San Francisco-based financial technology company SmartContract launched the ERC-20-based Ethereum blockchain Chainlink, abbreviated as LINK, in June 2017. It is described by its developers as a secure blockchain tool that aims to enable the connection between smart contracts and blockchain by allowing smart contracts to access off-chain resources such as data streams, web APIs, and traditional bank account payments.
Chainlink (LINK) developers believe that although smart contracts have been able to significantly transform many industries by replacing the need for traditional legal agreements, the basic consensus protocols associated with blockchain technology are that smart contracts cannot communicate effectively with other traditional systems, thus serving as a bridge to non-blockchain systems. states what they want to see.
The Chainlink ecosystem is shaped around the LINK token and the LINK network. With the release of APIs and other platforms, developers aim to increase the applicability and usability of smart contracts in the business world.
The Chainlink network will allow people with a data feed or other API to submit it directly to smart contracts in exchange for Chainlink tokens. Such individuals integrate their API-based services directly into a smart contract and blockchain system in exchange for the LINK token.
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