Chainlink is joining CoinDeal!
The new market is on - welcome LINK/BTC on CoinDeal!
Chainlink is a platform based on the Ethereum ecosystem that serves as a bridge between the world of smart contracts (also known as blockchain contracts) and entities, systems, and data operating outside the DLT world.
LINK allows you to connect to external sources of information (oracle - also known as a relational database, also a popular Oracle technology). Currently, the platform cooperates with Bitcoin, Ethereum, and Hyperledger networks, and ultimately it is to cooperate with many smart contract systems, both on and off-chain.
Chainlink is a system proposal for obtaining safe and reliable data from various sources on the basis of "dispersion of sources and relational databases". The decentralized system selects data from different providers and consolidates it on a smart contract level. Previously there were developed oracles systems, but these were centralized solutions. LINK has the chance to become the basic decentralized interface of the oracle in the smart contracting ecosystem.
There are three types of contracts within the Chainlink network:
- reputation contracts - they check the history and credibility of the oracle providers;
- order-matching contracts - introduce the parameters specified in the service level agreement (SLA) and collect offers from oracle providers;
- aggregating contracts - accumulate and balance data from selected oracle providers in order to obtain the most accurate results.