Chainlink
$22.79 -4.61%
LINK · 205w

Major Long-Term Upside for ChainLink, World’s 1st Decentralized Oracle Network

ChainLink, the crypto space���s first decentralized oracle network, is set to solve a major standing problem in the community: converting off-chain, external data onto the blockchain (and vice versa) using smart contracts in an entirely decentralized and trustless way.

LINK, the erc-20 token used with this decentralized oracle network, is an attractive long-term hold because of the revolutionary and business-orientated smart contract possibilities ChainLink will make possible.

First off, what���s an oracle?

Oracle���s are blockchain middleware: they translate off-chain resources, like bank transactions or financial agreements, in such a way as to allow them to interact with blockchain smart contracts.

Don���t oracles already exist?

They do, but they���ve all been centralized until ChainLink. With centralized oracles, you���re entirely at the mercy of a third-party middleman. If this ���middleman��� goes rogue, or if malicious actors commandeer a centralized oracle, then transactions can be tampered with and diverted.

ChainLink, then, aims to make oracles completely decentralized and thus 100% tamper-proof.

Now, with a decentralized oracle network, users, investors, and companies alike can use oracles to allow off-chain data and APIs to be used on the blockchain in ways that previously weren���t possible.

The enterprise-grade use-cases of decentralized oracles are, indeed, limited only by our imaginations.

people hyped on $Link ��� After some thought, I think the service is fulfilling a real need https://t.co/gQNM0KuiLI 1/many ��� Crypto Fish ���� (@coinyeezy) October 11, 2017 Give me an example

So an international shipping company wants to upload supply-chain data and GPS tracking tickets onto Ethereum���s blockchain. Using ChainLink, the company would be able to easily automate this off-chain-to-blockchain process trustlessly.

Any major users right now?

ChainLink���s parent compa...

Continue on cryptoanalyst.co
Recent news