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User:A at Chainlink/ChainlinkDraft

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Chainlink
Denominations
PluralChainlink
CodeLINK
Development
Original author(s)Sergey Nazarov, Steve Ellis, Dr. Ari Juels
White paperchain.link/whitepaper
Code repositorygithub.com/smartcontractkit/chainlink
Written inSolidity, GoLang
Operating systemBlockchain-agnostic
Source modelOpen source
LicenseMIT License
Ledger
Circulating supply441,509,554[citation needed]
Supply limit1,000,000,000
Website
Websitechain.link

Chainlink is a Chainlink decentralized blockchain oracle network that allows off-chain data and computation to be brought securely onto blockchains and interact with smart contracts.

History

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Chainlink was created in 2017 by Sergey Nazarov and Steve Ellis,[1] who co-authored a white paper introducing the Chainlink protocol and network with Cornell University professor Ari Juels the same year.[2] Chainlink acts as a "bridge" between a blockchain and off-chain environments.[3] The network is used by smart contracts and was formally launched in 2019.[1]

In 2018, Chainlink integrated Town Crier, a trusted execution environment-based blockchain oracle that Juels also worked on. Town Crier connects the Ethereum blockchain with web sources that use HTTPS.[4][5] In 2020, Chainlink integrated DECO, a Cornell project co-created by Juels. DECO is a protocol that uses zero-knowledge proofs to allow users to prove information is true to a blockchain oracle without revealing sensitive information, such as birth dates.[6]

Chainlink published a second white paper in April 2021. That paper, Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks, detailed a vision for expanding the role and capabilities of decentralized oracle networks to include hybrid smart contracts, which utilize on-chain code and off-chain services provided by oracle networks.[7] More than 650 entities have integrated with Chainlink as of July 2021,[8] including the Associated Press,[9] Google, and Deutsche Telekom.[10]

Technology

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Chainlink's decentralized oracle network is an open-source technology infrastructure that allows any blockchain to securely connect to off-chain data and computation resources. The network nodes fetch, validate, and deliver data from multiple sources onto blockchains to execute smart contracts. Node operators are compensated with the network's native cryptocurrency, LINK.[7] The LINK token is compatible with the Ethereum ERC20 and ERC677 token standards.[11]

Additional functionality

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In addition to the transfer of external information to a blockchain, Chainlink can also be used for several different off-chain computation functions, including a verifiable random function (VRF), data and price feeds, programmable external adapters, and Keepers.[11][12]

Chainlink's VRF can be used for random number generation which can be used in decentralized gaming and in the minting of NFTs. ZDNet reported the verifiability of the random number generation ensures the in-game results are tamper-proof.[10][13]

The data and price feeds supported by the Chainlink network are aggregated data streams that include market prices and conversion rates.[11] Other uses for the data feeds include bringing weather information on-chain for parametric crop insurance as well as election data.[9][14]

Chainlink nodes can also connect to external adapters, allowing smart contracts to use computing power not directly on a blockchain network.[11] These software extensions allow a node operator to allow smart contracts to use external APIs and perform other tasks independent of the blockchain, such as connecting to payment software.[15]

Keepers are a service that automates smart contracts and reduces manual maintenance for developers. Decrypt reported that Keepers can automate token minting, harvesting yields from vaults, and the liquidation of undercollateralized loans.[12]

References

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  1. ^ a b Anadiotis, George (May 30, 2019). "Chainlink launches Mainnet to get data in and out of Ethereum smart contracts". ZDNet. Retrieved August 3, 2021.
  2. ^ Ellis, Steve; Juels, Ari; Nazarov, Sergey (September 4, 2017). "Chainlink: A Decentralized Oracle Network" (PDF). Chainlink. Retrieved August 3, 2021.
  3. ^ Arrowsmith, Ranica (December 1, 2020). "Tech, accelerated; 2020 was a hothouse for technology, speeding up the already rapid pace of development and adoption". Accounting Today. No. 34. p. 30.
  4. ^ Orcutt, Mike (November 19, 2018). "Blockchain smart contracts are finally good for something in the real world". MIT Technology Review. Retrieved August 3, 2021.
  5. ^ Hamacher, Adriana (March 11, 2019). "Chainlink CEO EXCLUSIVE: how we're connecting blockchain smart contracts to the real world". Decrypt. Retrieved August 3, 2021.
  6. ^ Brett, Charles (September 4, 2020). "Chainlink acquires DECO from Cornell". Enterprise Times. Retrieved August 3, 2021.
  7. ^ a b Anadiotis, George (April 15, 2021). "Chainlink 2.0 brings off-chain compute to blockchain oracles, promotes adoption of hybrid smart contracts". ZDNet. Retrieved July 27, 2021.
  8. ^ Hatze, Vlad (July 25, 2021). "Chainlink Onboarding Partners at the Speed of Light — DailyCoin". DailyCoin. Retrieved August 3, 2021.
  9. ^ a b Castillo, Michael del (November 3, 2020). "How To Track Official Election Results On Ethereum And EOS". Forbes. Retrieved July 26, 2021.
  10. ^ a b Brown, Eileen (November 10, 2020). "Chainlink VRF makes blockchain games more trustworthy by using verifiable on-chain source of randomness". ZDNet. Retrieved August 3, 2021.
  11. ^ a b c d Kaleem, Mudabbir; Shi, Weidong (June 2, 2021). "Demystifying Pythia: A Survey of ChainLink Oracles Usage on Ethereum". arXiv:2101.06781.
  12. ^ a b Hamacher, Decrypt / Adriana (August 5, 2021). "Chainlink Is Building a Billion-Dollar Bridge to a Multi-Chain World". Decrypt. Retrieved September 1, 2021.
  13. ^ Monoylov, M.K. (August 4, 2021). "AccuWeather brings weather data to smart contracts by running a Chainlink node". The Block. Retrieved September 27, 2021.
  14. ^ Breidenbach, Lorenz; Cachin, Christian; Chan, Benedict; Coventry, Alex; Ellis, Steve; Juels, Ari; Koushanfar, Farinaz; Miller, Andrew; Magauran, Brendan; Moroz, Daniel; Nazarov, Sergey; Topliceanu, Alexandru; Tramér, Florian; Zhang, Fan (April 15, 2021). "Chainlink 2.0: Next Steps in the Evolution of Decentralized Oracle Networks" (PDF). Chainlink. p. 31. Retrieved August 3, 2021.
  15. ^ Day, Allen (June 13, 2019). "Building hybrid blockchain/cloud applications with Ethereum and Google Cloud". Google Cloud Blog. Retrieved August 3, 2021.
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Category:Cryptocurrencies Category:Ethereum Category:Ethereum tokens

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