Nov 6, 2024
6thTrade
A pilot project utilizing the Swift network for settling tokenized fund subscriptions and redemptions has been successfully completed by Chainlink, UBS Asset Management, and Swift. This initiative showcases the potential of digital asset transactions to be settled directly through fiat payment systems, providing access to over 11,500 financial institutions in more than 200 countries and territories. $LINK
About Chainlink (LINK)
Chainlink is a decentralized oracle network built on blockchain technology, enabling smart contracts to securely interact with external data sources like APIs and other data feeds. Its purpose is to deliver reliable, trusted data to smart contracts, enhancing their functionality and utility.
Chainlink operates through a network of nodes that bid to provide data requested by smart contracts. When a contract issues a data request, Chainlink’s protocol registers it and forwards it to nodes in the network. These nodes then submit bids, and through an internal reputation system, Chainlink selects trusted sources to meet the contract's data requirements, ensuring protection against inaccurate data and potential security threats.
LINK is Chainlink’s native ERC-20 token, essential to the network’s ecosystem. Smart contracts pay for data services with LINK tokens, and node operators stake LINK to participate in data provision. With a capped supply of 1 billion and no mining or staking mechanisms to increase circulation, LINK plays a critical role in incentivizing node operators to provide accurate, reliable data.
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