Chainlink forms an intermediary with blockchain platforms and smart contracts . Chainlink ensures that data that can not be found on the blockchain can be retrieved to conclude smart contracts . The project this through so-called Oracles . Oracles are hardware or software that form the connection between the physical world and the digital blockchain world. Smart contracts are automatically activated based on data from these Oracles .
The CEO of Chainlink ( Sergey Nazarov ) was previously the co-founder and CEO of Secure Asset Exchange and CryptoMail , both companies offering decentralized solutions.
The developers behind Chainlink believe that even smart contracts are revolutionary for many business sectors. These contracts are not yet able to communicate effectively with systems outside their blockchain network. Making it very difficult for the business world to use smart contracts. The Chainlink ecosystem revolves around the LINK cryptocurrency and the LINK network . The Chainlink team wants to offer an applicable and useful form of smart contracts to the business world with the aid of APIs and other similar means.
The ICO was held in September 2017, a total of 1 billion tokens have been created. Chain Link is an ERC-20 token, which means that the platform is built on the Ethereum Block Chain.