LINK ChainLink Cryptocurrency in a Nutshell

LINK ChainLink Cryptocurrency in a Nutshell

Mineable? If so how is it mined?

LINK ChainLink is not mineable. The core objective of the ChainLink is bridging on and off-chain ecosystems and therefore has two architectural components which are the on-chain infrastructure and the off-chain infrastructure.

Google BigQuery Adoption

In September of 2019, LINK was chosen as a cryptocurrency for Google’s BigQuery big data engine.

BigQuery adopts the ChainLink smart contract to model big data use cases that involve oracles.

Oracle Contracts

The first component of this cryptocurrency consists of on-chain contracts that are deployed on the Ethereum blockchain.

These oracle contracts process the user data requests.

If a user wants to access the off-chain data, he then submits a user contract or request contract to the ChainLink network. The blockchain will then process the requests into their own contracts.

These contracts match the requesting contract with the appropriate oracles.

A reputation contract checks the Oracle provider’s track record in order to verify its integrity.

An order matching contract will log the service level agreement (SLA) of the user contract on the network. This contract also collects bids from the responsible oracle providers.

Finally, an aggregating contract will accumulate the chosen oracles’ collective data to then balance it in order to find the most accurate result.

Through these contracts, ChainLink’s on-chain functions undergo a three-step process which links real world entities to blockchain entries.

Maximum Circulating coins

ChainLink Cryptocurrency has a circulating supply of 350,000,000 LINK

Total supply is 1,000,000,000 LINK

History

ChainLink was launched by Smart Contract in June 2017.

It is described by the developers of this as a secure blockchain middleware that has the intention to connect smart across the blockchains by allowing the smart contracts in accessing key off-chain resources like the web APIs, data feeds and traditional bank account payments.

What makes it different?

ChainLink solves problems in regards to the Smart Contracts. Smart Contract cannot communicate to the external resources on their own. Any/all APIs, data feed, and traditional bank payment systems are not accessible to smart contracts without using the blockchain middleware.

The limitation is fundamental in how the smart contract data is secured on the blockchain and because the way that consensus is reached by the miners around the blockchain-based transaction data, the said remain for the foreseeable future.

The way to solve this problem is by using a blockchain middleware that is called “oracle” in which the ChainLink plays in the ecosystem of the smart contract.

Who is behind LINK ChainLink?

There are two leaders behind the ChainLink cryptocurrency:

Sergey Nazarov

CEO and Co-founder. He is a serial entrepreneur and a veteran in the space of the blockchain. He was the founder of the Secure Asset Exchange which is an exchange network that is similar to the Shapeshift and also the CryptoMail which is decentralized e-mail service.

Steve Ellis

CTO and Co-founder. He is a serial entrepreneur that has worked with Sergery Nazarov on the Secure Asset Exchange. He previously worked at Pivotal Labs as a software engineer.

Advisors

ChainLink has a strong team of advisors behind it, including Ari Juels (Director of IC and Professor of Computer Science at Cornell Tech), Andrew Miller (advisor to Tezos and Zcash and Associate Professor of Computer Science at the University of Illinois) and Hudson Jameson (one of the key members of Ethernet foundation).

Links

Official Website

BitcoinTalk Announcement

Block Explorer Link

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