Chainlink is a decentralized blockchain project and an oracle network that aims to play a crucial role in the widespread adoption of blockchain technology.
Chainlink aims to incentivize a global network that consists of millions of computers in providing reliable, real-world data to different smart contracts that run on blockchain technology.
|Technologies||Smart Contracts, VRF, Keepers, Proof-of-Reserve, Cross-Chain Bridging|
|Market Capitalisation||$12.5 billion|
|Consensus Mechanism||Proof-of-Stake, Proof-of-Reserve|
|Founders/Authors||Sergey Nazarov, Steve Ellis, Dr. Ari Juels|
|Circulating Supply of Coins||467,009,554|
|Maximum Coin Supply||1,000,000,000 LINK|
|Is Chainlink a Stablecoin?||No|
|Does Chainlink have a burn rate?||No|
|Does Chainlink have a Whitepaper?||Yes, the whitepaper can be accessed here|
Evolution and Development of Chainlink
Chainlink's development history is as follows.
- Chainlink was developed in 2017 by Sergey Nazarov and Steve Ellis. They developed the whitepaper that introduced the protocol and the network along with Dr Ari Juels during the same year.
- The basis of Chainlink is that it acts as a digital bridge between both on-chain blockchain and off-chain environments.
- In 2018, Chainlink started using Town Crier, which is an execution environment-based oracle that Dr Juels had been working on. This component connects the Ethereum blockchain with various web sources using HTTPS.
- The proprietary smart contract network of Chainlink was formed in 2019.
- DECO, a protocol that uses zero-knowledge proofs (zk-SNARKS), was incorporated in 2020, allowing users to prove the reliability of information to an oracle without revealing sensitive, confidential information.
- A second white paper was published in April 2022, providing a detailed vision for the expansion of the project. The roles and capabilities of decentralized oracle networks were detailed in addition to the process of including hybrid smart contracts.
What makes Chainlink unique?
Chainlink aims to reward nodes in a global network of computers to provide reliable real-world data to smart contracts. One of the issues that smart contracts face is that they rely on external data sources.
Chainlink works to incentivize data providers, or oracles, to act as an effective bridge between these smart contracts and external sources. Each oracle is rewarded when they provide accurate data, and there is a reputation score assigned to each oracle.
When the oracles comply with the rules in providing accurate, useful data, they are rewarded in LINK. Chainlink is a popular project in the blockchain technology space through its decentralized Oracle technology.
Unlike some other projects that rely on centralized parties, Chainlink was constructed on a network that has independent node operators that offer integrations, making the project completely decentralized.
The decentralized oracle network (DON) of Chainlink enhances and extends the overall capabilities of smart contracts by providing three resources, namely networking, storage, and computation.
DONs are formed by committees that consist of oracle nodes. These parts cooperate to complete a specific task or to establish a long-lived relationship, allowing them to provide clients with a persistent service.
DONs are powerful and flexible tools that can be used by application developers who need to create off-chain support for smart contracts.
Chainlink is unique because of seven key design goals, namely.
- Hybrid Smart Contracts combine on-chain and off-chain components.
- Abstracting away complexity by using DONs that use decentralized systems, making the overall process easier for users and developers.
- Scalability is achieved by using DONs to deliver high performance for all web-based systems.
- Confidentiality by using Confidentiality-preserving adapters such as DECO and Town Crier, confidentiality computation, and support for confidential layer-2 systems.
- Order-fairness for transactions
- Minimization of trust by using DONs to facilitate a trustworthy layer of support for smart contracts along with other systems that depend on oracles by using decentralization.
- Incentive-based security by rewarding the nodes that participate in the ecosystem.
In terms of transaction speed, Chainlink can process a transaction every 15 seconds, with a safe transaction time of 5 to 7.5 minutes because between 20 and 30 blocks are needed to make the transaction irreversible.
What are the main uses for Chainlink?
Chainlink is a decentralized network that consists of nodes that are launched on the Ethereum blockchain, powering the network by using decentralized data providers or oracles.
