Chainlink (LINK)

Chainlink (LINK)

Rank #25

$7.16

1.94%

0.0002 BTC

LINK
USD

MARKET CAP

$3.343 B

ALL TIME HIGH

$52.88

VOLUME 24H

$405.802 M

CIRC. SUPPLY

467.01 M

VOL/MCAP

12.00%

TOTAL SUPPLY

1 B

DILUTED MCAP

7.154 B

MAX SUPPLY

1 B

1H USD

-0.17%

24H USD

1.94%

7D USD

5.26%

30D USD

-49.50%

60D USD

-50.96%

90D USD

-53.24%

Tag:

platformdefioraclessmart-contractsView all

Chainlink Price Chart

24h Change

1.94 %

Chainlink - LINK Profiles

Overview & History

Chainlink is a decentralized $2 network. It aims to serve as a middleware between smart contracts on smart contracting platforms and external data sources, allowing smart contracts to securely access off-chain data feeds.


History

The Chainlink protocol was created in September 2017 and officially launched on mainnet in May 2019. Chainlink aims to solve the oracle problem, an inherent limitation of blockchain networks that prevents them from connecting to external data resources that exist off-chain. Through a decentralized network of independent oracle node operators, Chainlink provides a wide range of decentralized services to smart contracts including Price Feeds (financial market data used to power a large portion of the DeFi economy), verifiable randomness (enabling the creation of dynamic NFTs and fair on-chain gaming applications), proof of reserve (providing proofof off-chain collateral that is backing stablecoins and cross-chain tokens), the Keeper Network (transaction automation bots that provide autonomous DevOps services), and more.

The recently released Chainlink 2.0 whitepaper also broadens the capabilities of Decentralized Oracle Networks (DONs) and describes how the Chainlink Network is evolving to provide both tamper-proof data delivery and secure off-chain computation. Chainlink oracle networks enable the creation of highly scalable and privacy-preserving hybrid smart contracts that combine on-chain and off-chain infrastructure. Off-Chain Reporting, a recent scalability upgrade of the Chainlink Network that lowered the gas costs of oracle updates by 90%, represents the first move towards achieving the goals laid out in the whitepaper.

Chainlink’s technology claims to solve one of the biggest challenges for the practical implementation of smart contracts, connecting blockchains to real world data

Chainlink discovered out how to transfer data into and out of a blockchain while maintaining its security, reliability, and decentralized character. Oracles, or data sources that connect the blockchain to the “real” world, no longer have to be a single point of failure for a smart contract application. Chainlink established a network of nodes for the purpose of transferring data to and from the blockchain, hence establishing a critical element of smart contract architecture. This “blockchain middleware” enabled Chainlink oracles to offer critical information like as price feeds, event results, and connections to legacy payment systems while maintaining decentralization and security.

LINK began operations in 2017. The concept originated from a prior experiment undertaken by its parent business, SmartContract.com. They have previously attempted to establish a decentralized oracle solution for blockchains, but were unable to accomplish so. Centralized oracles are viewed as untrustworthy because if they source erroneous data, it will be permanently recorded on the blockchain, with no means to correct it.

Blockchains are designed to derive their data from information stored on the blockchain. This increases their security and resistance to tampering. However, smart contracts may occasionally require off-chain data from the actual world. External data such as fiat currency exchange rates or any other sort of external data may only be incorporated on-chain via oracles such as Chainlink.

One of the primary obstacles to widespread adoption of decentralized apps is their inability to communicate with data not included within the blockchain.

To really appreciate Chainlink’s significance, we must first explore two critical concepts: Oracles and smart contracts

  • Oracles are centralized third-party devices that are not a part of the blockchain’s consensus system. This makes it impossible to trust them, as there is no way to know for certain whether the information presented is accurate, therefore negating the benefits of blockchain technology. For instance, a smart contract might perform an action based on inaccurate or out-of-date data.
  • Smart contracts are two-party agreements that can execute and enforce themselves autonomously and independently without the need for counterparties. They do so by converting contract words into computer language scripts.

With these two notions in mind, smart contracts are incapable of interacting with external real-world data and systems without the assistance of centralized, untrustworthy third parties. Chainlink fills this need by acting as a decentralized mediator, linking smart contracts and real-world data without the need for counterparty risk.

Understanding how it works

The Chainlink blockchain is powered by three types of smart contracts.

  • The Chainlink Reputation Contract verifies the validity and performance history of an oracle provider — and then analyzes and discards disreputable or unreliable nodes.
  • The Chainlink Order-Matching Contract communicates the Requesting Contract’s request to Chainlink nodes and solicits their bids (where the Requesting Contract does not specify a specific set of nodes) — and then picks the appropriate number and kind of nodes to fulfill the request.
  • The Chainlink Aggregating Contract 

Chainlink Price Live Data

LINK Price

$7.16

Trading Volume

$405.80 M

All Time High

$52.88

1hour Change

-0.17%

24hours Change

1.94%

24hours Range

1.89%

24hours Low

$18.39

24hours High

$19.38

Liquidity ±2%

$5,152,288.45 B

Bids -2%

$51.52 M

Asks +2%

$53.12 M

Market Cap

$3.34 B

Fully Diluted Market Cap

7.16 B

Circulating Supply

467.01 M

Total Supply

1.00 B

Max Supply

1.00 B

Chainlink Markets

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