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What is Chainlink?

  • June 22, 2020

Any company that can solve the problems of digital currencies will definitely be a topic of interest, which is where Chainlink comes in. It’ll be understandable if you’re asking, what is Chainlink? 

Chainlink acts as a connection between the blockchain and real-world applications. This had long been a problem with digital currencies since the market for use was so small. Chainlink takes data available in the real world and brings them into the smart contracts of the blockchain, using ‘oracles.’ 

The development of Chainlink began in 2014 when a company called SmartContract got to work on the project. The team was driven by two successful entrepreneurs, Sergey Nazarov and Steve Ellis. They already had a long-term interest in crypto, so this is an excellent position to remedy the pitfalls of blockchain. With Chainlink, the aim is to make the use of crypto more widespread. 

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While there’s much to love about blockchain, it’s clear that there are some issues that have to be addressed. They all have their own systems, for starters, and there’s no way to get external data into the system, which creates a significant blind spot. Bringing in outside data could make things more vulnerable, or so the thinking continued until Chainlink materialized. The ‘oracles’ they created can function as a bridge between blockchain and the real-world, without compromising the integrity of the blockchain. The company has a long list of respected partners and is now included in the Ethereum platform as well as Bitcoin and Hyperledger. 

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