Chainlink provides real-world data from different sources to on-chain smart contracts by using the oracles. LINK is the native token for Chainlink, and it is used to pay node operators on the network.
The value and the demand for the LINK token depend on the number of network operators who work on the off-chain part of the overall network. LINK only serves one purpose, and this is as a payment currency for Node operators.
It can also be a store of value for investors on exchanges, or traders can speculate on the price movements, allowing them to earn profits.
Chainlink can be used across several industries in the following ways.
- Securities Smart Contracts such as bonds and smart contracts that are based on interest rate derivatives in the financial markets. These will depend on the available data of different financial websites, using APIs to report market prices in real-time.
- Insurance Smart Contracts can be used when there are insurable events. Data feeds can be obtained from devices connected to the Internet of Things (IoT), which further provides the potential for the insurable event to be defined and claims to be processed.
- Trade Finance Smart Contracts can be used to confirm when contractual obligations have been fulfilled. They can provide data through GPS or ERP systems to supply chains, ensuring that all the needed conditions are met.
What is the future potential for Chainlink?
In terms of its future potential, Chainlink has already grown to become a well-established platform, and it could further grow into an important pillar, providing support for the entire blockchain ecosystem.
Chainlink's services, such as VRF and price data feed for Decentralised Finance (DeFi), are due for further enhancements by integrating DONs, designed to provide improved security, throughput, and cost-efficiency.
In addition, the roadmap also includes the development of fair sequencing services (FSS), decentralised identity services, and several others.
There are also additional features that are in development, while many others are already in the testing phases. If Chainlink continues its current trajectory, the project can advance the development of smart contract applications that can expand blockchain overall.
Price analysis on Chainlink
Chainlink was initially launched in 2017, and its price analysis over the past 5 years are indicated as follows.
|2017||2018||2019||2020||2021 to date|
|LINK Price High||$0.57||$1.37||$3.70||$19.1||$52.2|
|LINK Price Low||$0.13||$0.16||$0.29||$1.77||$13.78|
|Market Cap||$120 M||$482 M||$1.30 B||$6.68 B||$21.8 B|
Price prediction on Chainlink
Chainlink's price prediction is as follows.
- Between $29.35 and $45 by 2022.
- LINK is expected to settle on $68 by 2023.
- Chainlink's price is expected to reach $100 by 2025.
- In the next 5 years, Chainlink's price is expected to reach $210.
According to the progress that the development team of Chainlink has made and the overall popularity of LINK, the prospect for further growth is massive. Chainlink is set to grow, but the coin may be facing strong resistance soon.
Which wallets are the best option for storing Chainlink?
Simply defined, a Chainlink wallet is a piece of software where users store the necessary data to access their Chainlink (LINK) funds.
This data contains a private key, which is like a password, and a wallet address, also known as a public key, which acts as an account number.
To store Chainlink and LINK, users can choose from different digital wallets, each with unique features, usability, and security options. A hardware LINK wallet is a physical device that is offline and saves the user's private key to their LINK.
A hardware wallet is one of the safest options available, and it can easily be integrated with software wallets. Users need not make an initial minimum deposit to use the wallet, but they will be required to purchase the device.
Most hardware wallets support LINK in addition to a wide range of other digital assets. Next, a software wallet is software that will store the user's private key and LINK tokens to the user's computer or mobile device.
The software wallet is not as safe as the hardware wallet because it can be vulnerable to hacks and malware. Users are urged to only use verified, trusted software wallets and to keep most of their funds in an offline wallet and only keep enough for transactions in a hot or software wallet.
The best Chainlink Wallets are:
- Bread Wallet
- Trust Wallet
- Ledger Nano S/X
1. Bread Wallet: Bread Wallet is a renowned iOS-compatible wallet that has unique security features, providing users complete control over their funds. Bread Wallet supports a wide range of coins such as Bitcoin Cash, Ethereum, Bitcoin, and all ERC-20 coins.
When using this wallet, users are charged a network fee when sending coins from their wallets. This fee will depend on the activities of the wallet. Bread Wallet has a user-friendly interface, and set-up is extremely easy.
