Chainlink (blockchain)

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Chainlink
Chainlink Logo Blue.svg
Denominations
PluralChainlink
CodeLINK
Development
Original author(s)Sergey Nazarov, Steve Ellis, Dr. Ari Juels [1]
White paperchain.link/whitepaper
Code repositorygithub.com/smartcontractkit/chainlink
Written inSolidity, GoLang
Operating systemBlockchain-agnostic
Source modelOpen source
LicenseMIT License
Websitechain.link
Ledger
Circulating supply441,509,554[citation needed]
Supply limit1,000,000,000
Valuation
Market capUS$7,385,750,198.55 (24 July 2021)[citation needed]

Chainlink is a decentralized blockchain oracle network built on Ethereum.[2][3] The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts. The creators of the network say it can be used to verify whether the parameters of a smart contract are met in a manner independent from any of the contract's stakeholders by "connecting the contract directly to real-world data, events, payments, and other inputs".[4][self-published source?]

Chainlink Token[]

Chainlink's LINK token is an ERC677 token, an extension of ERC20. Tokens act as data payloads, feeding the required data from off-chain sources to smart contracts, which then act accordingly in response to the data provided by the token.[5][better source needed] According to Chainlink, the trade value derived from these tokens is used to pay node operators for retrieving data from smart contracts, and also for deposits placed by node operators as required by contract creators. Tokens can be stored in any ERC20 wallet, as the ERC677 token retains all the functionality of an ERC20 token.[6][self-published source?]

History[]

A visual representation of Chainlink's "smart bond architecture"

The first Chainlink white paper, ChainLink: A Decentralized Oracle Network, was published on the 4th of September, 2017, describing the project's approach to the blockchain oracle problem.[1][7]

Back in 2020, Everipedia used a Chainlink node to post Associated Press data of results of the 2020 Presidential Election.[8]

In April 2021, Chainlink released a 2.0 version of its white paper that outlined new capabilities to the Chainlink network, including off-chain computation, crypto-economic staking, and "privacy-preserving features".[9]

References[]

  1. ^ Jump up to: a b Ellis, Steven; Juels, Ari; Nazarov, Sergey (4 September 2017). "ChainLink A Decentralized Oracle Network" (paper). chain.link/. Retrieved 5 July 2021 – via Microsoft Bing.CS1 maint: date and year (link)
  2. ^ 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). research.chain.link/whitepaper-v2.pdf. University of Bern, Cornell Tech, University of California, University of Illinois Urbana-Champaign, Duke University. research.chain.link. pp. 2, 78. Retrieved 4 July 2021 – via Microsoft Bing – https://chain.link.CS1 maint: date and year (link)
  3. ^ Anadiotis, George. "Chainlink launches Mainnet to get data in and out of Ethereum smart contracts". ZDNet. Retrieved 2021-08-29.
  4. ^ "Decentralized Oracles for Blockchain Use Cases | Chainlink". chain.link. Retrieved 2021-07-24.
  5. ^ "ERC: transferAndCall Token Standard · Issue #677 · ethereum/EIPs". GitHub. Retrieved 2021-07-24.
  6. ^ "FAQ | Chainlink Documentation". docs.chain.link. Retrieved 2021-07-24.
  7. ^ Caldarelli, Giulio (November 2020). "Understanding the Blockchain Oracle Problem: A Call for Action". Information. (University of Verona, 37129 Verona, Italy). 11 (11): 509. doi:10.3390/info11110509.CS1 maint: location (link)
  8. ^ del Castillo, Michael. "How To Track Official Election Results On Ethereum And EOS". www.forbes.com (Forbes). Retrieved 2021-04-19.
  9. ^ Anadiotis, George. "Chainlink 2.0 brings off-chain compute to blockchain oracles, promotes adoption of hybrid smart contracts". www.zdnet.com (ZDNet). Retrieved 19 April 2021.
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