Points in Time
Overview of ChainLink
ChainLink is a platform that wants to create a link between smart contracts and beneficial off chain resources or third parties like bank accounts or even data feeds.
With the current blockchain setup and the inherent characteristics of a smart contract, smart contracts cannot effectively link and communicate with important external systems because for one, information is hard coded on the contract itself and secondly, the consensus protocol used by miners is prohibitive.
ChainLink plans to resolves this by using a secure and fully decentralized “oracle”network to facilitate communication between these smart contracts and these external and important resources.
The oracle simply identifies, filters and verifies trustworthy data that might be needed for the self-execution of the smart contract from reliable data providers called Node Operators. In exchange, trustworthy data providers will be rewarded with ERC20 complaint LINK tokens.
Founders: Sergey Nazarov of SmartContract
Release Date: June, 2017