstracting away complexity, Scaling, Confidentiality, Order Fairness for transactions, Trust minimization and Incentive based Security.
  • Zeus Finance announced in September 2022 that it will integrate Chainlink Keepers.
  • In late September 2022, International Banking services provider SWIFT announced it is working with Chainlink on a cross-chain interoperability protocol (CCIP) in an initial proof-of-concept.
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