Bread Wallet is known for its anonymity, robust security, and the ability to use biometric sign-in.
2. Trust Wallet: Trust Wallet is a software wallet that supports more than 160 assets as well as different blockchains. Trust Wallet is open-source and decentralized, with a built-in WEb3 browser through which users can purchase different cryptocurrencies across decentralized exchanges that operate through the Kyber network.
Trust Wallet is available for download on Android and iOS mobile devices, and it also supports staking processes. There are no initial fees charged or subscription charges.
Trust Wallet already has more than 5 million active wallet users from around the world, and it is globally recognized as one of the best software wallets.
3. MetaMask: MetaMask is an open-source cryptocurrency wallet that can be used on Chrome, Firefox, and Brave web browsers as a browser extension.
MetaMask is a bridge between these browsers and the Ethereum blockchain, which means that this wallet supports Ethereum and ERC-20 tokens.
In addition to storing LINK, users can also explore the Ethereum blockchain from their web browsers. MetaMask also integrates with Ledger, providing users with the ability to collect and view different Nonfungible tokens (NFT).
Users can easily back up their wallets using MetaMask's Hierarchical Deterministic Settings (HD). Users can take advantage of the built-in coin purchasing capabilities through Coinbase and ShapeShift.
4. Ledger Nano S/X: Ledger Nano is a popular and trusted hardware wallet. Ledger Nano LINK wallets are reliable, secure, and they support a wide range of different digital tokens and assets, which means that users need not switch wallets to store several digital assets.
Ledger is one of the most secure hardware wallets that are easy to use and highly effective because it is cold storage.
5. imToken: imToken is a multi-chain mobile wallet created by ConsenLabs in 2016. Key features of the imToken wallet include the following.
- Multi-coin support across most ERC-20 tokens and various stablecoins.
- A built-in exchange that offers a swap feature for quick token swaps. The exchange is free, and users can swap cryptos for either cryptocurrencies or stablecoins.
- DApp browser support from within the wallet.
- Compatibility with hardware wallets such as Trezor, Ledger, and CoolWallet.
- The ability for users to stake their tokens from within the wallet because of a close partnership with SparkPool and Hasquark. Users can stake their coins, stablecoins, or imBTC tokens, allowing them to earn between 2% up to 20%.
- The wallet is compatible with different operating systems, including iOS and Android devices.
Where can you buy Chainlink?
You can buy, sell, and trade Chainlink on the following cryptocurrency exchange trading platforms:
1. Binance: Binance was established in 2017, and it is a well-known cryptocurrency exchange where traders can exchange crypto for other assets. Binance offers competitive trading costs, a wide range of tradable financial instruments, and a powerful proprietary trading platform.
Binance offers a comprehensive trading academy that offers a range of educational materials, tools, and resources. Binance offers more than 150 cryptos that can be traded through a powerful web, desktop, and mobile trading platform.
|Offers more than 150 crypto assets||Unregulated|
|There is a powerful trading platform offered||No telephonic support offered|
|Users can buy crypto using a credit card||Daily market analysis is not offered|
|Comprehensive training academy provided||No US clients|
|The platform can be used across several devices|
2. Bithumb: Bithumb was founded in 2014, and it is a South Korean-based global financial platform and leading digital financial innovation that combines virtual assets with blockchain technology and fintech solutions.
Bithumb provides users access to a wide range of coins that can be traded, including Bitcoin, Qtum, Chainlink, TRON, and several others, adding to a total of 106 crypto assets.
The Bithumb platform is intuitive and innovative, and the exchange provides 24/7 customer support.
|Dedicated cryptocurrency broker and exchange platform||Unregulated|
|Offers access to 106 crypto assets||Limited funding options|
|Provides users with a wide range of auto trading tools|
|Competitive transaction costs|
3. Kraken: Kraken is a US-based cryptocurrency exchange that was founded in 2011. Kraken is an online exchange that provides retail traders, and institutional investors access to a wide range of crypto coins that can be traded.
