What are Chain-link Crypto: The New Blockchain Oracles?
However, we are not here to discuss the Smart Contract but about Chainlink, the new data enabler of these smart contracts which helps in smooth execution of the whole blockchain, so let’s get started with our main topic about Chainlink. Chainlink, as discussed, helps in outreaching the potentials of smart contracts to get connected with real-world data and out of the chain transaction while at the same time keeping an eye over the rules and security of the blockchain. To know more about the safest bitcoin storage method click here.
What is Chain Link?
Chain Link works as the initiators and connectors of any smart contract working mechanism, also called as data enablers, it is a decentralized oracle blockchain network which helps in supporting complicated computations of the smart contracts.
Chain Link helps the smart contracts to get connected with the off-chain processing, it searches such real-world data like banking transaction details, claims and billings, etc.
through its oracle network, identifies their authenticity and provides direct access to the external feed of these smart contracts which are not connected with external data feeds. Chainlink facilitates the locking options of the deposits made by node operators, whenever they perform in very poor condition.
Features of Chain Link
Now, as we know that it acts as the connector of smart contracts with real-world data feed, so let us explore the more features and qualities of the chainlink network rather than acting as a data enabler:
· Tamper-proof network
Tamper-proof network means, the restrictions to unauthentic access to our devices or computer system.
It works on the distributed public ledger where the sources of any external database are firstly determined based on tamper detection and tamper evidence and then its authenticity is proven.
· Smooth connectivity
Chain Link Provides a smooth connection with a flexible architectural system, no problems and bugs hindered the connections made to the external database, and it also seamlessly integrate the new blockchain to an existing one.
· Pre-determined smart solutions
As Chainlink uses a tamper-proof detection mechanism where any issues related to external data is firstly examined and then the access is allowed, likewise.
Chain Link also offers the ready-made smart solutions which have been suggested by the developers and they are fully pre-examined and then known to secure lots of smart-contracts value.
· Off-chain computation
Chain Link is known as an execution model that offers the off-chain computation, the computation relies on off-chain nodes, where the transition phase is converted into an on-chain result value after automated verification is completed.
Top Smart Contracts that are made using Chain Link
Many smart contracts developers and CEOs have claimed that they have made their smart contracts using the Chainlink network, let’s look into few of the examples of such smart contracts:
AAVE Protocol works on Ethereum as the main net, and it provides various kinds of innovative features to trade in the cryptocurrency world. Some of them are Flash loans, innovative tokenization models, etc.
It is known as the liquidity protocol of crypto world, which is considered as the key element of derivative trading in Defi, it provides free access to every kind of on-chain processing.
Arbol acts like an insurance to your business plans that suffers from the heavy revenue losses from adverse weather conditions like snow, rainfall and disturbs your supply chain, Then Arbol helps to mitigate the potential threats.
Chain Link has been identified as one of the honest and reliable platforms which permits the on and off chain infrastructure interactions and also conducts the EVM events for broadcasting the external data required by their client at seamless connectivity.