The new cryptocurrency, deriving from the parent trading platform, first appeared in June 2017 and the project\u2019s implementation belongs to a San Francisco-based fintech company called SmartContract with Sergey Nazarov as its CEO. Chainlink\u2019s developers have stated the goal of their project to create a trustworthy intermediary between blockchain and external sources such as bank account payments and application programming interfaces. Thus, it facilitates the process of interaction between consumers and suppliers of goods\/services and all users can have the ability to connect to any existing payment system and perform all monetary transactions. Chainlink acts as software that has its own internal virtual currency in the form of a Link token. It also uses smart contracts as an alternative to conventional legal agreements and aspires to make a revolution in numerous industries including businesses around the world.The Chainlink project is aimed at creating a dispersed decentralized oracle system that will be fully compatible with such blockchains as Bitcoin and Ethereum. Chainlink\u00b4s smart contracts have several functions, the first being the assessment of reputation. An investor can independently apply these contracts, having a specific range of characteristics, including the reputation of all oracles, as well as evaluating the service, which is called \u201cService Level Agreement.\u201d An oracle breaking the rules of the system and supplying false information is punished by lowering its reputation. When the necessary number of off-net oracles has already been selected, you can begin to conclude agreements, deliver the requested information at the software level. The contract, which is in the process of aggregation, collects information that the off-line oracles transmit, and then averages them, creating weighted aggregate responses.These smart contracts process information requests from a network user who wants to utilize the oracle service provided by Chainlink. In order to get access to non-network information, they can\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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