What is Chainlink (LINK)? Learn detailed information about the giant in the Oracle industry
Chainlink is a project that solves the fundamental problem of blockchain, which is the ability to connect to data sources outside the blockchain. Since the mainnet launch in May 2019, Chainlink has always focused on the oracle problem and providing solutions for integrating off-chain information from quality sources.
Through a decentralized network of independent oracle nodes, Chainlink provides a range of decentralized services for smart contracts including price data feeds (financial market data used to provide powering much of the DeFi economy), VRF (enabling dynamic NFT creation), Proof of Reserve (providing proof of off-chain collateral backing stablecoins and cross-chain tokens) to increase the value of LINK coins.
Blockchain is a decentralized computer network that performs calculations and stores data in a shared ledger. Blockchain differs from traditional, centralized computer systems in the following ways:
No single individual or group controls it.
Everyone in the world has equal access to send commands.
Applications running on it and data stored in it cannot be tampered with or deleted.
All transactions processed over time are recorded in a continuously evolving ledger.
Transactions are settled through a native token.