Kraken offers a powerful proprietary trading platform that can be used, and crypto traders can benefit from educational materials, 24/7 customer support, and more.
|24/7 dedicated customer service offered||Unregulated exchange|
|Offers a selection of educational materials|
|There is a sophisticated mobile trading platform offered|
|Offers a wide range of tradable coins|
4. Crypto.com: Crypto.com is a Hong Kong-based exchange trading platform that was founded in 2016. Crypto.com is a well-known crypto exchange that is fast and one of the most secure platforms where traders can exchange cryptocurrencies.
Crypto.com has more than 10 million users, and the exchange provides a wide range of tradable coins that can be bought using bank transfer, debit cards, or credit cards, in addition to using crypto-wallets.
|There is a comprehensive proprietary trading platform offered||Unregulated|
|Educational resources are provided||There are no standalone trading tools offered|
|Offers more than 100 tradable coins|
|24/7 customer support offered|
|Has more than 10 million users|
5. BitPanda: BitPanda is an Austria-based exchange that has been in operation since 2014. BitPanda has grown to become one of the leading crypto brokers in Europe, where cryptocurrencies can be traded.
BitPanda offers traders the proprietary Bitpanda trading platform that can be used along with a wide range of useful trading tools.
|Offers a decent selection of educational materials||Unregulated|
|Proprietary trading platform provided||US clients are not allowed|
What is Chainlink’s largest Competitor?
Band Protocol is the largest competitor of Chainlink.
Like Chainlink, Band Protocol is an oracle platform that was designed to aggregate and connect data from the real world as well as APIs to smart contracts.
Band V1 was launched in 2019, and a year later, the project was abandoned for Band V2, referred to as BandChain, which is a revamped oracle network that has a proprietary Tendermint-based blockchain using the Cosmos Software Development Kit (SDK).
The differences between Chainlink and Band Protocol refer to the following metrics:
- Data Quality
- Reliance on Randomness
- Adoption Metrics
- Resource Efficiency and Network Design
- Development Team
- Multi-Chain Support
1. Data Quality
- Band Protocol supports free, low-quality APIs, which means that developers cannot just call any password-protected APIs. The plan behind the project is that data providers change their business model to accept on-chain currency payments.
- Chainlink supports the connection of any data source APIs live in production, including free and paid APIs and any proprietary private APIs.
2. Reliance on Randomness
- Band Protocol features randomness as a core component and the required method when oracles are chosen, even if this feature is not inherently supported by initial academic research.
- Chainlink does not include randomness, which ensures that there are high levels of flexibility and quality control measures when the nodes are chosen and when they connect to data.
3. Adoption Metrics
- Band Protocol has minimal usage where in-production on the mainnet is concerned, regardless of whether Band V1 was live on Ethereum for a year. Version 2 does not have the necessary features; network effect, and it cannot offer any use studies.
- Chainlink uses tens of billions of dollars in value on the mainnet for several DeFi applications by using the Price Reference Feeds.
4. Resource Efficiency and Network Design
- Band Protocol's oracle is built on a proprietary blockchain. The nodes on the blockchain must perform secondary jobs as block producers on the BandChain. This does not add any value to the job of the oracle in delivering data. The nodes are subject to high operational costs because of state bloat and long sync times.
- Chainlink is not a blockchain, and this means that nodes only operate as oracles. These oracles only focus on providing data instead of block production. The nodes are therefore lightweight and do not need synchronization.
5. Development Team
- Band Protocol has a small team that has never produced any original academic research. In addition, the team does not have any previous experience in building distributed systems or oracles. The team has abandoned their design only to change their protocol several times.
- Chainlink features a development team of more than 40 members who have been providing academic research since 2014. In addition, the team has extensive experience in developing oracles, and the team is backed by several top advisors.
- Band Protocols processes all queries and responses through a single blockchain, which limits its throughput. The upper bound of 100 nodes restricts scalability and decentralization.
