ChainLink (LINK) surges 40% in just a month

8/13/2022, 08:54 PM
ChainLink (LINK) surges 40% in just a month
ChainLink (LINK) is one of the tokens that could likely promise the biggest gains in the next bull run. So today we are giving you a brief overview of what LINK is and if you are convinced by the concept, buy the token while it is still cheap.

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. Its creators claim it can be used to verify whether the parameters of a smart contract are met in a manner independent from any of the contract's stakeholders by connecting the contract directly to real-world data, events, payments, and other inputs.

Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis, who co-authored a white paper introducing the Chainlink protocol and network with Cornell University professor Ari Juels the same year. Chainlink acts as a bridge between a blockchain and off-chain environments. The network, which services smart contracts, was formally launched in 2019.
In 2018, Chainlink integrated Town Crier, a trusted execution environment-based blockchain oracle that Juels also worked on. Town Crier connects the Ethereum blockchain with web sources that use HTTPS. Chainlink's trademark was registered in the Cayman Islands on 2019-03-12, the corporation created being Smartcontract Chainlink Sezc, Ltd.

In 2020, Chainlink integrated DECO, a Cornell project co-created by Juels. DECO is described by its authors as a protocol that uses zero-knowledge proofs to allow users to prove information is true to a blockchain oracle without revealing sensitive information, such as birth dates.
Chainlink published a second white paper in April 2021. That paper, Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, detailed a vision for expanding the role and capabilities of decentralized oracle networks to include hybrid smart contracts, which utilize on-chain code and off-chain services provided by oracle networks.

By February 2022, Chainlink had secured more than $60 billion deposits into smart contracts and was being used by 1,100 projects.

Chainlink's decentralized oracle network is an open-source technology infrastructure that allows any blockchain to securely connect to off-chain data and computation resources. The network nodes fetch, validate, and deliver data from multiple sources onto blockchains to execute smart contracts. In addition to the transfer of external information to a blockchain, Chainlink can also be used for several different off-chain computation functions, including a verifiable random function (VRF) and data feeds. The data feeds have been used to bring election data on-chain. Chainlink's VRF can be used for random number generation which can be used in decentralized gaming.
ZDNet reported the verifiability of the random number generation ensures the in-game results are tamper-proof.

Node operators are compensated with the network's native cryptocurrency, LINK. Chainlink's LINK token is an ERC677 token, an extension of ERC20. Tokens act as data payloads, feeding the required data from off-chain sources to smart contracts, which then act accordingly in response to the data provided by the token.
According to Chainlink, the trade value derived from these tokens is used to pay node operators for retrieving data from smart contracts, and also for deposits placed by node operators as required by contract creators. Tokens can be stored in any ERC20 wallet, as the ERC677 token retains all the functionality of an ERC20 token. By February 2022, LINK was the 22nd largest cryptocurrency by market value according to a report by Bank of America.

Read more on their website