Public information and data
Chainlink (LINK) is a decentralized network that provides information (middleware) for smart contracts. Founded by Sergey Nazarov and Steve Ellis in 2017, Chainlink aims to solve the problem of sourcing off-chain information for the execution standards of smart contracts. Smart contracts are designed to execute automatically when certain criteria are met; however, when these criteria exist off-chain, there is a reliance on information sources (known as middleware) to provide the necessary information. Off-chain middleware tends to be centralized, bringing with it a dependency on a third party to provide critical information in a trustworthy and time-sensitive manner. Chainlink aims to break this dependency by feeding information to smart contracts through a decentralized network of middleware that work together on the Link blockchain to verify and send important information to these contracts. The Chainlink network allows users with data feeds or APIs that hold the information to easily provide that information to smart contracts in exchange for the LINK token.
Key Achievements
September 2017 - Initial Coin Offering of Chainlink.
November 2018 - Acquisition of Town Crier (smart contracts and data privacy projects).
June 13, 2019 - Announcement of partnership with Google
Interest
The Link network provides accurate and timely information to smart contracts via a decentralized network of middleware (data feeds and APIs). This information is essential for the effective and accurate execution of smart contracts, as the required information exists off-chain, and it is crucial to have a reliable way of obtaining information on-chain. The LINK token acts as payment for the smart contracts that use the data provided by the Link network, where the middleware that delivers accurate information is rewarded in proportion to their stored LINK tokens.
Key Features
Partnerships with key sector players such as SWIFT and Google
Integrations through sidechains of Ethereum such as Harmony, Celer, and Matic.
Average block creation time is not available; total supply is 1 billion LINK; the consensus of middleware is written on the Ethereum blockchain via threshold signatures.
