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Chainlink

Mining is the process that adds new coins to circulation and maintains the blockchain ledger. It involves using sophisticated computers to solve complex computational problems. Chainlink is a decentralized network of nodes that provides off-chain data to on-chain smart contracts via oracle software. LINK tokens are used to pay for services on the Chainlink network. Chainlink was founded in 2014 to create a bridge between external data and public blockchains and eventually developed their Chainlink product to allow smart contracts to connect to web APIs and data sources.

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Phillip James Tan
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177 views15 pages

Chainlink

Mining is the process that adds new coins to circulation and maintains the blockchain ledger. It involves using sophisticated computers to solve complex computational problems. Chainlink is a decentralized network of nodes that provides off-chain data to on-chain smart contracts via oracle software. LINK tokens are used to pay for services on the Chainlink network. Chainlink was founded in 2014 to create a bridge between external data and public blockchains and eventually developed their Chainlink product to allow smart contracts to connect to web APIs and data sources.

Uploaded by

Phillip James Tan
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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OVERVIEW OF MINING

• Mining is the process by which new coins are entered into


circulation, but it is also a critical component of the
maintenance and development of the blockchain ledger. It is
performed using very sophisticated computers that solve
extremely complex computational math problems.
OVERVIEW
• Chainlink is a decentralized network of nodes that provide data
and information from off-blockchain sources to on-blockchain
smart contracts via oracles.

• LINK tokens are the digital asset token used to pay for services
on this network.
HISTORY
• Chainlink traces its origins back to September 2014, when its
parent company SmartContract.com was founded to
create a bridge between external data sources and public
blockchains. The team eventually developed a product called
Chainlink that allows smart contracts to connect to data feeds
from any web API and data source.
• Sergey Nazarov
SMART CONTRACTS
• Smart contracts are pre-specified agreements on the blockchain
that evaluate information and automatically execute when
certain conditions are met.

• For smart contracts to craft agreements beyond those that


pertain to data found on the blockchain, they require off-chain
data in an on-chain format.
ORACLE
• An oracle is software known as ‘middleware’ that acts as an
intermediary, translating data from the real world to smart
contracts on the blockchain and back again.

• However, a single centralized oracle creates the very problem a


decentralized, blockchain-secured smart contract aims to solve
— a central point of weakness.
• Chainlink has created a way to reliably, and efficiently, provide
accurate data to smart contracts on smart-contract enabled
blockchains.
SOURCES
• Chainlink Price Prediction 2021 - How High Will LINK Price Reach? (coinpedia.org)
• The 2025 - 2030 Chainlink
(LINK) Price Prediction: The Exponential Growth Has Just Begun - – Cryptocurrency Fore
casts, Analytics –
Crypto-Rating.com
• What Is Chainlink? Oracles, Nodes and LINK Tokens | Gemini
• Messari - Bitcoin & crypto price, news, charts, and research
• Chainlink Price Chart (LINK) | Coinbase
CUDO MINER LINK
• Cudo Miner | Cryptocurrency Mining Software | GUI GPU Multiminer |

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