Basics: Difference between revisions

Latest revision as of 08:22, 27 June 2022

Chainlink - The Basics

NEED DESCRIPTION

The Oracle Problem?

What is the oracle problem?
The oracle problem is the challenge of connecting smart contracts to off-chain resources. This oracle problem exists for every blockchain network and smart contract platform^[1] because they are inherently disconnected from the outside world.^[2] The lack of connectivity between blockchains and off-chain systems is commonly referred to as the “oracle problem"^[2]. For more details on the oracle problem click HERE.

Smart Contracts

What are smart contracts?
Smart contracts are tamper-proof programs that reside on blockchains and that facilitate automatic transactions by using conditional software logic such as, “if x is true, then execute y.”^[3] For an in depth look at smart contracts click HERE.

Oracles, Nodes & DONs

What are oracles, nodes & DONs?
The core purpose of oracles, nodes and DONs (Decentralized Oracle Networks) is to derive truth about the validity of off-chain data, events, or computation and then relay the results on-chain.^[4] For an in depth look at Oracles, nodes & DONs click HERE.

The Link Token

What are LINK tokens?
LINK is the native token of the Chainlink platform. LINK tokens are utility tokens that are used to pay Chainlink node operators for their oracle services (on-chain data aggregation and submission & off-chain computation services). Chainlink nodes will be requiredd to lock up LINK tokens as collateral in order to be elegible to service specific job requests and that can be slashed in the event of malicious and undesirable behavior. For an in depth look at the Chainlink token click HERE.

Reputation

Node Operator Repuation
For an in depth look at Node Operator Reputation click HERE.

Staking

What is Staking?
Staking within the Chainlink ecosystem is a mechanism that gives ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens. For an in depth look at Chainlink staking click HERE.

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[1] ttps://www.smartcontractresearch.org/t/research-summary-chainlink-2-0-next-steps-in-the-evolution-of-decentralized-oracle-networks/300

[CL-2] 2.0 ^2.1 https://blog.chain.link/chainlink-price-feeds-secure-defi/

[3] ttps://chain.link/education/web3

[CL_ORACLES-4] ttps://blog.chain.link/blockchains-oracles-similarities-differences-synergies/

[1]

[2]

[3]

[4]

@@ Line 1: / Line 1: @@
-{{:Box-round|title=Chainlink - The basics|
+{{:Box-round|title=Chainlink - The Basics|
-A brief description of......goes here.}}
+'''<big>NEED DESCRIPTION</big>'''
+}}
-__TOC__
+----
+{{:Box-round|title=The Oracle Problem?|
-{{:Box-round|title=The oracle problem?|
 <big>'''What is the oracle problem?'''</big>
+<br>
-'''Blockchains are inherently disconnected from the outside world.'''<ref name="CL">https://blog.chain.link/chainlink-price-feeds-secure-defi/</ref>
+The oracle problem is the challenge of connecting smart contracts to [[Glossary#Off-Chain|off-chain]] resources. This oracle problem exists for every blockchain network and smart contract platform<ref>https://www.smartcontractresearch.org/t/research-summary-chainlink-2-0-next-steps-in-the-evolution-of-decentralized-oracle-networks/300</ref> because they are inherently disconnected from the outside world.<ref name="CL">https://blog.chain.link/chainlink-price-feeds-secure-defi/</ref> The lack of connectivity between blockchains and off-chain systems is commonly referred to as the “oracle problem"<ref name="CL" />.
-The oracle problem is the challenge of connecting smart contracts to [[Glossary#Off-Chain|off-chain]] resources. This oracle problem exists for every blockchain network and smart contract platform.<ref>https://www.smartcontractresearch.org/t/research-summary-chainlink-2-0-next-steps-in-the-evolution-of-decentralized-oracle-networks/300</ref> The lack of connectivity between blockchains and off-chain systems is commonly referred to as the “oracle problem"<ref name="CL" />.
 For more details on the oracle problem click [[The_Oracle_problem|'''HERE''']].
 }}
@@ Line 14: / Line 12: @@
 {{:Box-round|title=Smart Contracts|
 <big>'''What are smart contracts?'''</big>
-Smart contracts are tamper-proof programs on blockchains that facilitate automatic transactions by using conditional software logic such as, “if x is true, then execute y.”<ref>https://chain.link/education/web3</ref>
+<br>
+Smart contracts are tamper-proof programs that reside on blockchains and that facilitate automatic transactions by using conditional software logic such as, “if x is true, then execute y.”<ref>https://chain.link/education/web3</ref>
 For an in depth look at smart contracts click [[Smart contracts|'''HERE''']].
 }}
 ----
-{{:Box-round|title=Oracles, nodes & DONs|
+{{:Box-round|title=Oracles, Nodes & DONs|
 <big>'''What are oracles, nodes & DONs?'''</big>
+<br>
+The core purpose of oracles, nodes and DONs (Decentralized Oracle Networks) is to derive truth about the validity of [[Glossary#Off-Chain|off-chain]] data, events, or computation and then relay the results [[Glossary#On-Chain|on-chain]].<ref name="CL_ORACLES">https://blog.chain.link/blockchains-oracles-similarities-differences-synergies/</ref>
 For an in depth look at Oracles, nodes & DONs click [[oracles|'''HERE''']].
 }}
 ----
-{{:Box-round|title=The Link token|
+{{:Box-round|title=The Link Token|
-LINK tokens are utility tokens used to pay node operators for their oracle services (on-chain data aggregation and submission & off-chain computation services) and also for deposits ([[staking]]) placed by [[node operators]] as required by contract creators.
+'''<big>What are LINK tokens?</big>'''
+<br>
+LINK is the native token of the Chainlink platform. LINK tokens are utility tokens that are used to pay Chainlink [[node operators]] for their [[oracles|oracle]] services (on-chain data aggregation and submission & off-chain computation services). Chainlink nodes will be requiredd to lock up LINK tokens as collateral in order to be elegible to service specific job requests and that can be slashed in the event of malicious and undesirable behavior.
 For an in depth look at the Chainlink token click [[The_Link_token|'''HERE''']].
+}}
+----
+{{:Box-round|title=Reputation|
+'''<big>Node Operator Repuation</big>'''<br>
+For an in depth look at Node Operator Reputation click [[Reputation|'''HERE''']].
 }}
 ----
 {{:Box-round|title=Staking|
-<big>'''What is staking within the Chainlink ecosystem?'''</big>
+'''<big>What is Staking?</big>'''<br>
-Smart contracts are tamper-proof programs on blockchains that facilitate automatic transactions by using conditional software logic such as, “if x is true, then execute y.”<ref>https://chain.link/education/web3</ref>
+Staking within the Chainlink ecosystem is a mechanism that gives ecosystem participants, including node operators and community members, the ability to increase the security guarantees and user assurances of oracle services by backing them with staked LINK tokens. For an in depth look at Chainlink staking click [[Staking|'''HERE''']].
-For an in depth look at Chainlink staking click [[Staking|'''HERE''']].
 }}
 ----
-<h2>Blockchain agnostic</h2>
-https://blog.chain.link/chainlinks-blockchain-agnostic-design/
-<br>
-<H2>Chainlink specific contracts</H2>
-* '''Market & data feed speific contracts.''' We've broken the history out into contract-based milestones.
-** Direct Request / Runlog (DR)
-** Flux Monitor (FM)
-** Offchain Reporting (OCR)
-** (what could be next)
-* <big>'''Keeper contracts.'''</big>
-* <big>'''VRF contracts.'''</big>
 ‎<references />