Today on “What’s on weiDex” we are talking about Chainlink. Let’s dive deep into the project.

source: https://openmarketcap.com/cryptocurrency/link-usd

1. About the project

Chainlink is a decentralized oracle service, which connects smart contracts with data from the real world. It is a visionary project determined to solve the so-called “Smart Contract Connectivity Problem” or the inability of a smart contract to interact with external data feed and other resources that are run outside the node network in which the smart contract itself is executed. As a consequence, every smart contract developer is extremely limited when building a project.

Here comes Chainlink to enable the developers to use all the needed inputs and outputs from external resources in order to make the smart contract efficient. They strive to create a decentralized oracle network for blockchains, which will trigger smart contracts with external events/data, while also sending key payment outputs. When implemented, users can access to off-chain data by submitting a requesting contract to ChainLink’s network. The requesting contract will then be matched with the appropriate oracles.

2. Main features of Chainlink

Easily connect smart contracts to the data sources and APIs they need to function.

Send payments from smart contract to bank accounts and payment networks.

Provide connection to external data in a secure and decentralized way.

Enables cross-chain connectivity between the main smart contract and any other public or private chain

3. What can the Link token be used for?

The LINK token is an ERC677 token which inherits functionality from the ERC20 token standard. It allows token transfers to contain a data payload. The token is used to pay node operators for retrieving data for smart contracts or for deposits placed by node operators when required by contract creators.

Website: https://chain.link/

OpenMarketCap: https://openmarketcap.com/cryptocurrency/link-usd

Whitepaper: https://link.smartcontract.com/whitepaper