Chainlink was created by a company called SmartContract, which was established in September 2014. Created by Sergey Nazarov and Steve Ellis, Chainlink is a decentralized network that aims to associate smart contracts with real-world data. In September 2017, an ICO was made, with a total of 1 billion Link token deals, collecting $ 32 million (35% of publicly exchanged token sales).
SmartContract, a financial technology company based in San Francisco, launched the Ethereum blockchain, ERC-20-based chainlink, an acronym for Chainlink, in June 2017. Its engineers portray it as a secure blockchain tool to guarantee the link between smart contracts and blockchain by permitting smart contracts to access off-chain resources such as data streams, web APIs, and conventional bank account payments.
Technology, with the potential to serve the whole world, was inaccessible to numerous sectors. At this point, Chainlink comes to the protection of users and allows data from non-chain application programs, datasets, and other similar sources to be included in the process.
Chainlink serves its clients as a decentralized “oracle (expert)” organization.
If we got to open this sentence a bit more, we could also characterize chainlink as a “representative” working between the genuine and Blockchain worlds. As I write this article, Chainlink, a crypto asset, has a volume of 1.18 billion dollars and is trading 14.75 dollars. It has become popular recently due to its fast-rising value in the market. As a volume, it is the 5th most significant currency among crypto assets.
What Are The Advantages Of Chainlink?
Chainlink (Link) has two key structural components due to its activity of filling the gap between over-the-chain smart contracts and non-chain businesses and data. These are called the Above-chain infrastructure and non-chain infrastructure. The above-chain infrastructure consists of chaining contracts connected to Ethereum’s blockchain. These are Oracle contracts that handle data demands from clients who need to access out-of-chain data.
Users who request data from the Blockchain ecosystem yield this request to chainlink’s network through a contract. These demands make the user’s agreement their own by coordinating it with existing ‘oracle’s’ that are eligible to apply. Smart contracts enable financial instruments to be built on a blockchain, which creates a decentralized finance ecosystem where projects work on different commercial devices.
That’s when Chainlink technology, which can connect both the outside world and the blockchain, comes into play, making it possible for smart contracts to use the data found in legacy systems. You will be able to easily buy the Chainlink (LINK) token, which is also listed on the Narkasa cryptocurrency exchange for Turkish lira. Link token trading against Bitcoin, and Tether with LINK/BTC, and LINK/USDT pairs can be done practically on the Narkasa exchange platform.
