LINK ChainLink Cryptocurrency in a Nutshell

LINK ChainLink Cryptocurrency in a Nutshell
on November 20, 2017

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.

The first component of this cryptocurrency is consists of on-chain contracts that are deployed on the Ethereum blockchain. These oracle contracts will process the user’s data request. If a user wants to access the off-chain data, he will submit a user contract or request contract to the network of the ChainLinks and then the blockchain will process the requests into their own contracts. These contracts will then match the requesting contract with appropriate oracles.

A reputation contract is checking the track record of the Oracle provider in order to verify the integrity of it. An order matching contracts will log the service level agreement of the user contract on the network and also collects bids from the responsible oracle providers. Finally, the aggregating contract will accumulate the chosen oracles’ collective data and then balances them in order to find the most accurate result. With these contracts, the on-chain functions of ChainLink will undergo a three-step process.

Maximum Circulating coins

ChainLink Cryptocurrency has the circulating supply that is 350,000,000 LINK and the total supply is 1,000,000,000 LINK.

History

ChainLink was launched by the SmartContract 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 teams behind the ChainLink cryptocurrency that includes the following:

  • 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.

This cryptocurrency has the strong team of advisors that includes 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).

Contacts

Official Website: https://www.smartcontract.com/

Announcement Thread link to BitcoinTalk:

Block Explorer Link: https://etherscan.io/token/0x514910771af9ca656af840dff83e8264ecf986ca

See also

ChainLink (LINK) Reaches 1-Day Volume of $3.28 Million

ChainLink Price Reaches $0.55 on Exchanges

Coinbase Eyes Bitcoin ETF With New Cryptocurrency Index Fund