Review on Chainlink by Temitope Babatunde
Designed To Solve The Problem Of Smart Contract.
Chainlink is one of the project that has real life usage. Launched by it's founder Sergey Nazarov to solve the major problem associated with smart contract. the essence of the smart contract is to make the process of data easier to produce necessary information. Since data on smart contract need data outside it to complete i'ts process the problen now arised on how to link those external data into the smart contract without violating it's decentralization, this problem is solved by chainlink through it's oracle that helped to serve as bridge between the traditional data and the blockchain.
Chainlink has two infrastructures one for offline and the other for online. It has 3 contracts to help achieve it's goal, Reputation, Order making and aggregation. In late 2018 it added Trusted Execution Environment TEEs for oracle to make it function maximally.
It patnered with some notable institution who will be needing the services like SWIFT and others.
The native token of the project is Link, which was launched at it's ICO in 2017. The maximum supply is 1 billion with 350 million sold to investor, 350 million reserve for node operators and 300 million for the team. The ICO price was 0.11 dollars but as at today 14/8/ 2020 the price is over 15 dollars. The tokens can be found in many exchanges.
The project and the token are promising and reliable.
Pros
- It link external data to smart contract on blockchain
- it has good and large communties accross social medias
- The token which is link is doing fine in the crypto market.
- It has good and effective team.
- It has real life usage.
Cons
- So many competitors.
- The token set aside for node operators and team at ICO can not be verified.