- Chainlink has an unlimited number of oracle networks that can run in parallel on any given blockchain, DLT, or Layer 2 solution, making it truly decentralized and infinitely scalable.
7. Multi-Chain Support
- Band Protocol has not yet released a bridge across to other blockchains.
- Chainlink supports top leading blockchains by using modular external adapters, external initiators, core contract deployments, and token bridging.
What is the Staking Process involved with Chainlink?
Chainlink uses a unique staking mechanism that involves an interactive protocol that allows for the resolution of any inconsistencies when external data is reported.
Staking can ensure that honest behavior from rational oracle nodes can be guaranteed. Staking involves something known as “watchdog priority”.
The Chainlink staking system allows for every node to act as a watchdog. They can then raise an alert if it believes a report is inaccurate. There are two tiers involved in the Chainlink staking system, namely a default and backstop tier.
The first tier involves the network or a set of nodes. If most nodes report any incorrect values, the watchdog over the set will be rewarded if they raise an alert.
When the alert is raised, the reporting decision will be escalated to the next tier. This refers to a high-cost, maximum-reliability system.
This system is user-specified and only consists of oracles that have a strong reliability score. It can also be a system that consists of an order of more oracles than the first level.
DECO and Town Crier can both serve as the best tools. They help to ensure that there is efficient and conclusive adjudication, especially on the second tier.
What can Chainlink smart contracts do?
Smart contracts consist of a collection of codes, which are its functions, and data, which is its state, that all reside at a specific address on the Solana blockchain.
Smart contracts are not controlled by the user. They are deployed to the decentralized network and subsequently run as they were programmed. In terms of necessity, smart contracts are important because they help to solve the issue associated with mistrust between different parties as well as business partners.
Smart contracts have several advantages for many industries, and they can reduce unnecessary costs as well as time expenditure while simultaneously enhancing transparency.
Chainlink uses on-chain and off-chain hybrid smart contracts. This combines different types of resources into augmented smart contracts that have increased versatility, scalability, confidentiality as well as the highest form of functionality.
Chainlink's DONs were developed to provide data in an off-chain environment. This ensures that there is improved throughput along with low latency. It furthermore helps to maintain secure connections between both the on- and off-chain environment.
Both DONs and hybrid smart contracts work together. The three different types of Smart Contracts that power Chainlink include.
- Aggregating Contracts are tasked with collecting data and matching accurate results with the smart contracts that need them the most.
- Order-Matching Contract is tasked with matching the service level agreement (SLA) of the smart contract with the oracles who have the highest bid for the requested data.
- A reputation Contract is used to verify the integrity of each oracle. This is achieved by checking the oracle's track record, which will consider factors such as completed requests, response time, amount of LINK that has been staked, and so on.
You can buy Chainlink safely from these cryptocurrency platforms.
Is Chainlink a Good Investment?
Yes, Chainlink is a good investment.
Chainlink is an oracle network that filters out false and inaccurate data, helping to clear up the Internet and reward those who provide accurate, trustworthy data. Data fragmentation is an issue that many companies struggle with because the process involved with collecting data is labor intensive, costly, and time-consuming.
Chainlink can transform the financial industry by changing how financial contracts work, while the decentralized oracle network is steadily moving to the fourth global industrial revolution.
Chainlink and LINK show incredible growth, and it is one of the leading alternative coins in the crypto market. Chainlink is the perfect example of how the right technology and enough resources can create powerful solutions.
Chainlink has an excellent development team, enough support from an active community, and the project has received several rewards. In addition to this, Chainlink was recognized as a Technology Pioneer in 2020 by the World Economic Forum.
What is the supply and distribution of Chainlink?
Chainlink has a fixed supply of 1,000,000,000 LINK.
- Fixed or maximum supply can be defined as the total number of coins that can ever be in circulation.
- Total Supply refers to the number of coins that have been mined, including the missing coins that are no longer in circulation or that have been lost.
- Circulating supply refers to the total number of coins that are in circulation.
In terms of Unlimited Supply, cryptocurrency coins are inflationary, which means that the coins will inevitably lose value as supply increases, with demand decreasing as a result.
