At its most basic form, Chainlink is an oracle network, meaning it provides a way for a blockchain or smart contract to interact with external data and creates a path between off-chain and on-chain events. Through Chainlink, smart contracts can connect to any external API or data sources they need to function. The network additionally allows users to send payments from contracts to bank accounts and payment networks anywhere.
Smart Contracts Can't Access External Data on Their Own
Smart Contracts provide the ability to execute highly secure and tamper-proof digital agreements. The inputs and outputs that any given contract relies on must be secure to maintain the overall reliability. As a result, developers are unable to connect smart contracts with key external resources like off-chain data and APIs because of the method used to reach the consensus. For smart contracts to reach their full potential, they require the use of multiple inputs to improve contractual performance and functionality. Smart contracts require multiple outputs to affect external systems and/or send payments and information needed to complete the smart contract, thus expanding their functionality and ability to compute complex transactions. Chainlink's network provides a reliable connection to external data that allows for both end-to-end security and the use of off-chain data.
The Chainlink Solution: A Highly Reliable Decentralized Oracle Network.
"Chainlink's decentralized oracle network provides the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, we eliminate any one point of failure and maintain the overall value of a smart contract that is highly secure, reliable, and trustworthy."
Chainlink solves the problem that smart contracts can't access data on their own by providing a network with reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.
Chainlink's Native Token: LINK
The Link token is used to pay the Chainlink node operators for providing these services.
Chainlink is up 8.5% in the last month and has been on a steady upwards climb since March.
Latest news, Partnerships, and Announcements
China’s Blockchain-Based Service Network (BSN)
SmartContract, the company behind the Chainlink oracle network, will help China's state-backed Blockchain-Based Service Network (BSN) with sourcing of reliable information about the real world.
Chainlink Partners with Digitex Futures
Digitex Futures is looking to build a highly secure platform that protects user funds. The company recently chose to partner with Chainlink because of its tamper-proof up-to-date price data. Chainlink's decentralized and highly reliable Price Reference Contracts will allow Digitex Futures to provide the most consistent and accurate price data without fluctuation.
Chainlink Partners with Korean Tech Giant
Chainlink signed a partnership with an affiliate of South Korean internet giant Kakao, the company behind KakaoTalk, one of the most popular mobile messaging apps in Asia. The partnership aims to boost blockchain and crypto mass adoption through the integration of Chainlinks Oracles into Kakaos public blockchain smart contract project. Chainlink's technology will provide the Kakao ecosystem with secure and reliable oracles for the next generation of decentralized applications.
Chainlink Partners with Tezos, Ethereum Rival
Chainlink's decentralized pricing oracles will provide real-time data for Tezos community projects. The integration of Chainlink will allow Tezos projects to pull from active pricing feeds for various assets to build out products, such as the bitcoin-based decentralized finance (DeFi) application recently created by the Bitcoin Association Switzerland. It is now recommended that all Tezos developers use Chainlink when building smart contracts as Chainlink's secure decentralized oracle network provides many new use cases across DeFi.
Chainlink Partners with CasperLabs
Chainlink is the first and recommended oracle provider for all the applications developed on CasperLabs' blockchain and smart contracting platform. In turn, CasperLabs will be the first platform to use Chainlink as an integral component of the core platform architecture. The integration of Chainlink will allow for stable, fiat denominated transaction fees and will provide CasperLabs with access to their secure and decentralized oracle network. This simultaneously empowers builders with a new subset of possible applications and creates a much more user-friendly economic environment.
Chainlink Partners with Polkadot→ The First Non-Ethereum Blockchain to Integrate Chainlink
Chainlink is set to become the first and primary oracle provider for all Substrate-based chains and eventually, the entire Polkadot network. This is Chainlink's first move outside of the Ethereum (ETH) ecosystem. Polkadot is a network for connecting and launching blockchain applications, with its "parachain" technology acting as a bridge between different blockchains. On Polkadot, Chainlink will integrate with a dedicated parachain, the term for an independent blockchain shared with custom characteristics, and Chainlink's pricing feeds will service Polkadot's experimental network.
Chainlink Partners with Hdac Technology
Hdac Technology is a blockchain startup founded by Dae Sun Chung, CEO of software firm Hyundai BS&C and a member of the Hyundai family. The partnership will develop a system for delivering off-chain data on blockchain in an attempt to bolster smart contract execution. Specifically, Chainlink and Hdac will be addressing the blockchain oracle problem, which is considered to be the biggest obstacle in commercializing smart contract technology.
Chainlink Partners with Baseline Protocol
Chainlink partnered with the Baseline Protocol, an initiative led by EY News and Consensys in collab with Microsoft. The Baseline Protocol is an open=source initiative that combines advances in cryptography, messaging, and blockchain to deliver secure and private business processes at low cost via the public Ethereum Mainnet. Together, they will build enterprise oracle solutions to make Ethereum mainnet compatible for enterprise usage.
Chainlink Partners with Google Cloud
The Google Cloud team has integrated Chainlink's oracle middleware with its BigQuery enterprise cloud data warehouse, allowing for an on-chain and cloud-based interaction with Ethereum decentralized applications and smart contracts. The partnership aims to improve accessibility to cloud data on public blockchains using Chianlinks oracles.