Review on Chainlink by Azad Aliyev

It is a decentralized oracle network that aims to bring smart contracts together with real-world data. Chainlink, co-founded by Steve Ellis, is developed by Sergey Nazarov. In the ICO process held in October 2017, $32 million is raised with a total supply of 1 billion LINK tokens. The Chainlink decentralized oracle network's own cryptocurrency, LINK, is used to pay node operators. Node providers that fail to provide accurate information due to the reputation system of the Chainlink network will have their tokens reduced, while node providers with a high amount of LINK are rewarded with larger contracts. The developers describe LINK as “an ERC20 token with ERC223 'transfer and call' functionality that allows tokens to be accepted and validated in a single transaction”. Following the $32 million LINK ICO in 2017, 32 percent of LINK tokens are sent to node operators to promote the ecosystem. 30% remains within Chainlink for development.

What is Chainlink Coin?

Chainlink Coin; It is a platform that aims to act as a bridge between blockchain-based smart contracts and real-world applications. Because blockchains cannot access data outside the network, smart contracts require an oracle as a data provider. In the case of Chainlink, the oracles are connected to the Ethereum network. External data provided by the oracle (such as temperature, weather) triggers smart contracts when predetermined conditions occur. Participants in the Chainlink network are incentivized with rewards for accessing external data streams such as API information to smart contracts. A user requesting access to an off-chain data can send a claim contract to the Chainlink network. These contracts match the claim contract with the appropriate oracles. Contracts are a reputation contract, includes a sequence matching contract and a compilation contract. The compilation contract aims to find the most accurate result by collecting the data of the selected prophets.

When Was Chainlink Coin Released?

when did chainlink come out

Chainlink Coin release date is 2015. Verification and customization of Chainlink contracts is provided to ensure native compatibility with Plasm and Shiden networks. Tasks continue as testing and deploying all Chainlink components to Plasm and Shiden mainnets, with ongoing maintenance and upgrades. Automated tests are provided to verify the integration of Plasm and Shiden networks with Chainlink. Improvements are targeted by creating documents showing how developers can integrate with Chainlink in Plasm and Shiden networks.

Which Country Is Chainlink Coin From?

The country of Chainlink Coin is California. A technology that has the potential to serve the whole world cannot be used by many sectors in the world. Thanks to Chainlink, some of the main problems faced by smart contracts can be eliminated. Ethereum adds a new value to the cryptocurrency market in 2015, offering smart contracts to users. Thanks to these contracts, Blockchain now goes more than just a place where financial transactions are recorded. Thanks to smart contracts, there are many uses for Blockchain technology. However, a smart contract can only manage data on the Blockchain it resides on.

How to Get Chainlink Coins?

To get Chainlink Coins, it is necessary to create an account on cryptocurrency exchanges. The exchange platforms where LINK Coin is listed are as follows:

Binance

Huobi Global

Coinbase Pro

It can be purchased from cryptocurrency exchanges such as FTX.

You can log in to any of these exchanges via the internet. When logging into the stock market, account opening and KYC approval must be performed. After KYC approval, it is necessary to access the "deposit" section from the main page and transfer money to the wallet. After performing the money transfer, the transaction page with the LINK Coin parity should be accessed. LINK Coin purchase order is given at the price deemed appropriate on the page where the purchase is made, or the purchase is made at the current price. You can store the amount of LINK Coins you receive in your virtual wallet belonging to the exchange account. For more secure storage conditions, you can choose to store LINK Coins in the hardware wallet.

What Infrastructure Does Chainlink Coin Use?

The Chainlink Coin infrastructure is based on the ERC20 token. Blockchains are basically designed as a closed system. Only on-chain data that already exists on the blockchain can be trusted. This ensures that decentralized consensus is maintained and cannot be manipulated. However, the use cases of blockchain are extremely limited with this premise. For example, price and interest datasets created outside of a blockchain (off-chain) and differing in value and format from different sources are inaccessible. Additionally, the diversity of data makes it difficult for blockchains to obtain reliable data without compromising consensus reliability.

The Chainlink Coin advantages are as follows:

Smart Contract Customization;

LINK Coin allows to create completely custom smart contracts. After the LINK Coin payment, a developer or institutional investor can add details to the smart contracts that will be private between them and the line with which they will trade. This provides a great security and customization advantage in the process.

Blockchain Integration;

A person who wants to integrate transferring their services to Blockchain gets this space in Blockchain with payment of LINK Coin. Normally it is relieved of the burden of building a new Blockchain for company services.

High Availability;

LINK Coin is traded on multiple trading volume wide exchanges. In particular, it is on the list of globally accepted stock exchanges. That's why every investor who has a cryptocurrency account can reach it comfortably.

LINK Coin is an ERC-20 token. There are now so many ERC-20 tokens and DeFi protocol-linked tokens that they cause congestion in the Ethereum network. Therefore, the confirmation period may take longer in the LINK Coin trading process.

Like every cryptocurrency, LINK Coin is at risk of attacks that may occur on the network while in a virtual wallet. Risk is reduced when hardware is preferred to be stored in a wallet.

Expensive Transfers;

Since LINK Coin works over the ETH network, a high gas (duty) fee is required for transfers.

Chainlink's main focus is on working with smart contracts. Chainlink provides access to any external API you want to connect to the smart contract. Thus, it is possible to make payments to any payment system or banking network through a contract. Improvements are targeted with reputation evaluation. Users can use smart contracts with a certain range of parameters, which includes an oracle reputation called a service level agreement. Oracles who violate the rules of the network and provide false data will be penalized and also demoted. If the smart contract receives a sufficient number of applications, a service contract with ChainLink begins. Working with external data is provided. When off-line oracles are selected, they make a programmatic negotiation and provide the requested data. Chainlink Coin Its official site is www.chain.link . By accessing more detailed information on the site, the working style of the coin can be followed closely.