Cryptocurrencies that have a limited supply are deflationary, which means that the coins that are in circulation will gain value over time as demand surpasses supply.
Is Chainlink a viable Alternative Coin?
Yes, Chainlink is a good Alternative coin based on the following factors.
- Traceability – Transactions are kept on the Ethereum blockchain, where they can be publicly viewed, but the public address of the user does not reveal any sensitive information such as a physical address, identity, or any other information.
- Hacking – Chainlink does not have any record of a successful attack because of its decentralized nature.
- Security – Chainlink is completely secure because of the number of nodes that exist on the network. If a single node is compromised, others will not be affected.
- Technology – Chainlink uses innovative, robust technology that guarantees that the project has significant growth potential.
- Price Stability – Chainlink shows promise that the price will increase steadily in both the short-term and long-term.
- Potential Investment – Chainlink is a good investment option based on its current technology, development team, application and real-world uses, and its potential growth.
- Popularity – Chainlink is one of the most popular alternative coins on the market.
- Future Uses – Chainlink's unique technology means that it could have several real-world applications.
Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.
What are the differences between Chainlink And Bitcoin?
Bitcoin is the largest cryptocurrency, and it was the original digital asset that was ever created and launched. Many factors make Bitcoin extremely valuable, fuelling its trillion-dollar market capitalization.
However, as large as Bitcoin is, many alternative coins are showing increased performance that is threatening the rate at which Bitcoin grows.
Chainlink is a decentralized oracle network that plays an important role in the real-world application of blockchain technology across industries.
Chainlink provides input across different trusted external sources of data. Chainlink heavily uses smart contracts to help the overall system respond to different inputs, allowing it to distinguish between useful information and irrelevant data.
Bitcoin is being used as a medium of exchange and a store of value because of its importance, popularity, and widespread adoption. Chainlink does not serve as either of these but serves as a fast, scalable way of transferring accurate data and information.
|Price change 20/21||+$400%||+142%|
|Market Cap||$1.1 Trillion+||$12.5 Billion+|
|Popularity||Very High||Very High|
|Altcoin Rank||#1 – Original Crypto||#20|
What are the differences between Chainlink and Ethereum?
Chainlink is a decentralized oracle network, while Ethereum is a blockchain platform where developers can build different DApps and projects.
Ethereum is much larger than Chainlink, while the potential of ROI of Chainlink is higher. However, decreased risks make Ethereum investment more favorable than Chainlink based on Ethereum's sheer size.
Ethereum and Chainlink both have real-world uses, but there is a vast difference between them. Chainlink serves as a link between on-chain and off-chain information and sources.
Chainlink can contribute to the formation and the development of a vast range of DeFi applications, while Ethereum merely serves as the platform on which such applications can be constructed, Chainlink included.
|Price change 20/21||+880%||+142%|
|Market Cap||$530 Billion+||$12.5 Billion+|
|Popularity||Very High||Very High|
What are the differences between Chainlink and Dogecoin?
Dogecoin was created in 2013 as a joke, and it is now one of the most popular cryptocurrencies that are endorsed by the likes of Elon Musk, amongst several other cryptocurrency supporters and enthusiasts.
Dogecoin is a medium of exchange, and it is popularly used to tip content creators on different platforms such as Reddit and Twitch. Dogecoin is not an ideal store of value, but it is still a popular option.
Chainlink is not used as a medium of exchange, and LINK can only be used on the network. Chainlink is not an ideal store of value, but it is a considerable investment option.
|Price change 20/21||+7,300%||+142%|
|Market Cap||$29.3 Billion+||$12.5 Billion+|
What are the differences between Chainlink and Neo?
Neo is often referred to as the Ethereum Killer, and it often refers to itself as a distributed network for a smart economy. Neo uses smart contracts in a more sophisticated manner than Ethereum and similar projects.
Unlike conventional smart contracts that require some experience and specialized knowledge to be developed, the programming of Neo smart contracts is much easier as it works with existing computer programming languages.
