The ChainLink network is a distributed network of ChainLink nodes that directly deliver the use of specific data, APIs and various offline payment functions to smart contracts.
The Chainlink network consists of two separate parts, the chain and the outer chain, which must interact to provide service. The network is built in such a way that it can be upgraded so that different components can be replaced when better technology and technology emerge. The on-chain components of the network filter the gods through service level agreements (SLAs) based on metrics requested by one party to the smart contract. Using these metrics, Chainlink collects responses to SLA queries, sorts them using reputation and aggregation models, and provides the final aggregated results of Chainlink queries that may be implemented into smart contracts.
LINK is an ERC20 standardized token based on the Ethereum blockchain, used to pay for Chainlink node operators to retrieve data from unchained data, format the data into a blockchain readable format, perform chain calculations and ensure normal operation time. Chainlink tokens are part of the running node and prevent bad participants.
2. Basic Information
- Name: ChainLink
- Abbreviation: LINK
- Founder: Sergey Nazarov
- Core Algorithm: ERC20
- Issue Date: 2017-09-21
- Total Supply: 1,000,000,000
- Characteristic: Smart contract
- Currency Unit: LINK
3. Related Links
Official website: https://chain.link/
White paper: https://link.smartcontract.com/whitepaper