Saturday, May 21, 2022

What is Chainlink?

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Chainlink was created by a company called SmartContract, which was established in September 2014. The center team behind the cryptocurrency comprises two individuals, CEO Sergey Nazarov and CTO Steve Ellis. Sergey is an entrepreneur who took an interest in the crypto world in 2011, long before it became popular. Before starting SmartContract, he established Secure Asset Exchange (a stock exchange network) and Cryptomail (a decentralized email service).In September 2017, an ICO was made to add up to 1 billion Link token deals, collecting $ 32 million (35% of freely traded token sales). SmartContract, a financial innovation company based in San Francisco, launched the Ethereum blockchain, ERC-20-based chainlink, an acronym for Chainlink, in June 2017. Its engineers depict it as a secure blockchain tool to ensure the link between smart contracts and blockchain by allowing smart contracts to get off-chain assets such as data streams, web APIs, and conventional bank account payments.

What is blockchain?

Imagine that you live in a primitive community that does not use money; instead of cash, they trade by swap. If you have ten pigs and sell them for one cow and take records that everyone can see, you can not sell the same ten pigs for something else to someone else. If youı do so, it can be seen, and people would be aware of your fraud in this sense. The blockchain system works more or less this way. Every transaction and exchange is taken as records so that online coins can have value, and no fraud can happen. All of the details are publicly available to everyone, and the people cannot change or take back the earlier transactions.

What is Cryptocurrency?

A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions and control new units of a particular cryptocurrency.

What is a smart-contract?

Smart contracts are applications that run on the Ethereum Virtual Machine. This is often a decentralized “world computer,” where all those Ethereum nodes give the computing power. Any nodes giving computing power are paid for that asset in Ether tokens. They’re named smart contracts since you can write “contracts” that are automatically executed when met.

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