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How does real-world data find its place in different blockchain apps? Chainlink isn’t just an ordinary token. It’s an oracle—more on that later. It provides real-time data to applications that need access to stock prices, weather data, and others. Now that we know the basics, let’s understand the details.
What is Chainlink?
Chainlink is a decentralized oracle network, but what does it actually mean? Its function is to facilitate communication between data sources and decentralized applications (smart contracts).
Smart contracts are executable parts of code, but they are limited by design. They can’t access any data outside of the blockchain itself. This is where Chainlink comes into play.
Chainlink is oracles, data providers, and nodes in one. Oracles is where the magic happens. They fetch data from external sources and deliver it on-chain, making sure the data is reliable, because inaccurate data can pose unmeasured risks. This is how Uniswap and many of your favorite dApps display prices, create charts and much more.
Why use Chainlink?
As a user, there will probably never be a point when you knowingly use Chainlink as a data provider. The technology was built mostly for developers and organizations in mind. You’re, however, surrounded by data and information everywhere, everyday. Can you imagine what would happen if everything stopped working? Most of DeFi would be unusable.
Chainlink is a decentralized system, which does not have a single point of failure, because it verifies data from multiple sources. Security is another thing to bear in mind, and Chainlink uses advanced cryptography to make sure data is not modified in the process between sending a request and receiving a response. Then there’s scalability, which allows the network to handle large volumes of traffic.
How Chainlink works
It’s crucial to understand that LINK doesn’t have its own blockchain. Instead, it operates on many blockchains simultaneously. The way it works is trivial, at least the basics. An app needs to send a request, and the network selects an oracle. Then the data is aggregated and delivered.
LINK tokens serve a notable role in this process and the entire Chainlink ecosystem. First of all, it is used to pay for services—after all, no work is done for free. Node operators are also incentivized with the help of LINK to continue running their nodes and provide accurate data as an essential component of the whole network. There are also staking mechanisms, which allow users to deposit LINK and earn interest.
Chainlink's timeline
Chainlink was founded in 2017 by Sergey Nazarow and Steve Ellis. Just two years later, in 2019, the Chainlink mainnet was launched. This was the period when the first partnerships were formed. In 2020 the new feature was introduced called Verifiable Random Function—VRF in short. What was the purpose? To further secure the data. In 2021, with the launch of Keepers, the world observed decentralized automation for smart contracts. Both 2022 and 2023 marked years of expansions and further growth, with cross-chain interoperability and integration with sectors such as DeFi and NFTs. Even now, Chainlink isn’t going anywhere and continues to innovate.
The risks of Chainlink
While Chainlink is pivotal for on-chain infrastructure, it may be insightful to understand the network’s risks. The most obvious one is without a doubt the security. If by some accident the data served is inaccurate, Chainlink will not withstand the pressure of competitors. In a decentralized world where security is key and mistakes can be made only once, how would you imagine such a network to function?
That’s not all—let’s expand on the LINK token. It is volatile, just like every digital asset out here. Where the problem might materialize is either strict regulation or an exploit. Chainlink has raised millions of dollars in its ICO, and whether it’s a security still remains in question. With its role in blockchain technology and availability on many networks, there’s plenty of room for human error.
Why Chainlink matters
Chainlink has become the most popular decentralized oracle. It found its niche and addressed the issue at its core. As a reliable data provider with a multitude of strategic partners, it has laid the foundation for its future growth. If nothing out of the ordinary happens and Chainlink continues to innovate, it’s very tough to see any competitor dethroning it and taking its place.
![[object Crypto] logo](https://widget.swapped.com/images/crypto/LINK.svg)
Relevant resources for LINK
Access relevant resources such as cryptocurrency's website or whitepaper to help you better understand its purpose and shed some light on the future of the project. The website usually gives an overview, while the whitepaper dives into the technical details and long-term goals.
