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📝 Overview 📝
Chainlink it trying to develop a decentralised Oracle service.
ChainLink seeks to be the bridge between traditional data and the future of blockchain technology.
There are two primary components in the Chainlink architecture – an onchain and an offchain infrastructure.
For the on-chain functions, they use oracle contracts which process user’s data requests.
These contracts will then take these requests and send them to a smart contract where they will be matched with the corresponding off-chain data.
Now, with Off-chain functions you have Oracle nodes that are connected to the Ethereum network.
All of the data collected is processed through ChainLink Core, which is the software that connects the ChainLink blockchain with off-chain data sources.
The LINK token in the utility token in the ecosystem. This is an ERC20 standard token that was issued on the Ethereum blockchain.
These tokens were issued in a large ICO that took place in late 2017.
Chainlink has a diverse team with a range of backgrounds. These include startup founders, software engineers, and blockchain developers.
They are made up of over 18 team members who are split across a range of geographies.
There has also been regular work done on their GitHub over the previous year. There have also been partnerships with companies that have committed to using their technology.
There are a number of exchanges that list LINK tokens. The bulk of the volume is currently taking place on the Binance exchange.
There is strong liquidity for the LINK token on these exchange books.
Storage of LINK tokens is easy given that they are ERC20 standard. Any wallet that supports Ethereum will do although best protocol is for a hardware wallet.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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