Between blockchain and reality: Based on the Ethereum blockchain, the protocol created in 2017 allows real-world information to be stored and transmitted in a secure and decentralized manner. The goal is to connect real-world data with smart contracts integrated directly into the Ethereum blockchain in order to simplify transactions between users. The technology, which consists of a network of oracles, allows reliable real-world data to be fed directly into smart contracts for use in various decentralized applications. For example, it could be used to integrate weather data from specific geographical areas to operate insurance policies.
Features:
The protocol has its own token: LINK. As with many crypto assets, the token is used to pay operating costs on the network. Oracles are used to authenticate the accuracy of the data provided. The data can be, for example, the outside temperature, the score of a soccer game, the result of a vote, economic statistics, etc. All this data will be verified with different sources to ensure its authenticity. Chainlink thus connects the "on-chain" world (on the blockchain) and the "off-chain" world (information outside the blockchain).
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