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Chainlink is a decentralized oracle network. It aims to serve as a middleware between smart contracts on smart contracting platforms and external data sources, allowing smart contracts to securely access off-chain data feeds.
ChainLink token type
LINK is used as both a payments token and work token. As a payment token, LINK is used to pay Chainlink node operators for providing oracle services. As a work token, LINK can be staked by node operators as collateral to provide oracle services.
LINK's staking function is optional and specified by smart contract creators requesting oracle services. Failure to provide adequate oracle services would result in a node operator's LINK being deducted. The extent to which LINK is staked will depend on how willing contract creators are to utilize nodes without collateral.
LINK's staking function is currently not live, but is expected to launch in 2020.
ChainLink history and first price
LINK’s token offering launched September 19, 2017, with a $32 million hard cap. The pre-sale offering sold LINK at $0.09 per token with a 20% bonus depending on when the investor participated. The subsequent public sale sold LINK at $0.11 per token. Combined, both sales dispersed 350 million LINK. In total, 1 billion LINK tokens were initially issued and allocated as follows:
- 35% was allocated to the token sales investors
- 35% was reserved for Node Operators and ecosystem rewards that will be distributed to incentivize network participants
- 30% was allocated to LINK's parent company, SmartContract.com
The Chainlink protocol was created in September 2017 and officially launched on mainnet in May 2019. Chainlink aims to solve the oracle problem, an inherent limitation of blockchain networks that prevents them from connecting to external data resources that exist off-chain. Through a decentralized network of independent oracle node operators, Chainlink provides a wide range of decentralized services to smart contracts including Price Feeds (financial market data used to power a large portion of the DeFi economy), __verifiable randomness __(enabling the creation of dynamic NFTs and fair on-chain gaming applications), proof of reserve (providing proofof off-chain collateral that is backing stablecoins and cross-chain tokens), the Keeper Network (transaction automation bots that provide autonomous DevOps services), and more.
The recently released Chainlink 2.0 whitepaper also broadens the capabilities of Decentralized Oracle Networks (DONs) and describes how the Chainlink Network is evolving to provide both tamper-proof data delivery and secure off-chain computation. Chainlink oracle networks enable the creation of highly scalable and privacy-preserving hybrid smart contracts that combine on-chain and off-chain infrastructure. Off-Chain Reporting, a recent scalability upgrade of the Chainlink Network that lowered the gas costs of oracle updates by 90%, represents the first move towards achieving the goals laid out in the whitepaper.
Chainlink Price Feeds launched to provide the smart contract ecosystem access to tamper-proof financial market data, enabling the creation of a wide range of DeFi applications.
Chainlink launched its first decentralized oracle network on the Ethereum mainnet following three successful security audits.
After a year of development and security audits, Chainlink Off-Chain Reporting (OCR) officially launched on mainnet, marking a major milestone in the scalability of Chainlink's decentralized oracle networks.
The Chainlink 2.0 whitepaper was released, outlining a foundation for hybrid smart contract adoption via off-chain computation and a decentralized metalayer.
Chainlink Verifiable Random Function (VRF) utilizes verifiable random functions to generate randonmness that is verifiable on-chain.
ChainLink technology explained
Chainlink is a decentralized oracle network that enables smart contracts to securely interact with real-world data and services that exist outside of blockchain networks. Chainlink is not a monolithic network like a blockchain but rather an infrastructure and framework for building blockchain-agnostic oracle networks that augment the capabilities of blockchains and layer-2 protocols.
Each Chainlink oracle network consists of multiple independent oracle nodes that fetch data from multiple independent data providers, aggregate the data into a single data point, and deliver it on-chain to be consumed by smart contracts. Chainlink's flexible architecture allows for highly configurable oracle networks that can be composed of any selection of node operators and data providers and that use different network parameters such as update frequency, fee payment amounts, and more.
Chainlink nodes are operated by professional DevOps infrastructure providers, leading enterprises, and premium data providers who supply smart contracts with access to cryptographically signed data for additional security guarantees. Because of its flexible design, Chainlink can provide any type of data or computation to any smart contract application operating on any blockchain network.
ChainLink supply limit
LINK's outstanding supply is fixed. Although the Node operators rewards (35% of the total supply) haven't yet been distributed, they are nonetheless liquid as there are no signs that they are locked within any kind of contract. Nodes get rewarded to retrieve and provide data, and the rewards are determined by the contract creator.
Chainlink Smart Contract (In-contract aggregation)
No On-Chain Governance
Who regulate ChainLink in 2023?
The Securities Framework Asset Ratings of the Crypto Rating Council (CRC) attributed the score of 2 out of 5 to Chainlink and provided the below summary:
- Sale of the token or token interests after the system had existing utility
- Absence of investment-like language or marketing
- Decentralized development and usage
The CRC is a member-owned and operated organization whose purpose is to assess if a crypto asset, or its development, issuance, and use have characteristics that make it more or less likely to implicate federal securities laws. According to the CRC framework, a score of 5 results when an asset appears to have many characteristics that are consistent with the Howey-test factors. A score of 1 results when an asset appears to have few characteristics that are consistent with the Howey-test factors.
You can transfer your ChainLink holdings and store it safely with Cropty wallet. Cropty secures safety of your holdings through various verification options like using password, authenticator app, Face ID, Touch ID and backup codes. You can be sure no one can get access to you ChainLink holding except you.
The Cropty wallet provides the most convenient application for storing and transfering ChainLink. Cropty targets to become one the best crypto wallets for Android and iOS in 2023. Cropty provides convenient application and secure custodial services, built for crypto beginners, as well as for crypto-savvies.
- Sign up to ChainLink wallet.
- Top up your balance with ChainLink.
- Store, trade or deposit your ChainLink.
- Get ChainLink deposit interest directly to your Cropty wallet.