Chainlink may use smart contracts, but it is different from Neo. Both Neo and Chainlink serve different purposes, and Chainlink is also not a blockchain but a network consisting of oracles.
|Price change 20/21||+160%||+142%|
|Market Cap||$2.89 Billion+||$12.5 Billion+|
What are the differences between Chainlink and NFTs?
A Nonfungible token (NFTs) is a digital asset that has unique value, with no two NFTs holding the same characteristics or value as another. Chainlink, on the other hand, is fungible, which means that one LINK has the same value and characteristics as another LINK.
What are the differences between Chainlink and Solana?
Solana is a decentralized blockchain where scalable and user-friendly DApps can be built and launched. Solana can achieve some of the highest transaction speeds, and this is just one of the reasons why it is so popular.
Solana has grown over 13,000% from the start of the year, and it is considered a potential alternative to Ethereum because of its scalability and unique technologies. Solana allows for smart contracts to be run on its platform, and it allows developers to create and launch DApps on its platform.
Chainlink and Solana are both different projects that aim to achieve different goals and objectives. While Solana can be used for the development of DApps, Chainlink is a comprehensive oracle network that uses smart contracts differently.
|Price change 20/21||+9,300%||+142%|
|Market Cap||$65.1 Billion+||$12.5 Billion+|
|Popularity||Very High||Very High|
What are the differences between Chainlink and Cardano?
Cardano is next in line to become one of the largest alternative coins and programmable blockchains in the industry. Cardano features powerful technology that is often compared to that of Ethereum, making it one of the most popular alternative options with lower transaction fees and higher capability.
Chainlink and Cardano serve different purposes even if both use smart contracts, and neither competes with the other. Chainlink is currently the best oracle network in the cryptocurrency industry.
|Price change 20/21||+2,100%||+142%|
|Market Cap||$57.7 Billion+||$12.5 Billion+|
|Popularity||Very High||Very High|
Can Chainlink function without oracles?
No, Chainlink was created to be an oracle network, and it relies on its oracles to function and too smart power contracts.
What is the Chainlink Whitepaper?
A whitepaper is a comprehensive document that contains all the information on a cryptocurrency project. It details the purpose of the cryptocurrency project, its technology, uses, roadmap, and all other information.
The whitepaper serves as a legitimate and professional outline of a cryptocurrency project, and all legitimate coins have a whitepaper.
Chainlink has two whitepapers, namely the initial whitepaper and the Chainlink 2.0 whitepaper. The newest whitepaper provides additional information on the role of Decentralised Oracle Networks (DONs) and several others.
Which projects have Chainlink already included in their Social Impact Grant Program?
- Shamba Dynamic
- BSIC (Blockchain For Social Impact Coalition)
1. Shamba Dynamic: Shamba is a geospatial data and analytics provider. Shamba is involved in agriculture and environmental applications.
Shamba Dynamic was awarded a place in the Social Grant Program because it has in-depth datasets which allow for DeFi and insurance applications, which are eco-friendly and can subsequently reach users from around the world.
2. Protofire: Protofire is well-known as a provider involved with development and consultancy services. Protofire focuses on blockchain, and the provider has significant experience in developing decentralized protocols, smart contracts, and other components.
Protofire has been involved with several projects, including Maker, The Graph, Tezos, and several others.
Protofire received a grant from Chainlink to integrate the proprietary Chainlink oracles into IoTeX, which is a customized, custom-built blockchain project that is used to support the Internet of Things (IoT) applications.
3. Blockchain for Social Impact Coalition (BSIC): BSIC is a non-profit organization that incubates, develops, and collaborates on various blockchain products as well as solutions. These aim to address different social and environmental challenges.
BSIC aims to inspire, federate, and create links between different NGOs across the globe and government agencies, foundations, and several other key players.
BSIC received a grant in support of fostering social impact by using hybrid smart contracts. BSIC is also set to sponsor teams in the Decentralised Impact Incubator. Chainlink is set to join BSIC and to allow the project to support, mentor, and lend expertise to BSIC.