“Your smart contracts connected to real-world data, event and payments. The Chainlink network provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.”
- Chainlink website
Chainlink is a project which solves the connectivity problem of smart contracts. Smart contracts are tamper-proof digital contracts that execute over a decentralised blockchain network. The connectivity problem is that smart contracts cannot access data from “off-chain” data sources, such as APIs and other data streams. Off-chain data sources are key in making smart contracts a functional system.
To solve this problem, Chainlink has created a network, using their native LINK token, which allows a connection between smart contracts and real-world data sources and API streams. This solution will allow smart contracts to be used easily and efficiently, thus solving the connectivity problem.
Their network, which uses the LINK token, is the first decentralised network that allows anybody to securely provide smart contracts that have access to crucial external data sources, off-chain payments and APIs.
Chainlink completed its IPO on September 19, 2017, raising 100% of its target figure of $32 million USD.
At the time of writing:
- 1 LINK = $3.22 AUD
- Market cap = $1,128,702,373 AUD
- Circulating supply = 350,000,000 LINK
- 24h volume = $118,047,827 AUD
Coin Market Cap, 1:00 pm 14/01/2020