Chainlink

What Is Chainlink (LINK)?

A decentralized network of nodes called Chainlink (LINK) tries to link data and information from outside a blockchain to on-chain smart contracts. By enabling off-chain processing and access to real-world data while maintaining the security of blockchain technology, Chainlink improves the capabilities of smart contracts.

Similar to ordinary contracts, smart contracts operate on the blockchain as protocols rather than being written out on paper. Smart contracts are immutable (cannot be modified) and verifiable since they operate on the blockchain (everyone can see them). This ensures that all parties to the agreement have a high level of confidence that they accurately reflect its provisions and will only carry them out if certain circumstances are met.

However, since the majority of data and services are not stored on the blockchain, businesses are unable to use smart contracts in regular transactions for real-world applications. The difficulty lies in connecting external information to blockchain smart contracts in a language that both parties can comprehend since smart contracts need off-chain data in an on-chain format to build agreements.

History of Chainlink (LINK)

The other co-founder of Chainlink is Sergey Nazarov. He was a founding partner of SmartContract, a platform that widely accepted bank payments and linked smart contracts to external data. Additionally, he served as Secure Asset Exchange's cofounder and CEO. On April 15, 2021, the revised whitepaper, Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, was made available.