What is Chainlink?
Historically, blockchains which run smart contract couldn't support native communication with external systems. So, the vast potential of smart contracts is suppressed due to the inability to communicate off-chain.
Adding new functionality, the so-called oracle that provides an off-chain connection could be the solution to this problem.
Although oracles are centralized services, so, adding a centralized service to a decentralized blockchain would create a single point of failure for the entire chain. The benefits of decentralization would be nullified.
As a solution, Chainlink is designed as a decentralized oracle which enables off-chain communication to smart contracts.
How can I use Chainlink?
The ChainLink network uses the LINK token to pay ChainLink Node operators for the retrieval of data from off-chain data feeds, data formatting, off-chain computation, and uptime guarantees they provide as operators.
Who founded Chainlink?
Chainlink was founded by Steve Ellis & Sergey Nazarov in 2014.
started his career at FirstMark Capital, and he left to join the cryptocurrency revolution in 2011. He firmly believes blockchain technology can change the way societies distribute wealth, enforce contracts, and share critical information.
a former software engineer at Pivotal Labs, where he worked on securing compliant data and building scalable payments software. He's a huge fan of Bitcoin, Ethereum.
Can I earn money with Chainlink?
Yes, you can earn money by trading & staking Chainlink (LINK). Buy low, sell high. Chainlink can be used to trade against other cryptocurrencies. In the past years, Chainlink value has increased enormously, but also had some huge losses. Always trade responsibly.