About Chainlink

About Chainlink Discussion Page

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The Chainlink Network offers smart contract developers a wide range of oracle services that provide their applications with external data and advanced computational capabilities.

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Chainlink is a decentralized network of oracles that enables smart contracts to securely interact with real-world data and services that exist outside of blockchains. --Reggie (talk) 03:50, 3 August 2022 (UTC)

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Chainlink is a decentralized oracle network that enables smart contracts to securely interact with real-world data and services that exist outside of blockchain networks. Chainlink is not a monolithic network like a blockchain but rather an infrastructure and framework for building blockchain-agnostic oracle networks that augment the capabilities of blockchains and layer-2 protocols.

Each Chainlink oracle network consists of multiple independent oracle nodes that fetch data from multiple independent data providers, aggregate the data into a single data point, and deliver it on-chain to be consumed by smart contracts. Chainlink's flexible architecture allows for highly configurable oracle networks that can be composed of any selection of node operators and data providers and that use different network parameters such as update frequency, fee payment amounts, and more. --Reggie (talk) 07:43, 4 July 2022 (UTC)

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Not sure if we want to add investor details? https://messari.io/asset/chainlink/profile/investors --Reggie (talk) 07:36, 4 July 2022 (UTC)

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Through a decentralized network of independent oracle node operators, Chainlink provides a wide range of decentralized services to smart contracts including Price Feeds (financial market data used to power a large portion of the DeFi economy), __verifiable randomness __(enabling the creation of dynamic NFTs and fair on-chain gaming applications), proof of reserve (providing proofof off-chain collateral that is backing stablecoins and cross-chain tokens), the Keeper Network (transaction automation bots that provide autonomous DevOps services), and more.--Reggie (talk) 07:28, 4 July 2022 (UTC)

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The Chainlink Network refers to all of the decentralized oracle networks actively operating using the Chainlink protocol, including individual oracles, data providers running their own node, and node operators.--Reggie (talk) 04:49, 22 June 2022 (UTC)

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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)

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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.--Reggie (talk) 08:11, 21 June 2022 (UTC)

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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)

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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.--Reggie (talk) 03:31, 21 June 2022 (UTC)

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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.

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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.

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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.