About Chainlink: Difference between revisions
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Chainlink was designed as a modular system from the ground up to support any potential use case for trust-minimized computation that blockchains can’t perform due to | |||
their “walled garden” nature which is necessary for their security.--[[User:Reggie|Reggie]] ([[User talk:Reggie|talk]]) 08:10, 21 June 2022 (UTC) <ref name="abstraction">https://www.abstraction.capital/_files/ugd/4b8d26_faba01a166ca466ab1295e6fdebd70f6.pdf</ref> | |||
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If Bitcoin is a calculator and Ethereum a computer, Chainlink | If Bitcoin is a calculator and Ethereum a computer, Chainlink | ||
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the only actions that could be performed on Ethereum were creating new tokens, moving said tokens | the only actions that could be performed on Ethereum were creating new tokens, moving said tokens | ||
between wallets, and multi-key voting. Chainlink enabled the creation of DeFi, provably fair NFTs, | between wallets, and multi-key voting. Chainlink enabled the creation of DeFi, provably fair NFTs, | ||
decentralized insurance, algorithmic stablecoins, and more unique use cases.<ref name="abstraction" | decentralized insurance, algorithmic stablecoins, and more unique use cases.<ref name="abstraction" /> | ||
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'''REVIEW NEEDED''' | '''REVIEW NEEDED''' | ||
Revision as of 08:10, 21 June 2022
About Chainlink Discussion Page
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Chainlink was designed as a modular system from the ground up to support any potential use case for trust-minimized computation that blockchains can’t perform due to
their “walled garden” nature which is necessary for their security.--Reggie (talk) 08:10, 21 June 2022 (UTC) [1]
If Bitcoin is a calculator and Ethereum a computer, Chainlink is the internet. The internet provided computers with external connectivity, enabling advanced use cases such as E-Commerce, Social Media, Cloud Services, Video Streaming, and more. Similarly, before Chainlink the only actions that could be performed on Ethereum were creating new tokens, moving said tokens between wallets, and multi-key voting. Chainlink enabled the creation of DeFi, provably fair NFTs, decentralized insurance, algorithmic stablecoins, and more unique use cases.[1]
REVIEW NEEDED Chainlink is a secure, open-source blockchain middleware (referred to as an “oracle”) that provides smart contracts with any type of data or computation that they cannot inherently obtain on their native blockchain due to technical, financial, governance, or legal constraints.
Unlike blockchains, which maintain internal consistency around transaction validation, Chainlink aims to generate and deliver oracle reports to blockchains that accurately reflect the state of external events and computation. Chainlink oracles are able to generate oracle reports because the Chainlink oracle node software can read data from and write data to blockchains and APIs and perform off-chain computation. REVIEW NEEDED--Reggie (talk) 07:38, 21 June 2022 (UTC)
What is Chainlink? Chainlink is not a blockchain but rather middleware for blockchains. It solves the "Oracle Problem," the challenging problem of onboarding data into decentralized blockchains in a non-centralized way.[2]--Reggie (talk) 03:31, 21 June 2022 (UTC)
The Chainlink Network is a protocol that supports the creation of decentralized oracle networks that enable data feeds, off-chain computation, and cross-chain messaging on and between blockchain networks. The oracle nodes are run by Chainlink Node Operators (NOPs)—independent entities responsible for deploying onto new blockchain networks, sourcing high-quality data, and providing highly secure off-chain services to consumers with high uptime and reliability. [3]
History
When Chainlink launched on May 30, 2019, the protocol supported a single ETH/USD Price Feed secured by three oracle nodes. Since Chainlink’s launch, the role of blockchain oracles has fundamentally evolved. Seen by many as the invisible backbone of DeFi, Chainlink has expanded far beyond a price oracle mechanism to now power a wide range of trust-minimized services that are fueling smart contract innovation and adoption. [4]
It is useful to think of Chainlink as a network of oracle networks, with each service that they provide having the ability to operate independently of the other services, and is not dependent upon them for aggregation, consensus, or execution.
- ↑ 1.0 1.1 https://www.abstraction.capital/_files/ugd/4b8d26_faba01a166ca466ab1295e6fdebd70f6.pdf
- ↑ https://www.linkedin.com/pulse/can-chainlink-bring-value-blockchain-technology-automotive-jon-lamb/
- ↑ https://gov.optimism.io/t/gf-phase-0-proposal-chainlink/1701
- ↑ https://blog.chain.link/three-years-on-mainnet/