Let's get to know Chainlink together ✨

🔸What is Chainlink?

Chainlink is a decentralized Oracle and links smart contracts to data outside the network. Basically, Chainlink helps to link Smart Contracts with APIs to get data from external data. The Chainlink network is powered in an open-source manner, consisting of data providers, node operators, smart contract developers, researchers, security auditors, etc.

The LINK token is built on the ERC-677 standard to pay the fees used to run a Node in a Smart Contract. The node operator pulls the external data to the Blockchain and collects the cost to the user. The system will allow users to evaluate the Node that the service is good or not. And the principle of use of Chainlink is based on Proof of Stake (PoS), which is different from Proof of Work (PoW), which is the mechanism of Bitcoin.

🔸 Objective of the coin

Chainlink is a decentralized Oracle network. Acts as an intermediary between Blockchain and external data. Users can extract data from APIs linked to Oracle to populate the Blockchain and create Smart Contracts which can be used as contracts or agreements. can work automatically It is secure and Chainlink can also retrieve payment information. Stock market information, etc., which are safe. be transparent Don't worry about data leaks.

🔸So what businesses have used Chainlink?

1) DeFi app uses Chainlink to keep asset prices updated all the time. know interest rate Check the collateral

2) Overseas Crop Insurance Group uses Smart Contracts to create insurance contracts on the Blockchain and Chainlink is also used for Arbol weather data.

3) Build a Game Application on Blockchain. The key element of the game is randomness. Since the Chainlink has randomness called VRF, which results in a Smart Contract, these randomizations are fair and transparent.

4) It is used in the company Because Chainlink's network is compatible with Blockchain.

5) Chainlink 2.0 has developed a system to support hybrid smart contracts, which will allow access to functions that Blockchain can't. There is a Layer - 2 solution to support the size of the Blockchain and this development will also give developers access to the functionality of the Blockchain. Do the core tasks of Oracle and deploy them.

🔸 Will there be any risks?

The most common risk is that the Chainlink is built on Ethereum, if there is a problem that Ethereum could affect the Chainlink as well, and the next risk is that Oracle's network only has 241 networks. Sometimes there can be delayed retrieval issues.

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