What is Chainlink
¿What is Chainlik?
Chainlink is a decentralized oracle platform, it emerged in September 2014, when Steven Ellis, Ari Jeuels and Sergey Nazarov started planning smartcontract.com.
This project arose at the time of creating a series of decentralized ecosystems, with the ability to form information channels on world events and public blockchains.
On June 1, 2019, the main chainlink network was successfully launched, with this one of the main columns was produced, in the development of DeFi protocols today.
Likewise, its LINK token is based on the Ethereum block chain, precisely on the ERC-20 and ERC-67 protocols, this token is used as a means to pay for Oracle utilities on the network.
¿What does it offer?
Chainlink offers to solve the problems that centralized oracles used by smart contracts have, developing a distributed group of oracles.
In turn, these work to generate higher quality information.
¿How does Chainlik work?
Chainlink works through a network of nodes called chainlink nodes.
Whose objective is to develop a system that can monitor the information derived from an event in the real world and feed the smart contracts that are running on the Ethereum network with this information.
To execute this service, chainlink tries to achieve a consensus of the information collected from different nodes, accepting the valid response proposed by the majority of nodes as the most correct.
Likewise, an economic incentive was implemented as an attraction for the correct responses of the node operators.
In other words, the more accurate and reliable the information of the data acquired, the greater the economic incentive.
otherwise, a type of punishment is established for the compromised node.
¿How is it regulated?
Being a decentralized platform, there is no financial entity that regulates it.
¿Why do people use Chainlink?
People use chainlink, since it has had a great reputation because it has been sponsored by large projects and international companies such as:
Google Oracle, Swift, BSN.
In turn, chainlink has positioned itself painfully in the market by acting as a distributed oracle, making it more attractive to the user.
¿How is Chailink different from other platforms?
Unlike other platforms, its protocol works under middleware, which gives it access to smart contracts.
Suppress problems and relate to external ecosystems.
At the same time, chainlink has been executed in such a way that its development is based on the accuracy of the data that is acquired, its protection and its complete decentralization.
Thanks to its flexible architecture, it is possible to accept and supply any type of information.
¿Where can I buy it?
One of the ways where you can buy LINK is through Binance as it has a large tradable variety in the trade, you can trade a cryptocurrency, fiat cryptocurrencies or just use a debit or credit card to buy the stablecoin, deposits are also allowed banking.
https://www.binance.com/
¿Where to find more information?
For more information such as movements, prices, explorers, contracts and more you can visit the following link: https://coinmarketcap.com/
¿Did you know that you can buy and sell USDT and BUSD online thanks to Gastcoin Gateway?
