Review on Chainlink by francis fernandez
Chainlink: incorporating oracle technology into blockchain technology!
Chainlink is a digital currency established in the United States, launched at the end of 2017. Its rapid rise in the crypto market has attracted the attention of the whole world; even surpassing Bitcoin the most popular cryptocurrency in the industry.
Chainlink is a platform that manages to connect external factors, be it data or real-world applications, to blockchain technology without altering its operation or security. This integration is possible thanks to the use of oracles.
Oracles are devices that are outside of the blockchain and have access to information outside of your network. The data collected by the oracles is incorporated into the blockchain through the use of smart contracts. Since external data is not always reliable, Chainlink developers chose to create a decentralized oracle network called Node Operators that will make it easier for people to get APIs or data only from smart contracts in exchange for chain-linked tokens.
In this sense; the Chainlink platform will basically consist of two elements:
1-Buyers: They are the users who request data.
2-Suppliers: They are those who provide the data reliably. These guarantee your participation in the LINK tokens when placing a bet that you could lose if you do not behave well. Your job is to transmit the true answers on the chain.
Chainlink performs a weighting based on the data provided through the oracle reputation system.
What is the use of LINK tokens?
* The tokens used by ChainLink ERC677 is similar to the ERC-20 token used to transfer tokens partially loaded with data.
* Serves as a data payment method to providers that provide information to the system.
LINK tokens can also be purchased from popular exchanges such as Binance, Coinbase, and Huobi.
Pros
- It allows you to develop smart contracts and make them available to any entity or body.
- By establishing smart contracts many inconveniences are solved or tasks are scheduled that achieve efficient use of time.
- It achieves a feedback between the information of the blockchain and the reality of the environment, being able to make the conditions of a smart contract more flexible.
Cons
- Currently it does not have as many experts in its team of developers to face the challenges of the platform.
