Chainlink (LINK) is a digital currency and platform that allows non-blockchain organizations to securely connect to blockchain platforms.
Chainlink (LINK) is an oracle on a decentralized system by linking smart contracts with off-chain API. Chainlink was built to intermediary contracts, business deals, raffle intermediaries. Chainlink system is very transparent and able to verify transactions.
Chainlink blockchain is based on the Ethereum platform using the cryptographic operating protocol. Chainlink is also an open source blockchain project. This means that everyone can access the project code and contribute.
- What is LINK ?
LINK is a Chainlink token (ERC-677) used to pay a fee for running nodes to receive smart contract data from off-chain into the blockchain.
- What services does Chainlink (LINK) provide ?
5 Chainlink (LINK) services provide
- Decentralized data feeds : This system can be securely processed from multiple sources through hybrid smart contracts, ideal for DeFi and beyond.
- Verifiable sources of randomness (VRF) : Suitable for applications that require a cryptographically secured random system.
- Automation : Chainlink smart contract can handle critical functions and events, allowing Web3 developers to seamlessly automate core smart contract functions.
- Proof of Reserve : It allows reliable and timely monitoring of reserve assets by using #ProofNotPromises .
- Cross-blockchain interoperability : Suitable for developers who want to build secure services and applications. Blockchain platforms can be connected to support message exchange, token transfer, and other related operations.
MegaMoon uses the Chainlink VRF system to draw MegaMoon lottery results. Which allows users to be confident in transparency, because every transactions can be verify.
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