Chainlink network review details



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The decentralization of blockchains has enhanced its security. However, the decentralized and closed-off nature limits input into the platforms. The Chainlink blockchain bridges this gap by providing a decentralized oral network to input data from external sources. It is different from Bitcoin as it uses the Proof of Stake(PoS) protocol. This indicates that there are not any advanced puzzles for miners. The advanced puzzles often are confusing when processing network transactions. The Proof of Stake(PoS) is essential in decreasing the crypto environmental impact. Its Proof of Reserve system also facilitates efficient monitoring of reserve assets through automated audits.


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The ChainLink blockchain is a decentralised oracle platform that connects smart contracts with off-chain data. It was formed in 2017 and launched on the ethereum blockchain in 2019. It expands the functionality of several blockchains using its Proof of Stake. The Proof of Reserve system ensures there is the monitoring of reserve assets. It uses the ERC677 tokens while providing real-world data such as market data, bank payments, and retail payments. It is used in DeFi, Enterprise, Insurance, NFT and gaming.

 

Briefly about Chainlink network

In 2017, Sergey Nazarov and Steve Ellis developed the Chainlink blockchain under SmartContracts. Ethereum was a revolutionary way of transferring money with smart contracts. However, it is unable to integrate real-world data. Founders of the platform developed it to address this in the market by improving the potential use cases of smart contracts. It can link real-world data such as: +Web APIs +Market data +Backend systems +Bank Payments +Retail Payments +Cryptocurrencies on different blockchains The most developed functionality of the blockchain is linking dApps with real-world data such as fiat currencies. For example, Chainlink can request the network for the value of the USD. It uses multiple sources and submits an answer. This is with the condition that the majority of the answers are not compromised. The blockchain uses ERC677 tokens. These are an extension of ERC-20 tokens. It issues smart contract developers the oracle infrastructure to build and scale external dApps on any blockchain. Some of the most notable DeFi projects using the Chainlink blockchain include: Aave Arbol Synthetix Ampleforth Celsius

Chainlink allow connecting smart contracts with off-chain data and services.CryptoLists.com
 

Chainlink is a Decentralised Oral Platform that purposes to link smart contracts with external data. It was launched on the Ethereum blockchain in 2019 and is compatible with several other blockchains. Blockchain transactions are irreversible hence the need for an oracle network such as Chainlink blockchain to ensure the accuracy of the data. The Chainlink blockchain goes further in eliminating trusted third parties. The integration of real-world data within the smart contracts through the decentralized oracle network is what makes it unique.

When a user has a requesting contract for information on the network, it is listed as a blockchain event. This subsequently creates a Service Level Agreement (SLA) Contract. The contract further initiates the following contracts:
The Reputation Contract
This contract verifies the authenticity of the oracle. It reviews the past accuracy of the oracle and ranks them. It assists in utilising the best oracle.
The Order Matching Contract
It sends the requesting contract to the ChainLink nodes where these nodes bid on it. The configuration to complete the request is on predetermined conditions. The Aggregating Contract
The contract reconciles any erroneous data. Any data that does not conform with other networks is disregarded. The remaining data is validated and accessible on the blockchain.

 

Utility of Chainlink network?

There are several users of the Chainlink blockchain. These include the following:

Users of securities contracts:- These include bonds, interest rate securities that require the availability of APIs to receive information such as interest rates and market data.

Users of Trade Finance Smart Contracts:
These require information from supply chain systems, GPS data, and customs on shipments.

Users of Insurance Smart Contracts:
They analyse IoT data concerning insurance events. This leads to accurate analysis of insurance claims.

NFTs and Gaming:
The blockchain powers several NFT and gaming applications to have dynamic and fair gameplay.
The blockchain rewards its node operators with LINK tokens for retrieving data from external sources. These node operators are also involved in off-chain computation and guaranteeing uptime. The Chainlink blockchain also offers to stake for network security and governance protocols using the LINK tokens.

Chainlink network details

ERC20 Contract address: 0x514910771af9ca656af840dff83e8264ecf986ca
Chainlink network Consensus Method: Proof of Reserve
Release Date: May 30, 2019
Resources & Social media
 

Advantages at Chainlink network

+ Enables secure engagement between smart contracts & external data.
+ Strong partnerships with reputable companies such as Google & Swift.
+ ChainLink provides access to authentic data through node operators
+ Compatible with several blockchains including Bitcoin and Ethereum.
 

Disadvantages

- There is a limited guarantee to investors of the length of partnership
- It has a low development speed which creates uncertainty.
- Chainlink does not have a roadmap to guide its development.
- Over 60% of Chainlinks supply is with the parent company.
 

Costs

▪ Rated at 9/10

As of 15th February 2022, the average gas fee for transactions is 51 Gwei. Chainlink transaction fees vary depending on the exchange platform you use. The current maximum trading fee is 0.75%. There are no deposit fees but it charges withdrawal fees in LINK tokens. The maximum withdrawal fee is 2.5 LINK.

 

Reputation and Buzz

▪ Reputation rated at 10/10
▪ Buzz rated at 9/10

There has been a significant buzz on the Chainlink blockchain given its traction. The World Economic Forum recognized it as one of the most pioneering technology projects of 2020. Its reputation has been boosted by the several integration projects on it. This adds to over 1000 projects with over 700 decentralized oracle networks. This bolsters its value even further and attracts leading enterprises such as Amazon and Google.
However, the Chainlink blockchain is directly affected by Ethereum which raises concerns by some of its users.

 

FAQ

How can I buy LINK?

The following are steps into buying LINK:

+Register on a trusted cryptocurrency exchange.
+Top up your account with fiat currency
+Write up an order of the number of LINK tokens with the amount you are to invest
+Once the order is complete, the exchange wallet receives the LINK

What is a ChainLink Keeper?

These keepers act as access to a decentralised network of nodes that perform tasks without competing against each other. These keepers are available live on Polygon and BSC.

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Screenshots from Chainlink network

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Chainlink network Newsflash
    Chainlink launching roadmap for stakingChainlink launching roadmap for staking
    Monday, 20 Jun 2022 4:19 pm
    Chainlink blockchain has released a roadmap that describes how it will implement staking rewards. When this system is implemented, LINK coin holders will be able to earn passive income as they increase security guarantees on the blockchain. Following the announcement, the native cryptocurrency of the blockchain, LINK, shot up 20% and...
    Read the full newsflash

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