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It's Big & Big #alert About $LINK Smart Contracts with Oracle !!!

Chainlink Connects Smart Contracts with Real-World Data

Chainlink was conceptualized to solve the critical issue of dependency on external data sources faced by smart contracts.

Founded by Steve Ellis and Sergey Nazarov, with contributions from advisor Ari Juels, Chainlink introduced a new approach to connecting Blockchain-based smart contracts with real-world data.

Chainlink ensures the integrity and reliability of smart contract applications by incentivizing oracles to provide accurate data through its main network asset, LINK. 

Chainlink operates through a meticulously designed three-step process: Oracle Selection, Data Reporting, and Result Aggregation.

First, users prepare a Service Level Agreement (SLA) specifying their data requirements, which is used to match them with suitable oracles.

Once the SLA is submitted, oracles fetch the required data from external sources and send it back to the Chainlink Blockchain. Finally, the collected results are evaluated for accuracy and returned to the user, completing the data retrieval process.

At the core of Chainlink’s architecture are three types of smart contracts: Aggregation Contracts, Order-Matching Contracts, and Reputation Contracts. Aggregation Contracts collect and match data from oracles, while Order-Matching Contracts pair users with the most suitable oracles based on their SLAs.

Reputation Contracts verify the integrity of oracles by considering factors such as completion rate and response time to ensure their reliability. Additionally, the Chainlink Blockchain includes external oracles that independently gather real-world data and interface with the Blockchain through Chainlink Core and Chainlink Adapter components.

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