Chainlink (LINK) is a decentralized network of nodes that provide data and information from off-blockchain sources to on-blockchain smart contracts via oracles.
Chainlink serves as a bridge between blockchain and non-blockchain technology. For example, linking smart contracts with data feeds, traditional bank accounts and web APIs.
Meanwhile, LINK is an ERC20 token that runs on the Ethereum platform which is used to pay Chainlink Node Operators when making transactions. This payment is in the form of taking or giving data from off-chain to the blockchain.
In general, Chainlink is similar to platforms such as the App Store or Google Play Store which are middleware. The App Store provides a service for various parties to sell their applications within the App Store itself. The benefits obtained by the Appstore come from all the applications listed in it.
For Chainlink itself, the benefits obtained are not in the form of cash or from the mining process, but in LINK tokens. Users who wish to purchase data through Chainlink must use LINK tokens as payment. This crypto asset that emerged in 2014 was the brainchild of Sergey Nazarov as CEO and Steve Ellis as CTO.
The Chainlink company is known for providing its technology to global technology and payments giants like Google and SWIFT. Chainlink also launched an Ethereum-based mainnet in June 2019, bringing the industry one step closer to solving the Oracle Problem.
Not only that, Google also said that they could use Chainlink technology to bridge the gap between BigQuery cloud services and Ethereum contracts, you know!
Until this video was made, there were 350 million LINKs that had been circulating in the world and up to 1 billion LINKs were announced. Although LINK cannot be obtained through mining, Indodax is here as a place for traders who want to have LINKs easily and quickly.
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