Chainlink (LINK) is a decentralized network that combines data, payment services and smart contracts on the blockchain. It was developed in 2017 under the direction of Sergey Nazarov and Steve Ellis. It entered our lives with the ICO sale in September 2017. It is a cryptocurrency developed to pave the way for smart contracts on the Ethereum network to be used more functionally and in real life.
Chainlink aims to be able to record and use any product in the world, a data on the blockchain with smart contracts. It acts as an intermediary to use anything tangible on the blockchain. It is built on the Erc20 protocol on the Ethereum network. In payment systems, it aims to regulate cryptocurrencies, payment services such as Visa, Master Card, and institutions such as banks to work with each other. Since it is decentralized, it is not a network that any person or institution can manage or change. It has also become the most popular cryptocurrency in the DeFi market. It is the 15th largest cryptocurrency by market cap. There is a total supply of 1,000,000,000 LINKs.
LINK, a cryptocurrency located on the Ethereum network, supports connection with other dApps (decentralized applications) on the network. This is the logic of the creation of crypto money, LINK aims to be paired and work with everything in every way. WIFT, Oracle and Google Cloud are Chainlink's biggest partners.
Chainlink Oracle
Oracles are entities that associate real-world data with smart contracts. They work in reputation evaluation, external data processing and collection. Chainlink can process the real-world data we have on the blockchain, thanks to the data that Oracles take to and transact into smart contracts. Thanks to smart contracts, the transaction commission is considerably lower and security is increased.