Revolutionizing the way smart contracts connect with the outside world 🌐
Designed to bring real-world data to the blockchain with unmatched security 🔒
Curious about the Des Oracle network that's taking the crypto space by storm? ⛈️
Here's an in-depth look at @chainlink 🔗🧵
📃Chainlink is a decentralized blockchain oracle network built on @ethereum.
The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
🤔 Founded in 2014 by @SergeyNazarov, Steve Ellis, Craig Siel, and @Adam_Ha_Yes to provide a way for smart contracts on blockchains to access data from external sources, called oracles.
@chainlink provides a secure & decentralized way to source this data.
💡 The team recognized that existing oracles were centralized, susceptible to attacks and outages, and lacked transparency.
Chainlink's decentralized oracle network solves these problems by aggregating data from multiple sources and verifying it through a consensus mechanism.
❓Why Chainlink?
- Tamper-Proof Network: Decentralization & cryptographic proofs to connect highly accurate and available data/APIs to smart contracts
- Seamless Connection to API: Easy retrieval of data from any API, connect with existing systems & integrate with blockchain
- Highly Reliable Automation: Ease of contract automation using Chainlink Automation nodes & risk mitigation of manual interventions & centralized servers
- Proven, Ready-made Solutions: Easy to integrate pre-built Oracle solutions to secure smart contract value for dApps.
🌐 In 2018, it integrated Town Crier, a trusted execution environment-based blockchain oracle that connected @ethereum with web sources using HTTPS.
The network is an open-source protocol developed by @chainlinklabs & went live on the @ethereum mainnet in 2019.
📈 Since then, it has expanded to support other blockchains and layer 2 networks
Chainlink has its own coin $LINK, an @ethereum token that drives its network & helps pay its node operators for data retrieval from off-chain data feeds & delivers that on-chain to a smart contract.
🤝 In 2019, @Google integrated its BigQuery data analytics platform with Chainlink which enabled external data sources to be used in blockchain-based applications.
It has collaborated with other major players in the industry such as @Oracle, and SWIFT.
🗳️ In 2020, the Associated Press used Chainlink for its voting data during the US Presidential Election.
This partnership helped ensure the security & integrity of the data used in the election.
🕸️ It also launched its decentralized oracle marketplace, allowing developers to easily access & customize data feeds for their smart contracts.
This has helped accelerate adoption & increase the usefulness of the Chainlink network.
🔮 In 2021, Chainlink's future plans were laid out in their whitepaper, "Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks"
Which detailed the expansion of oracle networks to include hybrid smart contracts that utilize on-chain code & off-chain services
🙏 It also announced its support for @ethereum Layer 2 solutions, further expanding its reach and utility in the ecosystem.
It also launched the Chainlink Community Grant Program, providing funding for innovative projects that use Chainlink technology.
🆕 Chainlink's use cases include:
Data-driven smart contracts for IOT data, web APIs, existing backend systems, e-signatures, satellite imagery, software applications, etc
Data Monetization for B2B, B2C, M2B, M2C, & M2M transactions
Connectivity to the outside world using APIs
👁️ Chainlink's vision is to create a more connected & decentralized world, where trust is established through verifiable & reliable data
With its focus on security, scalability, & interoperability, it is well-positioned to lead the way in the evolution of blockchain & Web3 apps
In conclusion, Chainlink's decentralized oracle network is revolutionizing the way we think about trust and data in smart contract applications.
This is the complete journey of @chainlink till now! 🚀
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