Review on Chainlink by Pedro O. Alvino M.
functional with smart contracts
Launched in 2017, ChainLink is an intermediary blockchain that aims to connect blockchains with other applications outside the chain. One of the main disadvantages of smart contracts is that, because they are based on information secured in a blockchain, and because of the way in which miners reach a consensus on transaction data based on the blockchain , cannot interact with external resources such as payment systems.
Pros
- Blockchain middleware that aims to connect smart contracts with real-time information on resources outside the chain.
- It acts as a fully decentralized network of oracles.
- Its platform offers a 24/7 technical service in case of a system error.
- It established a partnership with SWIFT, a global provider of financial messaging services, to develop SWIFT Smart Oracle.
- It is among the best cryptocurrencies in the market.
Cons
- It may be affected if Ethereum offers improvements in the issuance of smart contracts on its platform.
